Pure Technologies Awarded New Work in Saudi Arabia, Scotland and the U.S.
CALGARY, April 7, 2014 /CNW/ - Pure Technologies Ltd. ("Pure" or the "Company") (TSX: PUR) announced today that it has been awarded new work with existing clients in Saudi Arabia, Scotland and the U.S. encompassing its services within the water pipeline and bridge sectors.
The Company's wholly-owned subsidiary, Price Brothers (UK) Ltd., has been awarded new work for the tender sum of $1.3 million for the supply of a new SoundPrint® acoustic monitoring system on Forth Road Bridge in Edinburgh, Scotland. Under the contract, the Company will design, supply, install and commission its proprietary monitoring equipment and provide maintenance and monitoring services for a 5-year period. Work will commence during the second quarter and is expected to be completed prior to the end of the third quarter of this year.
Pure has been monitoring the full length of the two main cables of Forth Road Bridge since 2006 and SoundPrint was originally selected based on its successful use on a number of U.S. suspension bridges. The Forth Road Bridge, opened in 1964, is one of the longest suspension bridges in Europe, with a main span of 1,006 m and a total length of 2.5 km. The bridge crosses the Forth Estuary west of Edinburgh, Scotland.
In addition, Pure's Abu Dhabi office has received new work worth USD$670,000 to perform leak detection services on water pipelines for clients in the Kingdom of Saudi Arabia. The Company's proprietary SmartBall® technology will be utilized in an upcoming inspection program targeting critical pipelines responsible for delivering water to multiple jurisdictions within the Kingdom. The bulk of the work is expected to be completed by the end of the second quarter with the possibility of additional work worth USD$300,000 upon successful completion of the initial phase.
Furthermore, Pure's wholly-owned subsidiary, Pure Technologies U.S. Inc. ("Pure U.S."), has been awarded a 6-year pricing agreement with a major power producer located in the Southwestern United States. The Company's PureEM™ technology will be utilized to inspect the client's large-diameter pipelines used to transport recycled water for cooling purposes. PureEM is a patented, electromagnetic technology which provides a "snapshot" of the condition of large-diameter water and wastewater transmission pipelines (concrete or metallic). It is expected that work in the amount of $1.2 million will be initiated during the second quarter of 2014 as part of the client's scheduled maintenance program.
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.
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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