CALGARY, Feb. 3 /CNW/ - Pure Technologies Ltd., TSX-V: PUR, released the
following update on business activities for 2008, and the outlook for 2009,
based on preliminary unaudited financial results:
- Full-year revenue is expected to be over 45% greater than 2007
revenue. This has been achieved primarily as a result of a
significant increase in our US business, which grew by more than 100%
in U.S. dollar terms over 2007.
- EBITDA is expected to increase over 2007 in spite of the fact that
2007 had a $1 million one-time gain from discontinued operations. A
significant increase in general & administrative expense for
marketing expansion and to service current and future work was offset
by a large foreign exchange gain for the year.
- Revenue from SmartBall(R) leak detection services increased to over
$1.5 million from $300,000 in 2007.
So far, there has been no noticeable impact to our business from the
current economic downturn. In fact, there has been a recent increase in the
availability of qualified engineering and technical candidates to meet our
We see considerable synergistic growth opportunities from our four
distinct but overlapping business streams:
- Sale of proprietary monitoring technologies for pipelines, bridges
- Recurring revenue from data analysis and site maintenance for these
technologies, and from licensing of its SmartBall leak detection
- Technical services including inspection, leak detection and condition
- Specialized engineering services in areas related to asset
management, primarily in the area of pipeline condition assessment
for water and wastewater infrastructure.
In the past, we have focused our direct marketing efforts primarily in
North America. With our expanded range of products and services, we will be
increasing our international business development activities in 2009 and will
be establishing a direct presence in high-growth markets. We are terminating,
by mutual consent, the exclusive license agreement with Freyssinet/Advitam,
but we will continue to work with them on specific project opportunities. We
are in the process of setting up a branch office in Abu Dhabi, which will be a
service centre for anticipated work in the region, and will be a hub for
business development in the Middle East, South East Asia and India. These
measures will give us more direct control over business opportunities in
Our working capital and cash positions remain strong as a consequence of
increased business activity and low capital expenditure requirements. We will
maintain our commitment to investment in research and development and in
business development, and we continue to look for strategic acquisition
opportunities that would expand the market for our core technologies and
services while providing complementary revenue streams from existing
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
(R) Registered Trademarks, property of Pure Technologies Ltd.
"The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release"
For further information:
For further information: To find out more about Pure Technologies Ltd.
(TSX-V: PUR), visit our website at www.puretechnologiesltd.com; contact James
E. Paulson, Chairman or Karen Keebler, Chief Financial Officer at (403)
266-6794, or e-mail to: firstname.lastname@example.org