Pure Technologies wins $3M in U.S., Canadian contracts, value could top $11M
Pipeline inspection company Pure Technologies has been awarded contracts in Canada and the United States worth $3 million with a potential $11 million.
One of the contracts, with Louisville Water Co., could be worth up to $10.2 million if four, one-year options are exercised by the Kentucky utility.
As it is, Calgary-based Pure Technologies says it expects revenue of $1.7 million for 2013 from the contract under which it will provide electromagnetic inspection and leak detection services.
Louisville Water provides drinking water to about 850,000 people in the Louisville metro area and parts of neighboring counties through a network of more than 6,400 kilometres of water mains.
Pure, which also specializes in monitoring and surveillance of buildings, bridges and other structures, said it has also been awarded a $1.2-million contract by the Regional Municipality of York in Ontario.
The contract is for providing condition assessment and project management services for a critical water main providing drinking water to the region. The work is expected to be completed by the third quarter of 2013.
On the Toronto Stock Exchange, Pure Technologies shares were up eight cents, or 1.74 per cent at $4.67 in midday trading Wednesday.