PyroGenesis Announces Receipt of $4.8MM Down Payment under US Navy Contract
MONTREAL, Oct. 05, 2020 (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, is pleased to announce that, further to its press release dated September 4th, 2020, it has received the first payment (“Down Payment”) of approx. $4.8MM under the previously announced $11.5MM contract (the “Contract”). The Contract is to provide two of PyroGenesis’ waste destruction systems (the “Systems”), one for each ship of the US Navy’s two-ship build.
The Systems are expected to be built within the next 18 months, and are to be installed on the next Gerald R. Ford-class US aircraft carriers; the USS Enterprise (CVN-80) and the USS Doris Miller (CVN-81).
Separately, the Company expects to receive an additional $2.65MM from Drosrite International over the next few weeks.