PyroGenesis Announces Completion of SR&ED Tax Credit Financing
MONTREAL, Dec. 23, 2019 (GLOBE NEWSWIRE) — PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX-V: PYR) (OTCQB: PYRNF) (FRA: 8PY), a high-tech company, (the “Company”, the “Corporation” or “PyroGenesis”) that designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products, announced today that it completed a financing in which the Company received funding pursuant to a Term Loan Agreement with R & D Capital Inc. (“R & D”) for a total of CAN $247,500 with respect to its Scientific Research and Experimental Development Tax credits (“SR&ED Tax Credits”) for the Company’s fiscal year ending December 31, 2019, (the “Loan”).
The Loan is guaranteed by an existing security interest in favor of R & D. The security interest is on the universality of the Company’s assets excluding its Intellectual Property but including the refundable portion of its SR&ED Tax Credits for the fiscal years ending December 31, 2019.“This financing, which we did today, is similar to previous SR&ED type of financings that the Company has entered into which is entirely non-dilutive to shareholders,” said Mr. P. Peter Pascali, President and CEO of PyroGenesis.In connection with the Loan, the Company paid R&D, fees of $22,275 CAD.Separately, with respect to the recent decline in the stock price, Mr. P. Peter Pascali commented as follows:“We have no knowledge of any material news which could explain the recent decline in the Company’s stock price, and we have reported these observations to the appropriate authorities,” said Mr. Pascali. “In fact, this recent decline is even stranger given the recent news the subject of which is even more imminent than it was when we first disclosed it, which stands to reason. On a separate note, we expect to build a solid DROSRITE™ business on top of the recent news as we are actively working on a number of DROSRITE™ deals in Europe.”About PyroGenesis Canada Inc.PyroGenesis Canada Inc., a 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 and AS9100D 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:
Rodayna Kafal, Vice President Investors Relations and Strategic Business Development,
Phone: (514) 937-0002, E-mail: [email protected]RELATED LINK: http://www.pyrogenesis.com/