PyroGenesis $PYR Receives New Military Contract, Order Reaches $1.8MM

Pyrogenesis(TSX.V:PYR) (OTCQB:PYRNF)

PyroGenesis Canada Inc., a high-tech corporation that designs, develops, manufactures and commercializes plasma waste-to-energy systems and plasma torch products, announces today that it has received a military contract for US$255,000.

The Corporation had previously announced in a press release dated July 17, 2017, that it had received payments totaling US$925,122 under a separate military contract worth US$978,312.  This contract is now complete, and all payments have been received.  Since then, the Corporation has received a number of small contracts, relating to its current military business lines, with a total value exceeding US$1.2MM, including the contract announced today. Approximately Can$1.3MM of this amount is in current backlog. The Corporation expects to receive an additional US$218,000 of similar contracts before year end. These contracts are expected to be completed by Q1-2018.

“Our traditional business lines, other than non-additive manufacturing, continue to contribute significantly to the bottom line as can be seen from today’s announcement. PyroGenesis is entering 2018 with the expectation that the Corporation’s non-additive manufacturing business lines will generate enough revenues, on their own in 2018, to make PyroGenesis profitable overall. In fact, we expect to achieve these results from DROSRITE™ sales alone, and that is before any contributions from additional military sales, such as a third plasma based waste destruction system for a US Aircraft Carrier which is expected in 2018. All in all, 2017 has proven to be the pivotal year we expected it to be, and 2018 is shaping up to be even better.”

-P. Peter Pascali, President and CEO of PyroGenesis