SALT LAKE CITY, UTAH, Jan. 7, 2015 -- Purestream Services, LLC, a Utah-based water treatment and solutions company, and John Swire and Sons Inc., a subsidiary of John Swire & Sons Limited (Swire), have partnered to provide a capital funding transaction that will allow Purestream to continue expanding its activities in oilfield water treatment and other water treatment markets.
Under the terms of the agreement, Swire will provide funding to Purestream that will enable the company to maximize the enormous business opportunities arising from the robust demand for both dynamic water treatment and management capabilities as a result of increased drilling in areas such as the Permian Basin and Eagle Ford in Texas (see "System to treat frack water at Eagle Ford Shale site"), as well as the Bakken, primarily in North Dakota.
As part of the agreement, Andy Hunter, chairman of Swire, will join the Purestream Board. "The recent reduction in the price of oil, combined with a greater need to minimize the impact on the environment, increases the priority for the oilfield services sector to enhance efficiencies and reduce costs," he said. "Purestream is an innovative and solutions-driven company with exciting potential to grow. Not only will this partnership enable Purestream to realize that potential, but it will enable Swire Oilfield Services to expand the range of products it can provide its customers."
Neil Richardson, CEO of Purestream, added, "This agreement comes at a great time for Purestream, as we will benefit from Swire's U.S. and international presence and expertise in the onshore market, enabling us to better meet the needs of our customers as we deploy and operate new contracted systems in 2015. The partnership will also enable us to tap into Swire's customer base, increasing our reach in the U.S. market."
About Purestream Services
Purestream is a Utah-based water treatment and solutions company treating produced water and frac water for re-use in the oil and gas field since 2010. The company offers innovative, economic and robust integrated water treatment solutions including the patented AVARA advanced vapor recompression technology which provides a distilled quality water as well as clean brine for re-use in the oil field. Purestream also offers a specialized induced-gas flotation technology combined with filtration to remove oil and grease and suspended solids from oilfield wastewater. The treated water may then be re-used in drilling operations. For more information, visit www.purestream.com.
About Swire
Swire is a highly diversified global group, with principal business activities grouped into five categories: Property, Aviation, Agribusiness & Food Chain, Marine Services and Trading & Industrial. Many of Swire's core businesses can be found within the Asia Pacific region, traditionally centered on Hong Kong and Mainland China. Within Asia, Swire's activities come under the group's Hong Kong publicly quoted arm, Swire Pacific Limited. The Swire group's UK-based parent company, John Swire & Sons Limited, has a 48-percent shareholding in Swire Pacific and has major business interests in Australia, Papua New Guinea, East Africa, Sri Lanka, the U.S., and UK. For more information, visitwww.swire.com.
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