PyroGenesis Canada Inc. (TSX:PYR, NASDAQ:PYR) confirmed that it has received a payment of approximately $682,000 under the exclusivity contract with DROSITE International LLC.
The Montreal-based high-tech company which designs, manufactures and sells advanced plasma processes and sustainable solutions to reduce greenhouse gases said that in addition to the payment received on Tuesday, PyroGenesis expects to receive further payments, the timing of which has been scheduled to match the end-user’s cash flow.
“The payment announced today was made in accordance with a revised payment schedule to better align with the end-user’s operating cash flows,” PyroGenesis CEO P. Peter Pascali said in a statement.
Investors responded postively, sending shares of PyroGenesis up nearly 4.2% on the tech-laden Nasdaq to $1.20 and roughly 3% to $1.60 on the Toronto Stock Exchange.
“As the company has previously disclosed, delays and payments were made with our full support as it better positions the end-user for success. This revision was made to address certain local delays associated with recent opportunities as well as challenges presented by coronavirus (COVID-19) and supply chain issues.”
Pascali noted that additional payments are “being processed and are expected to be made shortly as part of the strategic agreement with the end-user.”
According to the company, DROSITE International provides advanced waste management technologies to the aluminum industry. It is licensed by PyroGenesis to manufacture, market, sell and distribute DROSRITE systems and technology to Saudi Arabia, and certain countries in the Middle East, on an exclusive basis. All DROSRITE systems supplied by the company are manufactured in the US.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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-- UPDATE with stock activity --