Dear MoneyPoet,

Thanks for posting, and thanks for the lead, I just finished it and I found it to be quite good.

With respect to your main question which was simply “…what is the company’s staying power to survive the multiple “valleys of death” to be traversed…” I find this a very interesting question and one that could probably be posed to almost every start-up, and  particularly ones in high tech who are trying to unseat an existing practice in a conservative environment. Wouldn’t you agree?

To answer your question, I would note that PyroGenesis has experienced dozens upon dozens of valleys of death, some one right after the other, others right on top of each other, and we managed them all quite well I would suggest.  We fully expect there will be more in the future, and we will deal with them as we have in the past.

I believe the reason we have managed this risk so well in the past is that we have strategically focused on business lines that are truly independent of each other. As such, should one be moving a bit slower than the rest we can mange our assets appropriately…similarly if one line might hit a wall entirely we do not go down the drain.  Essentially, we have created a very stable  multi-legged stool of opportunities so that should we lose one leg the stool is still sturdy.

A second reason why we managed this risk so well has to do with the dedicated, cohesive and focused team we have formed around our principle ideas and strategy.  We do not chase press releases and we stick to our knitting. 

I Hope that Helps

Peter