PyroGenesis Canada (TSX: PYR) this morning had an unexpected announcement. The firm has replaced its chief financial officer after just months on the job, with the news then followed by a patent update evidently as a means of distracting from the real news.
The departure of Ben Simo from the company appears rather abrupt, with the firm simply saying that he “no longer works for the company.” Simo, whom was appointed to the role on June 1, 2021, at the time replaced an interim CFO for the company while being talked up for his “experience in manufacturing and high-tech companies.”
A reason for his departure was not provided.
Taking on the role of CFO now is Andre Mainella, whom reportedly has two decades of experience in senior financial roles. Most recently, Mainella served as the Director of Consolidation and Corporate Accounting for Cogeco (TSX: CGO).
Then, an hour after the news of the management change-up, the firm announced that it has received a new patent in the United States pertaining to the destruction of ozone depleting substances. The patent, entitled “High power DC non transferred steam plasma torch system,” focuses on a plasma torch system that uses superheated steam as the plasma forming gas. The tech is currently used within its SPARC technology.
PyroGenesis last traded at $5.04 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
