CALGARY, June 2, 2015 /CNW/ - Pure Technologies Ltd. ("Pure" or the "Company") (TSX: PUR) announces today that Washington Suburban Sanitary Commission ("WSSC"), Laurel, MD., has awarded a new contract to Pure Engineering Services Inc., the Company's wholly-owned U.S. subsidiary, to provide proprietary services that support WSSC's ongoing pipeline management program. The contract has a maximum value of US$20 million over two years, with two option terms each with a two year duration. Including the option terms, the total contract value is not to exceed US$60 million over six years.
Under the contract, Pure will provide inspection, condition assessment and long term GIS-based monitoring and management to assist WSSC in the administration of a portion of their large-diameter pipeline inventory. Pure's proprietary and patented technologies to be deployed under the contract include the SmartBall® leak detection system, PureEM™ electromagnetic technology, and the Company's SoundPrint® Acoustic Fiber Optic (AFO) monitoring system.
The work will continue to be managed from Pure's Columbia, Maryland office. The Company has been working with WSSC on their large-diameter pipeline management program since January 2009.
WSSC has approximately 335 miles of prestressed concrete pipelines greater than 16-inches in diameter in its system. To date, Pure has inspected and is monitoring, over 85 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;
- Recurring revenue from data analysis, site maintenance, and from technology licensing;
- Premium technical services including pipeline inspection, leak detection and condition assessment;
- Specialized engineering services in asset management, non-revenue water and condition assessment for water and wastewater infrastructure.
This News Release contains forward-looking statements, including, without limitation, statements containing the words "should", "believe", "anticipate", "may", "plan", "will", "continue", "intend", "expect", "estimate" and other similar expressions. These statements constitute "forward-looking information" within the meaning of applicable Canadian securities laws. These statements are based on the Company's current expectations, estimates, forecasts and assumptions. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other important factors that could cause the Company's actual performance to be materially different from that projected. Examples of these statements would include those relating to the timing of new and existing projects, the success of the Company's new technologies and entering new markets, the Company's ability to generate future cash flows and the timing and amount of future dividend payments. The assumptions, risks and uncertainties that could cause actual results to differ materially from the forward-looking information, include, but are not limited to, the Company's ability to deliver services in a timely and cost effective manner, technological change, changes in general economic conditions and other risks detailed from time to time in our ongoing filings with the Canadian securities regulatory authorities, including those in the Company's Annual Information Form, which filings can be found at www.sedar.com. Given these assumptions, risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by applicable securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise.
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SOURCE Pure Technologies Ltd.
For further information: To find out more about Pure Technologies Ltd. (TSX: PUR), visit our website at www.puretechltd.com or contact Paul Moon, Investor Relations; (403) 266-6794 or [email protected]