PURE TECHNOLOGIES PROVIDES SECOND UPDATE ON LIBYAN OPERATIONS

CALGARY, Feb. 28 /CNW/ - Pure Technologies Ltd., ("Pure") (TSXV: PUR) today released the following statement on the status of its operations in Libya:

All of our expatriate personnel have now been safely evacuated from the country.    Our local Deputy Branch Manager will remain in Benghazi to handle business affairs with the Great Man-Made River Authority ("GMRA"). Until our operations in Libya return to normal, most of the Pure employees assigned to the project will be reassigned to address staffing requirements in other regions.

Our 2011 budget estimate anticipated that approximately 30% of total revenue would be generated by projects in Libya, compared to 51% for 2010.  Of the 2011 estimate, $10.7 million related to the final equipment shipment under our current contract with GMRA, originally scheduled for the first quarter; approximately $2 million related to the provision of technical support for pipeline monitoring, and $5 million related to Price Brothers UK activities.  Realization of this revenue will depend on the resumption of normal activity on the project.  We will be assessing the situation on a regular basis, in conjunction with GMRA management, to determine when it is appropriate to proceed with the equipment shipment and for staff to return to Libya and resume work.

The Great Man-Made River is a critical component of Libya's infrastructure.  It continues to supply most of the drinking water to the country's major cities and provides irrigation water to large tracts of agricultural land in the country.  Pure's activities are currently concentrated on Phase I of the system, which is in the eastern part of Libya.  Following a series of failures on the 4-metre diameter prestressed concrete pipelines in 1999 and 2000, Pure was retained to provide inspection and monitoring technologies and services to assess the extent and rate of deterioration of the pipes.  Our monitoring technologies are now a critical component of the management of the pipelines as they permit identification and proactive repair of deteriorating pipes so that failures can be prevented.

"Although the recent events in Libya are likely to affect our business in the short term, we have, for the past few years, been actively implementing a business strategy that will diversify our revenues and make us less dependent on any one customer," said Jamie Paulson, Chairman.  "This strategy is well advanced as a result of expanded business development activities and through our recent acquisitions.  While GMRA remains an important customer for Pure, this diversity is important to ensure continued growth for the company.  The demand for our asset management technologies and services continues to grow as agencies around the world are forced to address deteriorating infrastructure and shrinking capital budgets.  Our business in the United States grew by approximately 100% in 2010 and we are generating meaningful and increasing revenues in Mexico, South America, Canada, Asia and Australia."

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 technology licensing;

  • 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).

Forward-Looking Statements

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 Venture Exchange 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. (TSXV: 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 info@puretechnologiesltd.com.


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890