CALGARY, OVTOBER 6, 2016 -- Pure Technologies Ltd. ("Pure" or the "Company") (TSX: PUR), is pleased to announce that, over the past month, its wholly-owned subsidiary, Pure Technologies U.S. Inc. ("Pure U.S."), has been selected by several U.S. water agencies to lead multi-year programs to provide services related to the inspection and management of critical water pipelines. The Company has been chosen to lead this new work based on its experience, expertise and industry-leading technology-based solutions for the management of water pipelines consisting of multiple pipe types and sizes around the world. In aggregate, the new work is worth up to $14 million over three to four years.
Pure has been selected by The City of Atlanta, GA, to lead a program to provide condition assessment and related services primarily for metallic water distribution and transmission pipelines. The program, with an initial contract value of up to $4 million, is expected to run for a period of two years, with renewal options. Work for this new customer is anticipated to commence in the first quarter of 2017.
In addition, similar work worth up to $10 million in aggregate was awarded by agencies in California, Arizonaand Texas, with work commencing on all three projects in the fourth quarter. Under these new programs, Pure U.S. will provide a range of services which include condition assessment, remaining service life analysis and long-term monitoring services for water distribution and transmission pipelines made up of multiple pipe types. The leak detection and condition assessment technologies expected to be utilized in these programs include, among others, Pure's PipeDiver®, SmartBall® and SoundPrint® AFO technologies.
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;
- Recurring revenue from data analysis, site maintenance, and from technology licensing;
- Premium technical services including pipeline inspection, leak detection and condition assessment;
- Specialized engineering services in areas related to asset management, primarily in the area of pipeline condition assessment for water and wastewater infrastructure.