Dear Claude,

First, allow me to thank- you for the kind words, and longtime support.  It is much appreciated.  We would not have been able to do what we are doing if it were not for the exceptional team we have assembled at PyroGenesis, and the exceptional investors who have been following us.    

With respect to the question pertaining to cash flow for growth/options available, there are too many to enumerate here.  However, I would like to point out that growth does not necessarily have to be financed by issuing equity/rights offerings.  In fact, there are many ways that do not involve dilution at all (off balance sheet/project financing as well as traditional bank lines are just a couple that come to mind…and it does not have to be done using one mechanism alone; there could be a bit from several different sources).   

I am not sure if you are aware, but I was an investment banker in M&A on Wall Street during the 1980’s (there goes all that hard-earned respect I had with you, right?).  I was involved in very complex financial structures. The only reason I am mentioning that is to put what I am going to say in the proper context: There are so many ways to skin this cat, and some are way out-of-the-box, that I am not at all concerned about financing cash flow (if and when it is needed) to finance growth.

I trust that helps and you feel more comfortable with growth financing.  Just the fact that this is your question, I believe, reflects just how far we have come.  Wouldn’t you agree?

Thanks for posting here.

Have a great balance to your weekend…and yes, I do look forward to meeting you and other PyroGenesis investors, as and when the opportunity presents itself

Hope that helps,

Peter