CALGARY, Dec. 28 /CNW/ - Pure Technologies Ltd., TSX-V:PUR, announced today that it has received a Letter of Intent from the Great Man-Made River Authority (GMRA) for a contract valued at over $30-million to expand the Authority's current pipeline monitoring program. The contract is subject to completion of the normal review process and final documentation. Under the proposal, Pure will supply its patented SoundPrint(R) AFO fibre-optic monitoring system, capable of monitoring up to 960 km of the Authority's prestressed concrete pipeline transmission network. The Authority is currently monitoring approximately 350 km of the network following a contract awarded to Pure in September, 2007. Equipment deliveries will commence prior to current year-end and are expected to continue through 2011.
Commenting on the news, Jack Elliott, Pure's President, said: "This contract will ensure a strong revenue base in 2010 and 2011 while we are building up other markets and business sectors. We are aggressively expanding our presence in Mexico, South America, and the Middle East, and we expect this strategy to contribute to continuing growth in revenue and earnings. This development is a significant vote of confidence by GMRA in our AFO technology; and follows a similar trend in North America, where water agencies are increasingly looking to our technologies and services to provide them with important asset management information."
ABOUT PURE TECHNOLOGIES LTD.
Pure Technologies is an international technology company which has developed patented technologies for inspection, monitoring and management of critical infrastructure around the world. Pure operates from its headquarters in Calgary, Canada and through subsidiaries in Maryland, New Jersey, and the UK. Pure's proprietary product portfolio includes SoundPrint(R), a continuous acoustic structural monitoring system for buildings, bridges and structures; SoundPrint(R) AFO, a fiber-optic distributed acoustic sensing system for monitoring and surveillance of pipelines; and SmartBall(R), a revolutionary new leak detection technology for water, wastewater and hydrocarbon pipelines.
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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SOURCE Pure Technologies Ltd.
For further information: 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: firstname.lastname@example.org