PyroGenesis Canada Signs $12.5 Million Contract to Supply Powder Production Systems for 3D Printing to Int'l Large-scale Manufacturer - Video News Alert on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - July 9, 2014) - PyroGenesis Canada (TSXV: PYR) has signed a $12.5 million contract to supply powder production systems, for 3D printing, to an international large-scale manufacturer. Under terms of the contract, PyroGenesis will supply 10 of its unique metal powder production systems over an 18-month period. The customer, whose name has been withheld for competitive reasons, is looking to PyroGenesis and its plasma-based technology to ensure a strategic and continuous supply of metal powder feedstock for their own internal 3D printing production use.
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P. Peter Pascali, President & CEO stated, "As mentioned in our March 31, 2014 press release, one of the limiting factors in the full commercialization of 3D printing for metal products is the availability of high-quality, high-purity metal powder. Our patented platform can produce these powders effortlessly. It is a proven product with completed commercial sales having already taken place in North America and Europe."
McKinsey Global Institute lists 3D Printing as "A disruptive technology that will transform life, business and the global economy", suggesting that it could have an economic impact of up to $550 billion a year by 2025.
Although plastics will continue to account for the majority of materials demand, The Freedonia Group forecasts faster growth for metals due to their greater strength and resistance as well as rapid gains in markets such as aerospace. Boeing for example, already uses printers to make some 200 part numbers for 10 different types of aircraft, and medical-products companies are using them to create items such as hip replacements.
PyroGenesis is the world leader in the design, development, manufacture and commercialization of advanced plasma processes, providing engineering and manufacturing expertise, cutting-edge contract research, as well as turnkey process equipment packages to the defence, metallurgical, mining, advanced materials, oil & gas, and environmental industries.
The company harnesses the unique properties of thermal plasma, which can reach temperatures in excess of 10,000 degrees Celius, to melt and transform metals such as titanium.
The company's backlog of signed contracts now exceeds $20 million, or the equivalent of approximately 350% of the company's revenues in its previous fiscal year, all of which is expected to be completed by year end 2015.
Projects in process include a $5.5 million reorder, last November, for a plasma waste destruction system to be installed on a second Ford-class carrier, which is to be delivered, and recognized into income, over a 2-year period.
The company currently trades at $0.73 and with 80.5 million shares outstanding, is capitalized at $58.8 million.
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Barry Morgan, CFO