Dear MSKENZIE’S,

I took my time before replying, A) because I understood that your post was not bashing, but more venting about an investment choice that has not panned out as expected, B) that you were using the opportunity this forum gives you to voice your opinions on how thing should be done and C) as you said, I do have a laid back style…

Yes, we all want to have a return on our investments, but before saying that we are not pushing things forward, or telling us how we should do our job, let me quote what the Peter Pascali, the CEO of PyroGenesis wrote so eloquently not long ago about HPQ

“First, as an investor, you have to realize that you will never have all the information the CEO has, and upon which he is making decisions. As such, an investor must come to terms with the fact that many times decisions are made that may not make any sense at all. To berate a CEO for his actions because YOU are in the dark makes little sense to me.”

The fact is that we have never stopped working on our projects and we have issued regularly press release explaining what we are doing.

I agree that there are companies that only have R&D projects and they are advertising it everywhere, but these companies chose is to invest funds in marketing and not business development.

That is not what we are doing.

I have study very carefully the failures of many of these one-time darlings of the market (Orbite, Argex, Nemaska Lithium, to name just a few) and I have concluded that having a mutually beneficial working relationship with a world-class partner like PyroGenesis, is the best, if the not the only way for a small company like HPQ to develop the game-changing technologies we are working on.

And if that means, as you said MSKENZIE’S, we “… sit back for months at a time because Pyro needs all its people to work on their stuff.”  Then I am fine with that...

Because, I believe that when the market finally would wake up to the Incredible Potential of PyroGenesis, that then HPQ would be pulled forward by that market reality…

As BT592 commented, on the day of our post we only traded 500 shares at 0.085 and for that we week we only traded 419,767 shares…while PyroGenesis traded 86,000 shares on the same day at an average price of $0.687and they 934,000 shares for the week…

This week, Pyro Friday close was at $1.43 while HPQ closed was 0,135 … and all that after we reminded the market that PyroGenesis as a lot of skin invested HPQ projects...

Hope this helps,

Regards,

Bernard Tourillon

CEO