PURE TECHNOLOGIES ANNOUNCES ACQUISITION
13 Enero 2011 - 4:18PM
PR Newswire (Canada)
CALGARY, Jan. 13 /CNW/ -- CALGARY, Jan. 13 /CNW/ - Pure
Technologies Ltd., ("Pure") (TSX-V: PUR) announced today that it
has entered into an agreement to purchase the business of the
Inspection Division of Specialized Technical Services Est., an Abu
Dhabi-based company involved in inspection and monitoring of water,
wastewater and oil & gas pipelines (www.stsuae.com) for up to
AED 8.83 million (CAD $2.38 million). The transaction is
expected to close within the next month. Under the terms of the
transaction, Pure will acquire ownership of all of the equipment
and work in progress of the business, which will be incorporated
into the recently-established Abu Dhabi branch office of Pure
Technologies. Mr. Frank Mueller, formerly Technical Director
of STS, will join Pure as Director of Business Development, Middle
East, with specific responsibility for the development of the oil
and gas pipeline sector. STS has been active in the pipeline
inspection business in the Gulf Cooperation Council (GCC) countries
for over twenty years. Assets include a range of inspection
and monitoring equipment, including a fleet of premium CCTV
units. The business generated approximately AED 6 million in
revenue in 2010. Commenting on the transaction, Jack Elliott,
Pure's President, said: "This is an important step in the
development of our business in the GCC region. We have been
working with STS over the past two years introducing our products
and services to the GCC region. Mr. Mueller has extensive
experience in robotics and in-line inspection and is highly
respected by the client base in the region. The availability
of experienced and skilled STS technical staff will allow us to
exploit opportunities for our combined technologies and services in
the market without placing excessive demands on our existing
operational resources." 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 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®,
SmartBall®, Sahara®, PipeDiver™, PureRobotics™); -- Specialized
engineering services in areas related to asset management,
primarily in the area of pipeline condition assessment for water
and wastewater infrastructure (Openaka Corp., Price Brothers UK
Ltd, and Jason Consultants). 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 the Company'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, the
Company's filings with Securities Regulators (www.sedar.com). ®
Registered Trademarks, property of Pure Technologies Ltd. "The TSX
Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release" To
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pTo find out more about Pure Technologies Ltd. (TSX-V: PUR), visit
our website at a
href="http://www.puretechnologiesltd.com/"www.puretechnologiesltd.com/a.
Or contact James E. Paulson, Chairman or Karen Keebler, Chief
Financial Officer at (403) 266-6794 or e-mail to a
href="mailto:info@puretechnologiesltd.com"info@puretechnologiesltd.com/a./p
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