Press release from CNW Group
Pure Technologies Announces First Ever Dividend
Thursday, March 13, 2014
Pure Technologies Announces First Ever Dividend16:31 EDT Thursday, March 13, 2014
CALGARY, March 13, 2014 /CNW/ - Pure Technologies Ltd. ("Pure" or the "Company") (TSX: PUR) announces that its Board of Directors approved the implementation of a quarterly dividend of $0.03 per common share ($0.12 per common share annualized) to its shareholders. The first quarterly dividend is payable on April 15, 2014, to shareholders of record as of the close of business on March 31, 2014. This is the first dividend to be paid to shareholders in the Company's history.
"Our business continues to experience substantial growth as a result of our innovative, technology-driven services within the water, wastewater and oil and gas pipeline inspection markets," said Jamie Paulson, Chairman. "We are generating strong free cash flow from our operations in addition to growing recurring revenues from real-time pipeline monitoring, currently over $6 million per year. We are pleased to be in a position where we can begin to return a portion of our free cash flow to our shareholders on a regular basis.This significant announcement reflects our confidence in our ability to enhance shareholder return while continuing with investments important to our growth." The Company enjoys a strong financial position with approximately $41 million in cash and no long-term debt. The Board of Directors will periodically review the dividend level.
The Company hereby notifies all shareholders that a portion of the April 15, 2014 dividend in the amount of $0.015 per common share will be designated as an "eligible dividend" for Canadian income tax purposes pursuant to subsection 89(14) of the Income Tax Act (Canada). The remaining portion of such dividend, in the amount of $0.015 per common share, is not so designated. It is anticipated that, commencing in the second quarter of 2014, the full amount of Pure's quarterly dividend will be designated as an "eligible dividend" for Canadian income tax purposes unless otherwise indicated by the Company.
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 pipeline inspection, leak detection and condition assessment (PureEM™, SmartBall®, Sahara®, PipeDiver®, PureRobotics™, PureMFL™);
- Specialized engineering servicesin 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. In particular, forward-looking statements include, but are not limited to, the payment of the Company's first quarterly dividend and the designation of the full amount of the Company's quarterly dividends being designated as eligible commencing in the second quarter of 2014. 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. Such risks include the sustainability of the Company's dividend and the portion of the dividend that will be designated as eligible. 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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"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 James E. Paulson, Chairman, Karen Keebler, Chief Financial Officer or Paul Moon, Investor Relations at (403) 266-6794 or e-mail to email@example.com.