MONTREAL, Oct. 12, 2025 (GLOBE NEWSWIRE) — PyroGenesis Inc. (“PyroGenesis” or the “Company”) (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY1), a leader in ultra-high temperature process and technology innovation and a technology provider to the heavy industrial and defense markets, provides the following commentary regarding a recent online communication from a current member of the Company's board of directors.
On Saturday, October 11, 2025, it came to the Company's attention that an online communication by a current member of the board of directors of PyroGenesis was made on the evening of Friday, October 10, outside of market hours. This post contained information regarding the Company's recently announced non-brokered private placement (the “Private Placement”). Some of this information should not have been published and is incorrect. After the error was discovered, the post was quickly deleted. PyroGenesis requests that any version of this deleted post be ignored and not redistributed.
In particular, the message contained details of the private placement that had been previously published, however it also contained a sentence that “… (the Company's ongoing private placement) was oversubscribed, bringing the company $7.5–8.0 million…“
Although the Company previously announced on October 1, 2025 its intention to conduct this non-brokered private placement with potential financing of approximately $5 million, the private placement is currently ongoing and neither the oversubscription statement nor the suggestion that the private placement has been completed can be formally and accurately stated at this time.
By way of clarification, the Company may state that, as of the date of this press release, the Private Placement has not officially been oversubscribed. We can also confirm that the first tranche of the first group of private placement units is expected to be completed during the coming week.
PyroGenesis is committed to timely disclosure and takes corporate governance seriously. The Board of Directors has fully reviewed this situation and taken corrective action.
ABOUT PyroGenesis Inc.
PyroGenesis leverages 30 years of plasma technology leadership to provide advanced engineering solutions to address energy, propulsion, fracture, process heating, emissions and materials development challenges in heavy industrial and defense applications. Its clients include global leaders in aluminum, aerospace, steel, iron ore, utilities, environmental services, military and government. From its headquarters in Montreal and local manufacturing facilities, PyroGenesis engineers, scientists and technicians advance the innovation and commercialization of energy transition and ultra-high temperature technologies. PyroGenesis is ISO 9001:2015 and AS9100D certified and has maintained ISO certification since 1997. PyroGenesis shares are traded on the TSX (PYR), OTCQX (PYRGF) and Frankfurt (8PY1) stock exchanges.
Carefully And Visionary Statements
This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “expects”, “opportunity exists”, “positions”, “estimates”, “intends”, “anticipates”, “expects” or “does not anticipate” or “believes”, or variations of such words and phrases or statements. that certain actions, events or results “may”, “may”, “will”, “could”, “will” or “will be undertaken”, “occur” or “be achieved”. In addition, any statements that relate to expectations, forecasts or other characteristics of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, guarantees or representations as to future performance, but rather represent management's current beliefs, expectations, estimates and projections regarding future events and operating results.
Forward-looking statements are necessarily based on a number of opinions, assumptions and estimates that, although considered reasonable by PyroGenesis as of the date of this release, are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ, possibly materially, from those expressed in forward-looking statements include, but are not limited to, the risk factors set forth under the heading “Risk Factors” in PyroGenesis's most recent annual information form and in other periodic filings it has filed and may file in the future with securities commissions or similar regulatory authorities, all of which are available on PyroGenesis' profile on SEDAR+ at www.sedarplus.ca. These factors do not represent a complete list of factors that may affect PyroGenesis. However, such risk factors should be carefully considered. There can be no assurance that such estimates and assumptions will prove to be correct. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. PyroGenesis undertakes no obligation to publicly update or revise any forward-looking statements except as required by applicable securities laws.
Neither the Toronto Stock Exchange, its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) nor OTCQX Best Market accepts responsibility for the adequacy or accuracy of this press release.
For more information contact [email protected] or visit http://www.pyrogenic.com
