PyroGenesis Canada Acquires Full Control of Aluminum Waste Recycling Business

SEATTLE (Scrap Monster):  PyroGenesis Canada Inc. (TSX:PYR, OTCQX:PYRGF) has acquired full control of Drosrite International, a US-based subsidiary that had legally been operating as a standalone entity. 

The company paid one Canadian dollar to take 100% control of Drosrite, which provides environmentally friendly waste management technologies to the aluminum industry and had previously been operated as a subsidiary on an accounting basis.

Drosrite International holds the required rights from PyroGenesis to manufacture, market, sell and distribute Drosrite systems and technology to Saudi Arabia and several other countries in the Middle East.

"Not only does this acquisition clear up, once and for all, the accounting versus legal ambiguity surrounding the relationship between PyroGenesis and Drosrite International, but it more importantly now provides PyroGenesis with a 100%-owned US subsidiary through which we can now consider expanding our activities,” said Peter Pascali, CEO of PyroGenesis.

"This is an important first step within our continually evolving international strategy for the company.”

PyroGenesis said it has now acquired full control of Drosrite International and its involvement in aluminum dross processing is part of a "three-tiered solution ecosystem that aligns with economic drivers that are key to global heavy industry".

Drosrite's trademarked systems are part of PyroGenesis’ commodity security & optimization tier, where the recovery of viable metals and the optimization of production to increase output helps to maximize raw materials and improve the availability of critical minerals.

 Courtesy: www.proactiveinvestors.com