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GlobeNewswire·

PyroGenesis Announces a Binding Signed Contract to Acquire its Turcot Manufacturing Facility

  • PyroGenesis Inc. signed an out-of-court settlement to acquire its Turcot Facility at 5655 Philippe-Turcot, Montréal, resolving Superior Court of Quebec litigation.
  • The final purchase price for the 40,902 sq. ft. property is $3.1 million, an increase from the original 2022 option price of $2.75 million.
  • All parties involved provided full & final releases as part of the agreement, which is set for homologation in the Superior Court of Quebec.
  • The facility houses manufacturing, R&D, pilot plant systems, metal powder production, testing, & offices, & has been occupied by PyroGenesis since September 1, 2012.
  • CEO P. Peter Pascali stated the acquisition price equates to approximately $76/sq. ft., which is significantly below the current market rate of ~$250/sq. ft. for the area.
  • The Company plans to remain at the location & is initiating sale-leaseback discussions to unlock asset value for accelerating business projects.
  • Legal proceedings concluded with PyroGenesis prevailing in its right to secure title to the property located 6.2 km from its downtown headquarters.