CALGARY, May 14, 2014 /CNW/ - Pure Technologies Ltd. ("Pure" or the "Company") (TSX: PUR) announced today that its wholly-owned subsidiary has been awarded new work from an existing customer in Australia for its engineering and inspection services on critical water and wastewater pipelines.
Pure Technologies (AUS) Pty. Ltd., has been awarded new work worth $2.6 million from an existing customer in Brisbane, Australia. Of this amount, approximately $1 million represents an extension of services related to a previous award announced in the fourth quarter of 2013. This work, currently underway, involves the continued use of Pure's condition assessment and leak detection technologies for a critical wastewater pipeline made up of primarily concrete pipe sections. The remainder of the award, valued at $1.6 million, is for similar services, but solely for condition assessment of large-diameter metallic pipes. This new work is expected to commence mid-year with the majority completed within the third quarter.
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 (PureEM™, SmartBall®, Sahara®, PipeDiver®, PureRobotics®; PureMFL™;
- Specialized engineering services in areas related to asset management, primarily in the area of pipeline condition assessment for water and wastewater infrastructure.
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.
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