MONTREAL, Sept. 4, 2015 /CNW Telbec/ - PyroGenesis
Canada Inc. (http://pyrogenesis.com) (TSXV: PYR.V), a TSX
Venture 50® clean-tech company (the "Company" or "PyroGenesis")
that designs, develops, manufactures and commercializes plasma
waste-to-energy systems and plasma torch products, is issuing this
press release in response to yesterday's unusual trading activity
in its shares.
On Thursday September
3rd, a significant number of Company shares were
offered for sale within a very short period of time creating
significant downward pressure on the stock. As a result, by
the end of the day, over 1.3 million shares were traded and
PyroGenesis' stock closed down 6.5 cents to
25.5 cents after rebounding from a daily low of 24 cents.
On Wednesday September
2nd, PyroGenesis was contacted by a large bank
requesting assistance in finding a buyer for a significant number
of company shares. The Company was once again contacted
Thursday September 3rd by
the same bank with the same request, but, notwithstanding the
Company's attempts to assist in this matter, a significant number
of shares were offered at increasingly lower prices throughout the
balance of the day.
The Company wishes to advise that the unusual selling pressure
experienced yesterday seems to have been largely due to one seller,
and that this selling was a result of unique issues faced by the
seller, as opposed to any material change suffered by
PyroGenesis.
"It is not my position to opine on the trading
practices of investors," said P. Peter
Pascali, President & CEO of PyroGenesis. "However, it is
important to note that nothing has transpired at the company over
the last 48 hours, or that has not been disclosed, which would
warrant such a rapid sell off. Since a more orderly
disposition of these shares would have likely netted the seller
additional income, we can only assume that there were significant
internal pressures on the seller which would have resulted in such
an action; pressures unrelated to PyroGenesis itself. Last
but not least, we wish to assure PyroGenesis' shareholders that we
remain on track with our current and prospective projects, and
that, moreover, we expect to be cash flow positive by
4th quarter 2015."
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc., a TSX Venture 50® clean-tech company,
is the world leader in the design, development, manufacture and
commercialization of advanced plasma processes. We provide
engineering and manufacturing expertise, cutting-edge contract
research, as well as turnkey process equipment packages to the
defense, metallurgical, mining, advanced materials (including 3D
printing), oil & gas, and environmental industries. With a team
of experienced engineers, scientists and technicians working out of
our Montreal office and our 3,800
m2 manufacturing facility, PyroGenesis maintains its
competitive advantage by remaining at the forefront of technology
development and commercialization. Our core competencies allow
PyroGenesis to lead the way in providing innovative plasma torches,
plasma waste processes, high-temperature metallurgical processes,
and engineering services to the global marketplace. Our operations
are ISO 9001:2008 certified, and have been since 1997. PyroGenesis
is a publicly-traded Canadian company on the TSX Venture Exchange
(Ticker Symbol: PYR). For more information, please visit
www.pyrogenesis.com
This press release contains certain forward-looking
statements, including, without limitation, statements containing
the words "may", "plan", "will", "estimate", "continue",
"anticipate", "intend", "expect", "in the process" and other
similar expressions which constitute "forward-looking information"
within the meaning of applicable securities laws. Forward-looking
statements reflect the Company's current expectation and
assumptions, and are subject to a number of risks and uncertainties
that could cause actual results to differ materially from those
anticipated. These forward-looking statements involve risks and
uncertainties including, but not limited to, our expectations
regarding the acceptance of our products by the market, our
strategy to develop new products and enhance the capabilities of
existing products, our strategy with respect to research and
development, the impact of competitive products and pricing, new
product development, and uncertainties related to the regulatory
approval process. Such statements reflect the current views of the
Company with respect to future events and are subject to certain
risks and uncertainties and other risks detailed from time-to-time
in the Company's ongoing filings with the securities regulatory
authorities, which filings can be found at
www.sedar.com. Actual results, events, and performance
may differ materially. Readers are cautioned not to place undue
reliance on these forward-looking statements. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements either as a result of new information,
future events or otherwise, except as required by applicable
securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE PyroGenesis Canada Inc.