MONTREAL, Oct. 7, 2022 (GLOBE NEWSWIRE) — PyroGenesis Canada Inc. (http://pyrogenesis.com) PYR PYR 8PYa high-tech company (hereafter referred to as the “Company” or “PyroGenesis”) that designs, develops, manufactures and markets advanced plasma processes and sustainable solutions to reduce greenhouse gases (GHG) and combat environmental pollutants, announced today , according to its press release dated October 28, 2021, negotiations on the Land-Based Perfluoroalkyl and Polyfluoroalkyl Substances Destruction System (“PFAS”) Treaty have been suspended and terminated.
On October 28, 2021, it was announced that PyroGenesis had been selected, following a competitive bidding process, to provide its plasma-based thermal processing facilities in a two-phase project aimed at providing a land-based PFAS destruction system. Pilot tests were carried out in the first phase. The second phase was aimed at the full manufacture, setup and commissioning of a fully commercial land-based system.
“This decision was made because we remained firm in our decision not to compromise or turn over to the client the intellectual property (IP) that we would have developed in Phase 1,” said Mr. P. Peter Pascali, CEO and Chairman by PyroGenesis. “In addition, after ongoing negotiations, it became clear that there was no guarantee that we would receive Phase 2. If we agreed to the customer’s request, essentially all of the IP we developed in phase 1 could be used by someone else in phase 2. As a company that has invested decades in building its intellectual capital and assembled a team of world-leading professionals, this was unacceptable to us on many levels and not in the best interests of shareholders. It must be clear that we will always stand by our investors and will not jeopardize the company’s long-term benefits, no matter how good it may seem in the short term.”
PFAS are man-made chemicals that are widely used in consumer products in various industries,…
