Hi Peter,

While the prospects for HPQ being successful and this $1.9 mil investment to result in a positive return seem good, they are a long term investment and it will take a while until PYR will see such a return; please correct me if I am wrong, but my feeling is that this investment will come to fruition later than PYR's own projects.

My concern is that PyroGenesis is not cash flow positive at this point; not too long ago, PYR needed to raise funds through dillutive public offering. Moreover, despite great milestones achieved on the technological fronts, significant sales have been delayed, even though due to understandable factors, as you enumerated in previous news releases; despite such delays, PYR still needs cash to pursue its own projects ..

Having said that, even if it shows confidence, doesn't this investment in HPQ increase the risk for PYR to run out of cash, for your own projects, and to reach again the position to have to raise funds through additional dillutive financing?

And, related to the above, is PYR still on track to becoming cash flow positive in 2018?

Thank you,

Poetech2.