PyroGenesis Canada Inc. (CVE:PYR) (OTCMKTS:PYRNF), a high-tech company that designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products, has unveiled plans to increase the number of its directors and elect a new board.
In a statement, the Montreal-based firm said it has called a Special Meeting of Shareholders, scheduled for November 21, to vote on its plan to raise the total number of its board members to seven, of whom five will be independent.
The company pointed out that, of those directors proposed to shareholders, three will be new and include the following: Virendra Jha, former Vice President for Science, Technology and Programs and Chief Engineering Adviser at the Canadian Space Agency (CSA); Michael Blank, who has over 30 years of experience in finance and accounting; and Alexander Pascali, Senior Business Development Manager at PyroGenesis with more than 10 years of experience in business, strategy, and marketing.
The group said the full slate of directors proposed are as follows who, once elected, will be confirmed in their respective offices by the board: Andrew Abdalla, as chair of the Board and acting chief financial officer; P. Peter Pascali as chief executive officer, president and director; Michael Blank as chair of the Audit Committee; and Robert M. Radin, Virendra Jha Christopher Twigge-Molecey, and Alexander Pascali as directors.
It added that the proposed slate of directors is a result of a thorough process wherein the candidates were selected with a view of complementing the strategic plan which the company has been executing over the past 18 months.
P. Peter Pascali, president and CEO of PyroGenesis commented: “I am proud that our Board is actively involved in every aspect of our business and we are pleased to propose these three new directors whose expertise is highly relevant to our future and will further strengthen our current mix.”
Plasma torch delivery
Last week, Pyrogenesis announced that it had completed production and factory testing of a 900-kilowatt plasma torch system built for its Swedish client RISE Energy Technology Center AB.
Following testing at PyroGenesis’ facility in Montreal, the company received payments totaling about C$936,000.
RISE, which signed a contract with PyroGenesis back in January, intends to use the torch system in iron ore pelletization, a process in which iron ore is heated and concentrated into pellets before shipping.
Contact the author at [email protected]