CALGARY, Jan. 13 /CNW/ - Pure Technologies Ltd., ("Pure") (TSX-V: PUR) announced today that it has entered into an agreement to purchase the
business of the Inspection Division of Specialized Technical Services
Est., an Abu Dhabi-based company involved in inspection and monitoring
of water, wastewater and oil & gas pipelines (www.stsuae.com) for up to AED 8.83 million (CAD $2.38 million). The transaction is
expected to close within the next month.
Under the terms of the transaction, Pure will acquire ownership of all
of the equipment and work in progress of the business, which will be
incorporated into the recently-established Abu Dhabi branch office of
Pure Technologies. Mr. Frank Mueller, formerly Technical Director of
STS, will join Pure as Director of Business Development, Middle East,
with specific responsibility for the development of the oil and gas
pipeline sector. STS has been active in the pipeline inspection
business in the Gulf Cooperation Council (GCC) countries for over
twenty years. Assets include a range of inspection and monitoring
equipment, including a fleet of premium CCTV units. The business
generated approximately AED 6 million in revenue in 2010.
Commenting on the transaction, Jack Elliott, Pure's President, said:
"This is an important step in the development of our business in the GCC
region. We have been working with STS over the past two years
introducing our products and services to the GCC region. Mr. Mueller
has extensive experience in robotics and in-line inspection and is
highly respected by the client base in the region. The availability of
experienced and skilled STS technical staff will allow us to exploit
opportunities for our combined technologies and services in the market
without placing excessive demands on our existing operational
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. (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.