CALGARY, April 12 /CNW/ - Pure Technologies Ltd., TSX-V: PUR announced today that it is accelerating its entry into the premium long-range pipeline robotic inspection sector with the formation of a dedicated robotics division and a significant investment in additional equipment and technical resources. This was decided following recent successes with long-range inspections of potable and raw water pipelines and in response to feedback from Pure's marketing group that indicates a significant short-to-medium term revenue opportunity in large-diameter water and wastewater pipelines.
Pure entered the pipeline robotics market in June of last year with the purchase of the assets of PipeEye International. The assets included a dual-robot inspection system that has since been significantly modified and improved. The new investment will involve the manufacture of two additional complete robotic systems, one of which will be dedicated to water pipelines and one for use on international projects. The new division will be based in Columbia, Maryland and will have comprehensive technical support, maintenance and data management facilities. International projects will be handled either by our U.S.-based crews or by certified operators from our Abu Dhabi office. The systems will be capable of undertaking inspections utilizing high-definition digital CCTV, pipeline mapping, sonar and laser profiling, and Pure's patented P-Wave(R) electromagnetic inspection technology. Other pipeline assessment technologies can be integrated on the platform as they are developed by Pure's research and development group.
Commenting on this development, Peter Paulson, Pure's CEO said: "The pipeline robotics sector is highly fragmented, with a large number of companies concentrated at the lower end of the market, that is: short runs and small-diameter pipelines. There are very few companies currently active in the sector with the capital resources necessary to invest in the premium end of the market. As a result of strong cash flow from our other activities and following our recent successful equity issue, we are in a position to make this investment without jeopardizing profitability or working capital. We are only interested in entering a sector if we believe that we can become a market leader, and that is our intent in this case. This initiative is part of our overall strategy to build our technical services business to complement our technology sales and associated recurring revenues, from which the major portion of our overall revenues are currently derived."
About Pure Technologies Ltd.
Pure Technologies Ltd. is an international technology and services 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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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