CALGARY, Oct. 16, 2014 /CNW/ - Pure Technologies Ltd. (TSX: PUR) is pleased to announce that its wholly-owned subsidiary, Pure Technologies U.S. Inc.("Pure U.S."), has been selected by The City of Baltimore to lead a multi-year program to provide services related to the management of large-diameter water transmission pipelines. The program contract is expected to be for a period of five years for an amount up to US$20 million with the option to extend for an additional five years. Work is anticipated to begin in 2015.
During the program, Pure U.S. will provide condition assessment, remaining service life analysis and long-term monitoring services for large-diameter water transmission pipelines located in Baltimore City and Baltimore County, USA. Pure U.S. was selected based on its expertise, experience and proprietary technologies, some of which have become the industry standard in assessing the health of water and wastewater pipelines around the world. Pure U.S. has been working with this important customer since 2005.
The inspection and monitoring services are expected to utilize a range of Pure's patented leak detection and condition assessment technologies, among others, including its PipeDiver®, SmartBall® and SoundPrint® Acoustic Fibre-Optic monitoring technologies.
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;
- 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 and existing projects, the success of the Company's new technologies and entering new markets, the Company's ability to generate future cash flows and the timing and amount of future dividend payments. 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.
® Registered Trademarks, property of Pure Technologies Ltd.
"The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release"
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, Investor Relations; (403) 266-6794 or [email protected]