Press release from CNW Group
PURE TECHNOLOGIES ANNOUNCES SIGNIFICANT ASIA BUSINESS DEVELOPMENTS
Thursday, July 07, 2011
PURE TECHNOLOGIES ANNOUNCES SIGNIFICANT ASIA BUSINESS DEVELOPMENTS13:06 EDT Thursday, July 07, 2011CALGARY, July 7, 2011 /CNW/ - Pure Technologies Ltd., ("Pure" or the "Company") (TSX: PUR) announced today that it has been awarded a $2.7 million contract to supply its industry-leading pipeline leak detection and condition assessment technology to a major Asian water agency. The technology delivered under the contract will allow the agency to implement a proactive management and water loss strategy for its critical trunk main system. The contract includes a training component to enable the agency to deploy the technology with its own resources. The contract, which will be completed in the current financial year, will be supported from our Mississauga Technology Centre and our Hong Kong regional office.Pure also announced that it has signed a Memorandum of Understanding with Maynilad Water Services Inc., Republic of the Philippines, to form a Joint Venture to deliver pipeline inspection services to the water sector in the Philippines and to other selected markets. The signing took place at the Singapore International Water Week, a major regional water conference and exhibition, where Pure has a significant presence as part of the Canadian Pavilion organized by the Canadian Government's Department of Foreign Affairs and International Trade. Under the proposed agreement, Pure will be the exclusive provider of trunk main pipeline inspection technologies to the Joint Venture. Pure is already providing Maynilad with leak detection technology and technical support as part of Maynilad's program to reduce water loss. Since the implementation of the program, Maynilad has achieved a significant reduction in its non-revenue water. Maynilad (www.mayniladwater.com.ph) is an investor-owned utility responsible for supplying water and wastewater services to approximately 7.2 million people the Manila metropolitan area."These exciting developments are a direct result of Pure's investment in developing its international business." said David Roy, Pure's Director of International Business Development. "We see tremendous long-term growth potential in the Asia region as factors such as growing economic strength, urban population growth and increasing water scarcity all coincide. We are committed to becoming the leading provider of pipeline management solutions in the region through our direct presence, through our Pure Technologies China Ltd. joint venture, and through partnerships with leading industry players, such as Maynilad."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 revenuefrom data analysis and site maintenance for these technologies, and from technology licensing;Premium technical servicesincluding inspection, leak detection and condition assessment (P-Wave®, SmartBall®, Sahara®, PipeDiver™, PureRobotics™);Specialized engineering servicesin areas related to asset management, primarily in the area of pipeline condition assessment for water and wastewater infrastructure (Openaka, Price Brothers UK Ltd, and Jason Consultants). Forward-Looking StatementsThis 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). ® 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"For further information: To find out more about Pure Technologies Ltd. (TSX: PUR), visit our website at www.puretechltd.com. Or contact James E. Paulson, Chairman or Karen Keebler, Chief Financial Officer at (403) 266-6794 or e-mail to email@example.com.