Pure Technologies announces major acquisition
28 Julio 2010 - 9:02AM
PR Newswire (Canada)
CALGARY, July 28 /CNW/ -- CALGARY, July 28 /CNW/ - Pure
Technologies Ltd. ("Pure") (TSX-V:PUR) announced today that it has
agreed with the shareholders of The Pressure Pipe Inspection
Company Ltd. ("PPIC") to purchase all of the issued and outstanding
shares of PPIC for up to $34.9 million in cash and common stock of
Pure. The Boards of Directors of both companies have approved the
transaction, subject to certain conditions and to the approval of
the TSX Venture Exchange. The transaction is expected to close on
or before August 31, 2010. PPIC, a privately-held company with
headquarters in Mississauga, Ontario, is a leader in large-diameter
water and wastewater pipeline condition assessment. PPIC is
currently active in North America (including Mexico), South
America, the Philippines and Hong Kong. For the fiscal year ended
September 30, 2009, PPIC had revenues of $14.6 million. The base
purchase price is $30,000,000 with provision for a maximum
additional payment of $4,900,000 based on PPIC's revenues exceeding
$20,000,000 for the fiscal year ended September 30, 2010. It is
anticipated that the consideration will be paid in the form of
approximately 29% in cash and 71% in Pure common stock, to be
issued, subject to TSX Venture Exchange approval, at $4.44 per
share which issue price was negotiated as part of the transaction.
Emerald Technology Ventures, PPIC's largest shareholder, will have
the right to nominate one director to Pure's Board of Directors.
Subject to TSX Venture Exchange approval upon closing the
transaction, Scott MacDonald, Partner with Emerald Technology
Ventures, will join Pure's Board of Directors. Dr. Brian Mergelas
will remain the Chief Executive Officer of PPIC until the
transaction close, to which point he has agreed to accept the
position of Senior Vice-President, Corporate Strategy &
Development, with Pure. Canaccord Genuity acted as financial
advisor to Pure on this transaction and Kirchner Private Capital
Group acted as financial advisor to PPIC. Bennett Jones LLP acted
as legal counsel to Pure and Heenan Blaikie LLP as legal advisor to
PPIC and its shareholders. 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(R), SoundPrint(R) AFO); - Recurring revenue from data
analysis and site maintenance for these technologies, and from
technology licensing. - Premium technical services including
inspection, leak detection and condition assessment (P-Wave(R),
SmartBall(R), Long-Range Robotics). - Specialized engineering
services in areas related to asset management, primarily in the
area of pipeline condition assessment for water and wastewater
infrastructure (Openaka, Price Brothers UK Ltd, and Jason
Consultants). About The Pressure Pipe Inspection Company PPIC, a
privately-held company with headquarters in Mississauga, Ontario,
is a recognized provider of large-diameter water and wastewater
pipeline condition assessment. PPIC was founded in 1997 to
commercialize RFEC/TC, an electromagnetic inspection technology for
prestressed concrete pipes developed by David Atherton, Professor
of Physics at Queen's University, Kingston, Ontario. In 2008, PPIC
purchased the worldwide rights (excluding the United Kingdom and
Ireland) to Sahara(R), a leak detection system for large-diameter
pipelines developed by WRc plc. Forward-Looking Statements This
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 Pure'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, Pure's filings with Securities Regulators (www.sedar.com).
"Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release." (R) Registered Trademarks, property of
Pure Technologies Ltd. %SEDAR: 00006060E To find out more about
Pure Technologies Ltd. (TSX-V: PUR), visit our website at
www.puretechnologiesltd.com; contact James E. Paulson, Chairman or
Karen Keebler, Chief Financial Officer at (403) 266-6794; or e-mail
to: info@puretechnologiesltd.com
Copyright
Premier American Uranium (TSXV:PUR)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
Premier American Uranium (TSXV:PUR)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024