CALGARY, April 1, 2015 /CNW/ - Pure Technologies Ltd. ("Pure" or the "Company") (TSX: PUR) announced today that it has closed its previously announced acquisition of Wachs Valve and Hydrant Services, LLC ("Wachs Water"), a leading provider of flow control maintenance and support, leak detection, and related asset management services to the water sector in the United States.
"I'm pleased to officially welcome Wachs Water to the Pure family," said Jack Elliott, President and CEO of the Company. "The closing of this transaction is another milestone in our Company's history and we look forward to the synergies our two businesses will realize together. Through Wachs Water, we have enhanced our distribution channels for the deployment of our proprietary technologies and solutions, while adding significant management capabilities and field services personnel to help manage our growing water utility customer base within North America."
As stated within the Company's news release dated February 17, 2015, the total purchase price was US$18.5 million, consisting of US$13.5 million in cash and US$5.0 million in common shares of Pure (totalling 878,640 shares), to be issued in equal tranches on the 6-month, 12-month, and 18-month anniversaries of closing the transaction.
About Wachs Water Services
Wachs Water's roots reach back 132 years to the creation of the Wachs Company in 1883. The Wachs Companies have been trusted solutions providers to water utilities for over 60 years. Wachs Water Services was founded in 2001, as a service company focused on helping water utilities increase control of their aging distribution networks. Wachs Water currently provides the following services to the water and wastewater pipeline sector:
- Information Management: Developing and maintaining GIS databases on water and wastewater flow control systems;
- Valve assessment, maintenance and flow control: Helping utilities to understand the operation of their valve systems and to reduce the consequence of pipe failure through timely and appropriate valve control in the event of a failure;
- Leak Detection: Providing leak detection and non-revenue water management services to water agencies;
- Wastewater collection system assessment and prioritization: Providing a multi-technology assessment capability to help owners prioritize cleaning and CCTV inspections.
For additional information on Wachs Water, please visit: www.wachsws.com
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 asset management, non-revenue water and 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 relating to the benefits expected to be realized from the acquisition of the Wachs Water business, where the Company forecasts the timing of new and existing projects, the success of the Company's new technologies and entering new markets, the Company's ability to generate future cash flows and the timing and amount of future dividend payments. The assumptions, risks and uncertainties that could cause actual results to differ materially from the forward-looking information, include, but are not limited to, the Company's ability to successfully integrate the Wachs Water business into its existing operations, 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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For further information: To find out more about Pure Technologies Ltd. (TSX: PUR), visit our website at www.puretechltd.com or contact Paul Moon, Investor Relations; (403) 266-6794 or [email protected]