CALGARY, Sept. 26 /CNW/ - Following a previously announced decision by
the Management & Implementation Authority of the Great Man-Made River Project
("GMRA"), Pure Technologies Ltd. (TSX-V: PUR) announced today that a contract
for the supply of its SoundPrint(R) AFO technology to assist the Authority in
the management of its prestressed concrete pipe conveyance system has now been
formally executed by both parties. The value of the contract, including
associated on-site after-sales service and support over a three-year period,
is over $14 million.
Supply of the system is planned to take place in the fourth quarter of
2007 and the first quarter of 2008. Installation of the system will commence
early in 2008. The system will be installed and operated by GMRA personnel
with training and technical support provided by Pure. Pure estimates that
approximately $8 million of revenue may be recognized in 2007 with the balance
of the contract recognized in 2008 and beyond.
SoundPrint(R) AFO is a fibre-optic based distributed acoustic sensing
system which provides continuous structural monitoring of prestressed concrete
pipelines. The system was introduced by Pure in 2005 to complement its
conventional SoundPrint(R) piezoelectric sensing technology. The system is
currently being used by a number of water agencies in North America.
Commenting on the contract, Peter Paulson, Pure's President and Chief
Executive Officer said: "This is the largest contract in our company's
history, and is further validation of the value of our continuing investment
in organic research and development. We have worked with GMRA since 2000
providing leading-edge technologies to assist in the management of this
enormous water resources project, and we are delighted to have been selected
by the agency to assist them in the next stage of their asset management
ABOUT PURE TECHNOLOGIES LTD.
Pure Technologies is an international technology company which has
developed patented technologies for inspection, monitoring and management of
critical infrastructure around the world. Pure operates from its headquarters
in Calgary, Canada and through subsidiaries in Maryland, Phoenix and New
Pure's proprietary product portfolio includes SoundPrint(R), a continuous
acoustic structural monitoring system for buildings, bridges and structures;
SoundPrint(R) AFO, a fiber-optic distributed acoustic sensing system for
monitoring and surveillance of pipelines; and SmartBall(R), a revolutionary
new leak detection technology for water, wastewater and hydrocarbon pipelines.
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
(R) Registered Trademarks, property of Pure Technologies Ltd.
(TM) Trademark, property of Pure Technologies Ltd.
"The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release"
For further information:
For further information: To find out more about Pure Technologies Ltd.
(TSX-V: PUR), visit our website at www.puretechnologiesltd.com. Or contact
James E. Paulson, Chairman or Karen Keebler, Chief Financial Officer at (403)
266-6794 or e-mail to firstname.lastname@example.org.