Press release from CNW Group
Pure Technologies Announces New US$4.2 Million Contract
Thursday, October 20, 2011
Pure Technologies Announces New US$4.2 Million Contract06:00 EDT Thursday, October 20, 2011CALGARY, Oct. 20, 2011 /CNW/ - Pure Technologies Ltd., ("Pure") (TSX: PUR) is pleased to announce today that a major southern California water agency has authorized the award of a two-year service contract worth up to approximately US$4.2 million to Pure's wholly-owned subsidiary Pure Technologies U.S. Inc.Under the contract, Pure will provide electromagnetic inspection and acoustic fibre optic monitoring of the agency's water distribution system comprised of prestressed concrete cylinder pipelines (PCCP) varying in diameter from 42 to 201 inches. The agency owns and operates approximately 163 miles of PCCP that were constructed between 1965 and 1985. In 2004 and 2007, the Pressure Pipe Inspection Company ("PPIC"), now a part of Pure, was commissioned by the agency to perform baseline electromagnetic inspections which identified distressed pipe sections and segments requiring rehabilitation. This work led to the most recent contract announced today."We are very pleased with the progress we've made in the Americas both as a result of the PPIC acquisition and as demand grows for cost-effective proactive management practices in a period of increasing budgetary constraints," said Mark Holley, President, Pure Technologies U.S. Inc. "With the work we've obtained year-to-date, in addition to upcoming contract awards and renewals, we are well on track to continue our strong growth in the Americas."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 Corp., 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 Venture Exchange 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 firstname.lastname@example.org.