Introduction
Pyrogenesis Canada is currently facing administrative proceedings initiated by Canada’s Autorité des marchés financiers (AMF). CEO Peter Pascali and Chairman Alan Curleigh are being targeted for their involvement in a settlement agreement with Phoenix Haute Technology. These proceedings allege that Pascali and Curleigh neglected their fiduciary duties as directors of the company in 2018, among other accusations. However, Pyrogenesis Canada, Pascali, and Curleigh strongly deny these claims and are confident in their defense.
Background
Phoenix Haute Technology, which is controlled by Pascali’s late father, is at the center of this controversy. The AMF is seeking administrative penalties of CAD 4.2 million against Pascali and CAD 550,000 against the company. Additionally, a disgorgement order of CAD 9.57 million is being pursued against Pascali. To further restrict their involvement in reporting issuers, the financial regulator also wishes to prohibit Pascali and Curleigh from acting as officers or directors for a period of five years.
Denial of Allegations
Contrary to the AMF’s claims, Pyrogenesis Canada, Pascali, and Curleigh firmly assert their innocence. They believe that these allegations lack merit and are determined to fight for justice. Despite the ongoing proceedings, Pyrogenesis Canada assures that its operations will continue unaffected.
Conclusion
As this legal battle unfolds, Pyrogenesis Canada welcomes the opportunity to present its case in court confidently. Pascali emphasizes that he anticipates the truth to prevail and unveils the hidden motives behind those supporting this outcome. Further updates on this matter will follow in due course.