CALGARY, April 24, 2014 /CNW/ - Pure Technologies Ltd. ("Pure" or the "Company") (TSX: PUR) is pleased to announce it has been awarded a multi-year contract in the amount of $10.9 million to provide inspection services for critical water pipelines within The Regional Municipality of York (York Region).
York Regional Council has awarded Pure with a four-year contract to conduct condition assessments for pipelines critical to the delivery of water to municipalities within the Region. Under the terms of the contract, the Company will provide inspection and engineering services necessary to optimize the proactive rehabilitation work planned by the client and to identify potential sources of failure for more than $700 million worth of York Region's major water pipelines.
The proprietary technologies to be utilized include Pure's PipeDiver® and SmartBall® multi-sensor inspection technologies. These inspection platforms can be deployed into live pipelines, avoiding costly shutdowns and service disruptions, a key criterion for the project. Pure Technologies will also undertake engineering services to provide York Region with actionable information regarding their pipeline assets.
The Company has worked previously for York Region's Asset Management program, utilizing various technologies including its robotics equipment.
York Region is responsible for production, treatment, storage and transmission of water to its nine area municipalities in the province of Ontario, Canada.
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 pipeline inspection, leak detection and condition assessment (PureEM™, SmartBall®, Sahara®, PipeDiver®, PureRobotics®; PureMFL™;
- Specialized engineering services in areas related to asset management, primarily in the area of pipeline condition assessment for water and wastewater infrastructure.
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"
SOURCE: Pure Technologies Ltd.
For further information: