MONTREAL, Dec. 10, 2018 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX-V: PYR) (OTCQB: PYRNF), a TSX Venture 50® high-tech company, (the "Company", the “Corporation” or "PyroGenesis") a Company that designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products today responds to investor inquiries regarding recent insider reports filed on the System for Electronic Disclosure by Insiders (“SEDI”).
SEDI is Canada's on-line, browser-based service for the filing and viewing of insider reports as required by various provincial securities rules and regulations.
Last Friday, insider reports were filed on SEDI reflecting the sale of 80,500 common shares by the Chairman of PyroGenesis’ Board. This amounts to less than 0.7% of all outstanding shares and was done outside of any black-out period for the sale of shares.
“These shares were sold by our Chairman for purely personal requirements and had nothing to do with his confidence in, or the state of, the Company. Nor does it reflect any change, or impending change, in his status with the Company. We are happy and proud to have Mr. Curleigh as the Chairman of our Board,” said P. Peter Pascali, CEO of PyroGenesis Canada Inc. “We normally do not comment on such filings but given the unusual number of investor inquiries with respect to these filings, and considering our recent press releases, we thought it prudent to provide some additional context. On that note, and with respect to the insight provided in our recent press releases, I can confirm that what was disclosed in those press releases is truer now than when it was written.”
“Regretfully, the option to have other Board members purchase these shares was not a possibility at this time, otherwise we would have,” added Mr. Pascali.
Of note, three other board members bought shares recently. An entity related to Mr. Pascali bought 3,448,276 common shares for $2MM which was at a significant premium (>30%) to the market price at the time of purchase. Two other Board members exercised options with the intent to hold. No shares were sold to cover the exercise of these options.
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc., a TSX Venture 50® high-tech company, is the world leader in the design, development, manufacture and commercialization of advanced plasma processes and products. 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 9001:2015 certified, and have been since 1997. PyroGenesis is a publicly-traded Canadian Corporation on the TSX Venture Exchange (Ticker Symbol: PYR) and on the OTCQB Marketplace. 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 Corporation'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 Corporation with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Corporation's ongoing filings with the securities regulatory authorities, which filings can be found at www.sedar.com, or at www.otcmarkets.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Corporation 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, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the OTCQB accepts responsibility for the adequacy or accuracy of this press release.
SOURCE PyroGenesis Canada Inc.
For further information please contact: Clémence Bertrand-Bourlaud, Marketing Manager/ Investor Relations, Phone: (514) 937-0002, E-mail: ir@pyrogenesis.com