CALGARY, March 30, 2012 /CNW/ - Pure Technologies Ltd. ("Pure" or the
"Company") (TSX: PUR) announced today that it is resuming normal
activities in Libya following receipt of a CAD$16 million payment from
the Man-Made River Authority. The payment constitutes 70% of the value
of previous shipments made under a CAD$30 million contract awarded in
2010 for the supply of the Company's proprietary acoustic monitoring
technology. Pure will now resume activities on the project, including
shipment of the remaining monitoring equipment worth CAD$10.7 million
held since political events which took place in Libya during 2011
resulted in a temporary halt in operations. Payment of remaining
outstanding receivables relating to this contract, and a separate
technical support contract, are anticipated in due course.
Pure has unique, patented and proprietary inspection and monitoring
technologies that are used to ensure the integrity of the Man-Made
River ("MMR") prestressed pipeline network. From 1999 through 2001, the
MMR experienced five ruptures on the network, which was approximately
10 years old at the time. Pure was contacted by what was then the
Great Man-Made River Authority ("GMRA") in late 1999 to provide
assistance in preventing future failures. Pure undertook a pilot
program in 2000 to demonstrate its SoundPrint® acoustic monitoring
technology which can detect deterioration in prestressed concrete,
thereby allowing proactive repairs to be carried out.
Following the successful execution of the pilot project, Pure was
awarded a number of contracts to expand the system and to provide
technical support to the GMRA to maintain the system. Since the
implementation of the technology-driven management program, no further
ruptures had occurred on the network until Pure withdrew its personnel
from Libya in February 2011. Pure recently mobilized a team to assist
with the re-commissioning of the monitoring systems on this important
pipeline that is the main water supply for Libya's cities.
For further information on the Man-Made River Project, please visit the
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
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).
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).
® Registered Trademarks, property of Pure Technologies Ltd.
"The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release"
SOURCE Pure Technologies Ltd.
For further information:
To find out more about Pure Technologies Ltd. (TSX: PUR), visit our website at www.puretechltd.com. Or contact James E. Paulson, Chairman, Karen Keebler, Chief Financial Officer or Paul Moon, Investor Relations at (403) 266-6794 or e-mail to firstname.lastname@example.org.