CALGARY, Feb. 1 /CNW/ - Pure Technologies Ltd., ("Pure") (TSX-V: PUR) today released the following update on business activities for 2010, and the outlook for 2011, based on preliminary unaudited financial results:

  • Full-year revenue for 2010 is expected to be more than 50% greater than 2009 revenue of $31.7 million.   
  • Recurring revenue for the year is expected to be approximately $4.9 million, compared to $3.5 million in 2009.
  • Gross margin for the year is expected to be in excess of 63%.
  • EBITDA, excluding foreign exchange impact, is expected to grow by more than 55% over EBITDA of $4.5 million for 2009.
  • Earnings per share are expected to grow by more than 100% over 2009.

Revenue for the fourth quarter of 2010 was more than $16 million, compared to revenue of approximately $13 million for the corresponding quarter of 2009 which included approximately $7.5 million in equipment deliveries to the Great Man-Made River Project (GMRA). This growth in revenue for the fourth quarter of 2010 is notable in that it reflects a significant year-over-year increase in worldwide project activity. Revenue generated by technologies acquired through the Pressure Pipe Inspection Company (PPIC) acquisition was over $5 million for the quarter. Total confirmed backlog (contracts in place) plus notified contract awards currently stands at $43 million, excluding recurring revenue and some engineering services. 

The integration of the business and resources of PPIC is now essentially complete.  Sales, marketing, operations and research & development functions have been combined.  We have realized approximately $4 million in annualized savings on combined sales, general and administrative expenses and we have accelerated our project delivery capability and research & development output.  Pure has been successful in securing new or renewed pipeline monitoring, leak detection and condition assessment contracts from former clients of PPIC including the recently-announced award from the City of Dallas; renewal of a Sahara® contract with Maynilad (Philippines); SmartBall® and PipeDiverTM work for Miami-Dade; and electromagnetic inspection, SmartBall, and SoundPrint AFO® contracts from Conagua (Mexico). 

Based on current visibility, we expect to maintain a high rate of revenue and EBIDTA growth through 2011, commencing with a very strong first quarter.   In addition, we are working on the development of high-value, multi-year program opportunities with a number of agencies globally. The acquisitions of Aqua Environmental Pty. Ltd. (Australia) and the inspection business of Specialised Technical Services (United Arab Emirates) have provided us with additional marketing and operational resources in these high-growth markets.

Our balance sheet remains strong and we are in a good position to take advantage of potential acquisition opportunities as they arise.

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, 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. (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 info@puretechnologiesltd.com.


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