CALGARY, Feb. 8, 2017 /CNW/ - Pure Technologies Ltd. ("Pure" or the "Company") (TSX: PUR) announced today that its oil and gas pipeline integrity division, PureHM, has recently received purchase orders totalling over $3 million from U.S.-based pipeline companies for inspection work to be executed in the first half of 2017. PureHM believes this is an early indication of its U.S. expansion strategy which began in early 2015. This new work includes confirmation of containment surveys using the Company's proprietary SmartBallTM technology on major pipeline infrastructure connecting refineries in the U.S. Gulf Coast to communities throughout the South and Eastern United States.
In addition, PureHM has recently signed a contract renewal – valued at $1 million per year for three years – from an energy customer located in B.C., Canada, for pipeline cathodic protection surveys and related services. This work represents an expected extension of services previously conducted through E-MAC Corrosion Inc., whose business and assets were acquired by the Company on December 30, 2016. Similar renewals are expected in the near future.
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 areas related to asset management, primarily in the area of pipeline 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 where the Company forecasts the timing of new, renewing and existing projects and the success of the Company's new technologies and entering new markets. The assumptions, risks and uncertainties that could cause actual results to differ materially from the forward-looking information, include, but are not limited to, 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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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 Paul Moon, Director of Investor Relations; (403) 537-3244 or [email protected]