PyroGenesis Canada Inc (CVE:PYR) (OTCQB:PYRNF) CEO Peter Pascali defended the company’s sales pipeline on Friday after the company confirmed it was on track with its current and prospective projects.
The Montreal-based company, which designs and manufactures high-tech plasma products, was responding to a drop in its share price on Friday, which prompted a brief halt in trading before resuming on Friday afternoon around C$4.72.
In a statement, Pascali told shareholders that there was an indication that recent comments from a fund manager doubting the firm’s ability to sell more than one or two torches within the next few months led to the decline.
READ: PyroGenesis Canada wins $11.5M US Navy contract to provide waste destruction technology on two aircraft carriers
“Although I respect analysis done by third parties, I am also aware of the challenges that this presents to these same very same analysts who, by the very nature of the job, are always on the outside looking in,” Pascali told investors.
“This is also exasperated by the pressure they have of providing insight within sound bites. Having said that I can confirm that the company has visibility on more torch orders than that alluded to in the interview. In fact, I can confirm that the current status of torch negotiations with various clients anticipate closing more than 1-2 torch deals in well under 3 months, let alone 3-6 months.”
Pascali added that his comments were not meant to reflect badly on the unnamed analyst, but were designed to provide additional insight for shareholders.
The company recently won an $11.5 million contract with the US Navy to provide its waste destruction technology for two systems -- one for each ship in the US Navy’s two-ship build.
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