Press release from CNW Group
Pure Technologies Announces New Contract Worth Approximately US$1.4 Million
Tuesday, December 06, 2011
Pure Technologies Announces New Contract Worth Approximately US$1.4 Million06:00 EST Tuesday, December 06, 2011CALGARY, Dec. 6, 2011 /CNW/ - Pure Technologies Ltd., ("Pure") (TSX: PUR) is pleased to announce that its' wholly-owned subsidiary, Pure Technologies U.S. Inc., has been awarded a contract by a major California-based water agency in the amount of approximately US$1.4 million.Under the contract, Pure will perform an inspection of a critical mortar-lined, large-diameter steel water transmission main utilizing its high-resolution magnetic flux leakage (MFL) inspection technology. The purpose of the inspection is to identify the location and extent of potential corrosion-induced wall thickness loss in the steel without having to remove the mortar lining, as part of an overall condition assessment of the line.As a result of the acquisition of the business and assets of Electromechanical Technologies, Inc. ("EMTEK") on June 13, 2011, Pure is currently the only provider of MFL inspection services for lined ferrous pipelines. Further details of this transaction can be found in the Press Release section of Pure's website. This is the second commercial MFL contract obtained by Pure since the acquisition. Work is expected to be completed in the first quarter of 2012.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.