CALGARY, Nov. 14, 2017 /CNW/ - The Metropolitan Water District of Southern California ("MWD") has awarded Pure Technologies ("Pure" or "the Company";TSX: PUR), through its wholly-owned subsidiary, Pure Technologies U.S. Inc., a contract worth up to US$4.2 million over five years for the inspection of their Prestressed Concrete Cylinder Pipelines ("PCCP"). Work under the contract is expected to begin immediately.
Under the contract, Pure will provide pipeline condition assessment services as part of MWD's long-term PCCP Rehabilitation Program. Pure was selected due to its leading PCCP inspection technologies, which address a wide range of pipe sizes, and its ability to perform certain assessment services while pipelines remain operational. The pipelines to be inspected over a five year period will be selected based on their criticality to MWD's water delivery system as well as the condition and repair data already collected by MWD. In total, MWD's water delivery system includes approximately 830 miles of large-diameter pipelines; approximately 19% are comprised of PCCP and 47% represents metallic pipe.
This new contract follows the Company's response to MWD's August, 2016, request for qualification ("RFQ") for a Large Diameter Concrete & Metallic Pipeline Inspection Services project. The purpose of the RFQ was to develop a list of pre-qualified respondents who could provide inspection services for large-diameter water delivery pipelines utilizing state-of-the-art inspection technologies. The Company was selected as a pre-qualified respondent for the Large Diameter Concrete and Metallic Pipeline Inspection Services project.
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:
- Premium technical services including pipeline inspection, leak detection and condition assessment;
- Specialized engineering services in areas related to asset management, primarily in the area of pipeline condition assessment for water and wastewater infrastructure;
- Sales of proprietary monitoring technologies for pipelines, bridges and structures;
- Recurring revenue from data analysis, site maintenance, and from technology licensing.
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 where the Company forecasts the timing of new and existing projects and the success of the Company's new technologies and entering new markets. The assumptions, risks and uncertainties that could cause actual results to differ materially from the forward-looking information, include, but are not limited to forecasted growth rates, market changes, 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: Paul Moon, Director of Investor Relations; (403) 537-3244 or [email protected]