PURE TECHNOLOGIES BUSINESS UPDATE
01 Febrero 2011 - 5:00AM
PR Newswire (Canada)
CALGARY, Feb. 1 /CNW/ -- CALGARY, Feb. 1 /CNW/ - Pure Technologies
Ltd., ("Pure") (TSX-V: PUR) today released the following update on
business activities for 2010, and the outlook for 2011, based on
preliminary unaudited financial results: -- Full-year revenue for
2010 is expected to be more than 50% greater than 2009 revenue of
$31.7 million. -- Recurring revenue for the year is expected to be
approximately $4.9 million, compared to $3.5 million in 2009. --
Gross margin for the year is expected to be in excess of 63%. --
EBITDA, excluding foreign exchange impact, is expected to grow by
more than 55% over EBITDA of $4.5 million for 2009. -- Earnings per
share are expected to grow by more than 100% over 2009. Revenue for
the fourth quarter of 2010 was more than $16 million, compared to
revenue of approximately $13 million for the corresponding quarter
of 2009 which included approximately $7.5 million in equipment
deliveries to the Great Man-Made River Project (GMRA). This growth
in revenue for the fourth quarter of 2010 is notable in that it
reflects a significant year-over-year increase in worldwide project
activity. Revenue generated by technologies acquired through the
Pressure Pipe Inspection Company (PPIC) acquisition was over $5
million for the quarter. Total confirmed backlog (contracts in
place) plus notified contract awards currently stands at $43
million, excluding recurring revenue and some engineering
services. The integration of the business and resources of
PPIC is now essentially complete. Sales, marketing,
operations and research & development functions have been
combined. We have realized approximately $4 million in
annualized savings on combined sales, general and administrative
expenses and we have accelerated our project delivery capability
and research & development output. Pure has been
successful in securing new or renewed pipeline monitoring, leak
detection and condition assessment contracts from former clients of
PPIC including the recently-announced award from the City of
Dallas; renewal of a Sahara® contract with Maynilad (Philippines);
SmartBall® and PipeDiver(TM) work for Miami-Dade; and
electromagnetic inspection, SmartBall, and SoundPrint AFO®
contracts from Conagua (Mexico). Based on current visibility,
we expect to maintain a high rate of revenue and EBIDTA growth
through 2011, commencing with a very strong first
quarter. In addition, we are working on the development
of high-value, multi-year program opportunities with a number of
agencies globally. The acquisitions of Aqua Environmental Pty. Ltd.
(Australia) and the inspection business of Specialised Technical
Services (United Arab Emirates) have provided us with additional
marketing and operational resources in these high-growth markets.
Our balance sheet remains strong and we are in a good position to
take advantage of potential acquisition opportunities as they
arise. 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, 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 view this news release
in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/February2011/01/c6705.html
p align="justify"To 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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