CALGARY, Feb. 24, 2012 /CNW/ - Pure Technologies Ltd. ("Pure" or the "Company") (TSX: PUR) reported today that the previously announced $17.2 million contract award between Openaka (a division of Pure's Engineering Services Group) and the Washington Suburban Sanitary Commission ("WSSC"), Laurel, Maryland has been fully executed, allowing for the continued success of the comprehensive Prestressed Concrete Cylinder Pipe ("PCCP") condition management program. The program will continue to be managed and primarily staffed from Pure's Columbia, Maryland office with additional support from Pure's Branchburg, New Jersey office. On January 18, 2012, the Company announced the approval of new work by WSSC, representing an extension of a contract awarded to Openaka in January 2009.
Under the contract, Openaka will provide inspection, condition assessment, integrity monitoring and risk analysis services to assist WSSC in the management of its prestressed pipelines. Some of the proprietary and patented technologies to be deployed under the contract will include Pure Technologies' SmartBall® leak detection system, PureRobotics™ electromagnetic inspection system, and the Company's SoundPrint® Acoustic Fiber Optic (AFO) monitoring system.
WSSC has approximately 350 miles of prestressed concrete pipelines greater than 16-inches in diameter in its system. To date, Openaka has inspected, and is monitoring, over 60 miles of pipeline in diameters ranging from 48-inches to 96-inches. The expansion of the contract will extend the program for another 3 years and cover approximately 130 miles of pipeline in diameters ranging from 36-inches to 96-inches.
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).
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 has not reviewed and does not accept responsibility for the adequacy or accuracy of this release"
For further information:
To find out more about Pure Technologies Ltd. (TSX: PUR), visit our website at www.puretechltd.com. Or contact James E. Paulson, Chairman, Karen Keebler, Chief Financial Officer or Paul Moon, Investor Relations at (403) 266-6794 or e-mail to [email protected].