CALGARY, May 26, 2014 /CNW/ - Pure Technologies Ltd. ("Pure" or the
"Company") (TSX: PUR) announced today that its wholly-owned subsidiary,
Pure Technologies U.S. Inc. ("Pure U.S."), has been awarded a contract
to provide condition assessment services on a portion of a major steel
pipeline carrying treated drinking water within California. This new
work, worth $1.2 million and expected to start during the fourth
quarter, represents the second phase of a previously announced contract
completed in late 2013.
Pure's magnetic flux leakage ("MFL") technology will be utilized to
assess this critical pipeline for damage by corrosion and other causes
and is the most advanced method of metallic pipeline condition
assessment available today.
The inspection of metallic pipelines represents a significant growth
opportunity for Pure. Metallic pipes (cast iron, ductile iron, steel)
account for approximately 65% of North American water pipeline assets
(US EPA, 2009). Historically, the Company's main growth driver has come
from services related to pre-stressed concrete cylinder pipes which
make up approximately 3% of the total. In addition to MFL technology,
Pure has developed other solutions for the inspection of metallic pipes
utilizing its existing, proven technology platforms.
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 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).
® 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 Paul Moon, Investor Relations; 403 266-6794 or email@example.com.