CALGARY, Aug. 8, 2017 /CNW/ - Pure Technologies Ltd. ("Pure" or the "Company") (TSX: PUR) announced today that its wholly-owned subsidiary, Pure Technologies U.S. Inc. ("Pure U.S."), has been awarded new work through Miami-Dade Water and Sewer Department ("WASD") worth up to US$30 million over five years by the Miami-Dade Board of County Commissioners. The new contract will allow Pure to work beyond August, 2017, when an existing contract is set to expire. Work under the new contract is expected to begin in Q3, 2017.
Pure U.S. will continue to provide inspection and monitoring services for a portion of WASD's water and wastewater system comprised of large-diameter concrete and metallic pipelines. This significant award highlights WASD's continued commitment to their proactive asset management strategy for critical pipeline assets and the successful delivery of water services to its many customers. Pure U.S. has been working with this important customer since 2010.
The services under the contract will utilize a range of Pure's patented leak detection and condition assessment technologies including the Company's PipeDiver™ platform, an innovative, free-swimming technology that can collect data on critical pipelines while they remain in service.
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 areas related to asset management, primarily in the area of pipeline 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 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: To find out more about Pure Technologies Ltd. (TSX: PUR), visit our IR website at https://investors.puretechltd.com/ or contact Paul Moon, Director of Investor Relations; (403) 537-3244 or [email protected]