PyroGenesis Announces Board Restructuring; Cancels Previously Announced Special Meeting of Shareholders
MONTREAL, Sept. 29, 2019 (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, announced today the restructuring of its Board of Directors, and the cancellation of the November 21st, Special Meeting of Shareholders previously announced in the press release dated September 23rd, 2019.
Mr. Alan Curleigh, Member and Chair of the Board of Directors and Dr. Christopher Twigge-Molecey, Member of the Board of Directors and Audit Committee have tendered their resignations effective immediately, both of which have been accepted by the Board of Directors. The Company further announces that the Board of Directors has approved the appointments of Dr. Virendra Jha, as an independent member of the Board of Directors, as well as Mr. Michael Blank, as an independent member of the Board of Directors, member of the Audit Committee, as well as the Acting Chief Financial Officer of PyroGenesis. Mr. P. Peter Pascali, CEO and President of PyroGenesis, will assume the role of Interim Chair of the Board of Directors.“First and foremost, I want to thank both Alan and Chris for having, at our last annual general meeting, accepted to stay on the Board despite the personal challenges they were facing in their respective lives over the past year. We recognize that they served the Board well during their tenure, played a role in our growth, and we thank them for their resignations. We wish them well in their future endeavors,” said Mr. Pascali. “We strengthened our Board with a view to the future. We have now put in place a Board that has, for the first time, outside/independent financial skills, greater technical depth, and broader Board leadership experience. These have all been identified as critical components for PyroGenesis over the coming months and years as the Company enters a new phase of its growth, a topic you will be hearing more about over the coming days/weeks.”
Dr. Jha and Mr. Blank have each been granted options to acquire 200,000 common shares of the Corporation (the “Common Shares”). These stock options have an exercise price of $0.51 per Common Share and are exercisable over a period of five (5) years. The options are granted in accordance with the Corporation’s stock option plan. The appointment of Dr. Jha and Mr. Blank, and the grant of options, remain subject to regulatory and Exchange approval.
About Dr. Virendra Jha
Dr. Jha, Member of the order of Canada, has over 42 years of experience in the Canadian Space Program ranging from in-depth engineering work to senior management positions in both the Private and the Public Sectors. Dr. Jha began his space career in 1972 when he joined the Aerospace group of RCA Limited Montreal, which later became Spar Aerospace Limited. In 1988, he became the Director of Engineering at Spar Aerospace Limited. In 1991 Dr. Jha joined the Canadian Space Agency as Director of the Space Mechanics Group. In 1996, he was promoted to the position of Director General, Space Technologies Branch of the CSA. From 2003 till 2008, he was the Vice-President responsible for Science, Technology and Programs at the Canadian Space Agency. As Vice President, Dr. Jha provided strategic direction, vision and leadership to all core technical sectors of the Agency. From November 2005 until February 2006, Dr. Jha also served as the Acting President of the Canadian Space Agency. He was Chief Engineering Adviser at the Canadian Space Agency until his retirement in 2014.Dr. Jha received his B. Tech. degree in Mechanical Engineering from the Indian Institute of Technology Delhi India, his Master’s degree in Mechanical engineering from McMaster University, Hamilton, Canada, and his Ph.D. degree in Mechanical Engineering from Concordia University, Montreal, Canada and the C.Dir. (Chartered Director) Degree from McMaster University, Hamilton, Canada. Dr. Jha’s technical contributions in Canadian Space Program as well as in International Space activities have been significant. His leadership and commitment to the profession is reflected by his recognition and active participation in many groups, committees and advisory boards.
Dr. Jha currently serves as a director on the Board of the Atomic Energy of Canada Limited (“AECL”), a Canadian federal Crown Corporation and Canada's largest nuclear science and technology laboratory.
AECL develops peaceful and innovative applications from nuclear technology through expertise in physics, metallurgy, chemistry, biology and engineering. AECL's activities range from research and development, design and engineering to specialized technology development, waste management and decommissioning. AECL describes its goal as ensuring that "Canadians and the world receive energy, health, environmental and economic benefits from nuclear science and technology - with confidence that nuclear safety and security are assured".
About Mr. Michael BlankWith over 30 years of executive experience in leading finance and operations for private and public organizations, Michael has a sound professional judgement in business plan preparation, budgeting, cash flow management and internal control implementation. As the Chief Financial Officer of global publicly held corporations, Mr. Blank has gained significant experience in financial reporting, accounting, finance and capital management, investor relations, and international operations. Michael has acquired an extensive knowledge of taxation and audit over 10 years at KPMG, a leading international public accounting and consulting firm, in Canada and Europe. Adept at explaining complex accounting and tax rules and their impacts on businesses, he provided corporate tax consulting and the information clients rely on to make strong business decisions. Michael holds a bachelor's degree in commerce with finance and accounting major with honors, from Queen’s University and a Diploma in Public Accounting from McGill University. Michael is a designated Chartered Professional Accountant (CPA), and qualifies as a Chartered Accountant (CA).
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc., a high-tech company, is the world leader in the design, development, manufacture and commercialization of advanced plasma processes and products. We provide engineering and manufacturing expertise, cutting-edge contract research, as well as turnkey process equipment packages to the defense, metallurgical, mining, advanced materials (including 3D printing), oil & gas, and environmental industries. With a team of experienced engineers, scientists and technicians working out of our Montreal office and our 3,800 m2 manufacturing facility, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. Our core competencies allow PyroGenesis to lead the way in providing innovative plasma torches, plasma waste processes, high-temperature metallurgical processes, and engineering services to the global marketplace. Our operations are ISO 9001:2015 and AS9100D certified, and have been ISO certified since 1997. PyroGenesis is a publicly-traded Canadian Corporation on the TSX Venture Exchange (Ticker Symbol: PYR) and on the OTCQB Marketplace. For more information, please visit www.pyrogenesis.com.
This press release contains certain forward-looking statements, including, without limitation, statements containing the words "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "in the process" and other similar expressions which constitute "forward- looking information" within the meaning of applicable securities laws. Forward-looking statements reflect the Corporation's current expectation and assumptions and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process. Such statements reflect the current views of the Corporation with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Corporation's ongoing filings with the securities regulatory authorities, which filings can be found at www.sedar.com, or at www.otcmarkets.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward- looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws. Neither the TSX Venture Exchange, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the OTCQB accepts responsibility for the adequacy or accuracy of this press release.
SOURCE PyroGenesis Canada Inc.
For further information please contact:Rodayna Kafal, Vice President Investors Relations and Strategic Business Development, orClémence Bertrand-Bourlaud, Marketing Manager/Investor Relations,Phone: (514) 937-0002, E-mail: [email protected]
RELATED LINKS: http://www.pyrogenesis.com/