CALGARY, Oct. 6, 2016 /CNW/ - Pure Technologies Ltd. ("Pure" or the "Company") (TSX: PUR), is pleased to announce that, over the past month, its wholly-owned subsidiary, Pure Technologies U.S. Inc. ("Pure U.S."), has been selected by several U.S. water agencies to lead multi-year programs to provide services related to the inspection and management of critical water pipelines. The Company has been chosen to lead this new work based on its experience, expertise and industry-leading technology-based solutions for the management of water pipelines consisting of multiple pipe types and sizes around the world. In aggregate, the new work is worth up to $14 million over three to four years.
Pure has been selected by The City of Atlanta, GA, to lead a program to provide condition assessment and related services primarily for metallic water distribution and transmission pipelines. The program, with an initial contract value of up to $4 million, is expected to run for a period of two years, with renewal options. Work for this new customer is anticipated to commence in the first quarter of 2017.
In addition, similar work worth up to $10 million in aggregate was awarded by agencies in California, Arizona and Texas, with work commencing on all three projects in the fourth quarter. Under these new programs, Pure U.S. will provide a range of services which include condition assessment, remaining service life analysis and long-term monitoring services for water distribution and transmission pipelines made up of multiple pipe types. The leak detection and condition assessment technologies expected to be utilized in these programs include, among others, Pure's PipeDiver®, SmartBall® and SoundPrint® AFO technologies.
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 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 website at www.puretechltd.com or contact Paul Moon, Director of Investor Relations; (403) 266-6794 or [email protected]