PURE TECHNOLOGIES ANNOUNCES NEW CONTRACTS WORTH APPROXIMATELY CAD$4 MILLION
CALGARY, Nov. 9 /CNW/ - Pure Technologies Ltd., ("Pure") (TSX-V: PUR) is pleased to announce today it has recently been awarded new contracts in Canada, the United States and Australia for a combined value of approximately CAD$4 million.
Pure will provide services including SmartBall® leak detection, P-Wave® and PipeDiverTM electromagnetic inspections, and robotically-assisted inspections for water and wastewater pipeline projects in Ontario and Alberta, Canada. Pure's subsidiary Openaka will supply visual and sounding inspections, followed by an engineering analysis report for one of these projects. Pure's subsidiary the Pressure Pipe Inspection Company ("PPIC") also received a significant contract award with the Miami-Dade Water & Sewer Department, Miami, Florida for inspection work on a major treated water main. PipeDiver Remote Field Transformer Coupling (RFTC) technology will be used as part of this program.
Outside of North America, Pure's subsidiary Aqua Environmental Pty. Ltd ("Aqua") recently received a contract award with Yarra Valley Water in Melbourne, Australia. The three year contract involves leak detection services for potable water mains. Aqua has been working with Yarra Valley Water for the past few years, and this is the first contract received after being acquired by Pure on October 5, 2010.
"Over the last few months, Pure has announced several new contract awards on a global scale, spanning our suite of services and including the integration of PPIC's inspection and condition assessment technologies," said Jack Elliott, President and COO. "We acquired Aqua just over a month ago and are therefore very pleased to announce the first considerable contract award since the acquisition. These recent contracts demonstrate Pure's presence not only in the North American water and wastewater sector, but also in new regions such as Australia."
About Pure Technologies Ltd.
Pure Technologies Ltd. is an international asset management technology and services company which has developed patented technologies for inspection, monitoring and management of critical infrastructure around the world. Pure's business model incorporates four distinct but complementary business streams:
- Sales of proprietary monitoring technologies for pipelines, bridges and structures (SoundPrint®, SoundPrint® AFO);
- Recurring revenue from data analysis and site maintenance for these technologies, and from technology licensing;
- Premium technical services including inspection, leak detection and condition assessment (P-Wave®, SmartBall®, Sahara®, PipeDiver™, PureRobotics™);
- Specialized engineering services in areas related to asset management, primarily in the area of pipeline condition assessment for water and wastewater infrastructure (Openaka Corp., Price Brothers UK Ltd, and Jason Consultants).
Forward-Looking Statements
This release contains forward-looking statements. Forward-looking statements, without limitation, may contain the words "believes", "expects", "anticipates", "estimates", "intends", "plans", or similar expressions. Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions and the Company's actual results could differ materially from those anticipated. Forward-looking statements are based on the opinions and estimates of Management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. In the context of any forward-looking information please refer to risk factors detailed in, as well as other information contained in, the Company's filings with Securities Regulators (www.sedar.com).
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For further information:
To find out more about Pure Technologies Ltd. (TSX-V: PUR), visit our website at www.puretechnologiesltd.com. Or contact James E. Paulson, Chairman or Karen Keebler, Chief Financial Officer at (403) 266-6794 or e-mail to [email protected].
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