Dear CNDNBACON,

Good to hear from you.

Allow me to answwr your questions as follows:

1. How long does it currently take to manufacture each system?

    

   Approximately 4 months, but we are working to reduce this with strategic purchases of long lead items

2.  What is the plan to provide the systems in a timely fashion as demand continues to grow?  

    

   Not only can we build systems in series, but we can also leverage of the many long-term relationships we have with our suppliers, some of whom are shareholders.  Here is one example of many:  Let’s say we have a long lead item with one supplier that takes 3 months to deliver.  The supplier would educate himself on the market and, in return for an exclusivity to supply that part, may guarantee a 1-month delivery.  His take on the market combined with the exclusivity would give him the confidence to build these long lead items in advance and hold them in inventory…like screws.  The exclusivity would enable him to take advantage of bulk purchasing as well as manage his construction schedule to fill in gaps in his business. 

     

3. The cost of selling the systems outright is of course mitigated by down payments from the purchasers, however tolling would mean PYR provides the systems at no cost to customers up front, and PYR recoups those costs through processing the dross. What is the plan to finance the cost of the tolling systems?

    

   There are so many financing options available to manage such outlays, particularly given the stable cash flow that comes with a long-term tolling contract.  This doesn’t concern me at all.

    

4. Initially I don't imagine the costs to be prohibitive, but increased demand would likely strain PYRs cash flow moving forward. Would a potential JV with the Japanese Corp address capital expenditures required in order to facilitate the delivery of the systems to market? 

    

   Any JV would have to address capex required for the build out.  So I suspect you are right, the JV would address that.  However, I refer to my answer in 3 above with respect to the concern of capex on cash flow…it really is not an issue beyond a box that ahs to be ticked. 

Hope that helps, and thanks for posting your questions here.

Peter