PyroGenesis Announces Receipt of Second $520,000 Milestone Payment under the Plasma Torch Contract for PFAS Removal

MONTREAL, Nov. 20, 2023 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY), a high-tech company (the “Company” or “PyroGenesis”) that designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions which are geared to reduce greenhouse gases (GHG) and address environmental pollutants, is pleased to announce today that, further to its press release dated September 12, 2023,   it has received the second milestone payment of approximately $520,000 (US $378,900). This payment is associated with the engineering phase, of the plasma torch contract with a U.S. corporation (the “Client”), geared to destroy Perfluoroalkyl and Polyfluoroalkyl Substances (“PFAS”). The name of the Client will remain anonymous for confidentiality reasons.

The engineering phase is nearing completion representing a key milestone in PyroGenesis' development of a state-of-the-art plasma torch technology suitable for PFAS removal. PyroGenesis is on track to begin the manufacturing process over the coming weeks. The Company expects to complete the manufacturing phase by the end of the second quarter of 2024.

“We are very pleased with the progress to date in developing this new state-of-the-art plasma torch, and look forward to the upcoming completion of the manufacturing phase,” said Mr. P. Peter Pascali of PyroGenesis. “The eventual completion of the manufacturing phase will mark an important milestone in PyroGenesis' stated goal to advance PFAS eradication using state-of-the-art plasma torch technology. Today brings us one step closer to delivering a PyroGenesis based solution that addresses critical environmental challenges, reinforcing our unwavering commitment to sustainable innovation.”

PFAS are a set of more than 15,000 man-made chemicals that have been widely used in consumer products in various industries, such as aerospace, automotive, and construction, amongst others, for many decades. As previously mentioned, research suggests exposure to some PFAS might result in harmful health outcomes, including cancer, increased cholesterol levels, and immune system effects¹. Products that may contain PFAS include nonstick cookware, stain resistant coatings used on carpets, upholstery, and other fabrics, water resistant clothing, cleaning products, personal care and cosmetics products and any other products that resist grease, water and oil². Because of their widespread use and strong chemical bonds and properties, which account for their persistence in the environment, PFAS are proving to be persistent pollutants that affect humans and wildlife, as they are likely to be exposed to these chemicals by consuming contaminated water or food, using products made with PFAS, or breathing air containing PFAS.