CALGARY, Nov. 13, 2013 /CNW/ - Pure Technologies Ltd. ("Pure" or the "Company") (TSX: PUR) announced today that it has been awarded new work in Canada and South Africa encompassing the full range of its services including leak detection, condition assessment and specialized engineering services for large-diameter water pipelines.
The Company has been awarded new, major work by a client in South Africa to provide condition assessment and engineering services for a portion of their large-diameter, prestressed concrete pipes. The new work, expected to commence in the fourth quarter, will utilize Pure's proprietary technologies including its SmartBall® leak detection technology and PipeDiver® electromagnetic inspection platform. The total contract value is for up to $6 million over a period of 12 months, of which approximately $4.5 million is expected to be paid to Pure for its services over the contract period.
In Canada, the Company has been awarded a significant contact valued at $1.6 million for the condition assessment of large diameter concrete water pipelines for a client located in Southern Ontario. Pure will utilize a number of its pipeline inspection technologies and engineering services throughout the contract period. The initial phase of the project is expected to commence in the fourth quarter, with the majority of the work spread out over a period of approximately 24 months.
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 (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"
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 James E. Paulson, Chairman, Karen Keebler, Chief Financial Officer or Paul Moon, Investor Relations at (403) 266-6794 or e-mail to [email protected].