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