Pure Technologies Awarded New Major U.S. Contract
CALGARY, Dec. 12, 2013 /CNW/ - Pure Technologies Ltd. ("Pure" or the "Company") (TSX: PUR) announced today that its wholly-owned subsidiary, Pure Technologies U.S. Inc., has been awarded new work by the California Department of Water Resources ("DWR") to provide condition assessment services for large-diameter pipelines critical to the delivery of water throughout the state of California. The contract is valued at up to USD$3.5 million over a period of five years.
Throughout the contract term, Pure will provide non-destructive testing services on DWR's inventory of prestressed concrete cylinder pipes. The technologies to be utilized during the assessment include Pure's patented SmartBall® leak detection technology, PipeDiver® inspection platform and electromagnetic technologies.
DWR maintains and operates The California State Water Project ("The Project"), a water storage and delivery system of reservoirs, aqueducts, powerplants and pumping plants. The Project is the largest U.S. state-built water and power development and conveyance system, and provides water to approximately 25 million Californians and about 750,000 acres of irrigated farmland.
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 pipeline inspection, leak detection and condition assessment (PureEM™, SmartBall®, Sahara®, PipeDiver®, PureRobotics™; PureMFL™;
- 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).
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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