CALGARY, June 18, 2014 /CNW/ - Pure Technologies Ltd. ("Pure" or the "Company") (TSX: PUR) is pleased to announce that it has signed new multi-year licensing agreements with major North American oil pipeline operators. The agreements allow for the use of Pure's SmartBall® technology to inspect oil and refined product pipelines over three years and are expected to generate approximately $3.5 million over this period.
The SmartBall system is a patented, innovative leak detection technology and multi-sensor device for use in water, wastewater and oil & gas pipelines. It consists of a free-swimming ball with an instrumented aluminum alloy core capable of detecting very small acoustic events in pressurized pipelines. It can also log pressure, temperature and stress changes within the pipeline. The SmartBall system can be inserted into a pipeline and can travel with the fluid flow for up to 18 days, collecting information over many miles of pipeline in a single deployment.
The Company has been offering its services to the oil and gas pipeline industry since 2007. In 2013, Pure inspected over 7,000 km of oil pipeline, an increase of over 120% compared to the previous year. Overall, there has been an increase in the amount of oil pipeline inspection using SmartBall technology, partly driven by proactive pipeline operators and regulators. The Company is currently reviewing additional business development initiatives aimed to sustain and accelerate further growth in this sector.
Use the following link to view a video on SmartBall for Oil & Gas:
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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