CALGARY, Aug. 27, 2012 /CNW/ - Pure Technologies Ltd. ("Pure" or the "Company") (TSX: PUR) announced today that its engineering services group (Pure Engineering Services or "PES") has been awarded new work in Maryland and Texas for a combined value of up to US$3.1 million. The Company's current backlog is more than $53 million and recurring revenues over a 12 month period is approximately $6 million.
Jason Consultants Ltd. ("Jason"), a division of Pure Engineering Services, has signed an addendum to an engineering services agreement, initiated in early 2011, with the Baltimore County Department of Public Works, Maryland ("DPW"). The addendum adds an additional renewal year - bringing the current term to 3 years - and increases the contract value from US$2.0 million to up to US$4.3 million over the term. Jason, as part of a Joint Venture, is providing inspection services on sanitary sewer force mains, gravity sewers, and related appurtenances in Baltimore County. The project scope will also include any needed design work to rehabilitate or replace pipeline sections. The DPW maintains over 3,000 miles of sanitary sewer mains in its system.
In addition, the PES group in Dallas has secured new work with the Trinity River Authority of Texas ("TRA") to provide engineering and premium technical services on a raw water transmission main for the Tarrant County Water Supply Project. Technical services will include the deployment of Pure's SmartBall® and PipeDiver® technologies for pipeline inspection, leak detection, condition assessment, and engineering recommendations for repair and/or rehabilitation. TRA operates several water and wastewater treatment and distribution facilities and provides services to more than 70 cities in the Trinity River basin.
Today's announcement follows Pure's recent plans for a major expansion of its Engineering Services business through the establishment of up to five new regional offices in the United States. Further information on this expansion can be found in the Company's June 25, 2012 news release:
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 (P-Wave®, SmartBall®, Sahara®, PipeDiver®, PureRobotics™);
- 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).
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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 James E. Paulson, Chairman, Karen Keebler, Chief Financial Officer or Paul Moon, Investor Relations at (403) 266-6794 or e-mail to [email protected].