Science & Technology
Wed, January 26, 2011Tue, January 25, 2011Mon, January 24, 2011Fri, January 21, 2011Thu, January 20, 2011Wed, January 19, 2011Tue, January 18, 2011Mon, January 17, 2011Fri, January 14, 2011Thu, January 13, 2011Wed, January 12, 2011Tue, January 11, 2011Mon, January 10, 2011Fri, January 7, 2011Thu, January 6, 2011Wed, January 5, 2011PURE TECHNOLOGIES ANNOUNCES ACQUISITION
Published in Science and Technology on Thursday, January 13th 2011 at 14:26 GMT by Market Wire
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 ]).
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