PyroGenesis gives 90-day cancellation notice to Earth

An anonymous director reports PYROGENESIS PROVIDES 90-DAY CANCELLATION NOTICE TO EARTHGRID PyroGenesis Inc. has provided a 90-day notice to EarthGrid that PyroGenesis will end the exclusivity arrangement and cancel the existing master agreement with EarthGrid for tunnelling-related projects. As announced in a press release dated Jan. 16, 2024, PyroGenesis had received a non-refundable down payment totalling $500,000 (U.S.) from a United States-based technology company, which PyroGenesis subsequently disclosed as EarthGrid. The non-refundable down payment was made pursuant to a signed master agreement between PyroGenesis and EarthGrid, and provided for a period of exclusivity, during which EarthGrid expected to secure financing and complete a first statement of work with PyroGenesis. The terms of exclusivity were subsequently extended between PyroGenesis and EarthGrid. Given recent developments, PyroGenesis believes the best route forward is to release both parties from the terms of the master agreement and end exclusivity as of the conclusion of the 90-day notification period. At the end of the 90-day period, PyroGenesis will be free to pursue tunnelling-related projects with other interested parties. About PyroGenesis Inc. PyroGenesis leverages 34 years of plasma technology leadership to deliver advanced engineering solutions to energy, propulsion, destruction, process heating, emissions and materials development challenges across heavy industry and defence. Its customers include global leaders in aluminum, aerospace, steel, iron ore, utilities, environmental services, military and government. From its Montreal headquarters and local manufacturing facilities, PyroGenesis's engineers, scientists and technicians drive innovation and commercialization of energy transition and ultrahigh temperature technology. PyroGenesis's operations are ISO 9001:2015 and AS9100D certified, with ISO certification maintained since 1997. PyroGenesis's shares trade on the Toronto Stock Exchange (PYR), OTCQX (PYRGF) and Frankfurt (8PY1) stock exchanges. We seek Safe Harbor.