CALGARY, March 30, 2012 /CNW/ - Pure Technologies Ltd. ("Pure" or the "Company") (TSX: PUR) announced today that it is resuming normal activities in Libya following receipt of a CAD$16 million payment from the Man-Made River Authority. The payment constitutes 70% of the value of previous shipments made under a CAD$30 million contract awarded in 2010 for the supply of the Company's proprietary acoustic monitoring technology. Pure will now resume activities on the project, including shipment of the remaining monitoring equipment worth CAD$10.7 million held since political events which took place in Libya during 2011 resulted in a temporary halt in operations. Payment of remaining outstanding receivables relating to this contract, and a separate technical support contract, are anticipated in due course.
Pure has unique, patented and proprietary inspection and monitoring technologies that are used to ensure the integrity of the Man-Made River ("MMR") prestressed pipeline network. From 1999 through 2001, the MMR experienced five ruptures on the network, which was approximately 10 years old at the time. Pure was contacted by what was then the Great Man-Made River Authority ("GMRA") in late 1999 to provide assistance in preventing future failures. Pure undertook a pilot program in 2000 to demonstrate its SoundPrint® acoustic monitoring technology which can detect deterioration in prestressed concrete, thereby allowing proactive repairs to be carried out.
Following the successful execution of the pilot project, Pure was awarded a number of contracts to expand the system and to provide technical support to the GMRA to maintain the system. Since the implementation of the technology-driven management program, no further ruptures had occurred on the network until Pure withdrew its personnel from Libya in February 2011. Pure recently mobilized a team to assist with the re-commissioning of the monitoring systems on this important pipeline that is the main water supply for Libya's cities.
For further information on the Man-Made River Project, please visit the following link:
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).
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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].