CALGARY, April 7 /CNW/ - Pure Technologies Ltd., TSX-V: PUR announced today that it is in the process of establishing a Joint Venture with the Management & Implementation Authority of the Great Man-Made River Project, Libya ("GMRA"), Pure's largest customer. The Joint Venture will be primarily responsible for the successful installation and operation of the existing and recently announced expansion of Pure's Acoustic Fibre Optic (AFO) system on the GMRA conveyance.
Pure Technologies has been supplying SoundPrint(R) equipment and technical support to GMRA for ten years, and the acoustic monitoring system is critical to the long-term sustainability of the project. By establishing a Joint Venture, both sides commit to a long-term relationship, enabling resource planning for Pure and continued support for GMRA to operate and maintain the purchased equipment.
Furthermore, and in addition to the previously announced equipment supply contract, Pure is pleased to announce that a $5 million proposal has been approved by GMRA for the provision of Technical Support through 2012. Pure will provide services direct to GMRA until the Joint Venture agreement has been finalized at which time support will be provided via the new company.
About The Great Man-Made River Authority
The Authority has been entrusted with the implementation and operation of the world's largest pre-stressed concrete pipe (PCCP) project - The Great Man-Made River Project. Since its conception in 1984, the project has grown to include almost 4,000 km (2,485 miles) of mainly 4 meter diameter PCCP. Eventually over 6.0 million cubic metres (5260 acre-feet) of water will be conveyed every day from well fields deep in the Sahara desert to the population centers that are concentrated on the northern coastal strip.
About Pure Technologies Ltd.
Pure Technologies Ltd. is an international technology and services 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, New Jersey, and the UK. 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 Regulators (www.sedar.com).
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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