PURE TECHNOLOGIES PROVIDES SECOND UPDATE ON LIBYAN OPERATIONS
February 28 2011 - 6:00AM
PR Newswire (Canada)
CALGARY, Feb. 28 /CNW/ -- CALGARY, Feb. 28 /CNW/ - Pure
Technologies Ltd., ("Pure") (TSXV: PUR) today released the
following statement on the status of its operations in Libya: All
of our expatriate personnel have now been safely evacuated from the
country. Our local Deputy Branch Manager will remain
in Benghazi to handle business affairs with the Great Man-Made
River Authority ("GMRA"). Until our operations in Libya return to
normal, most of the Pure employees assigned to the project will be
reassigned to address staffing requirements in other regions. Our
2011 budget estimate anticipated that approximately 30% of total
revenue would be generated by projects in Libya, compared to 51%
for 2010. Of the 2011 estimate, $10.7 million related to the
final equipment shipment under our current contract with GMRA,
originally scheduled for the first quarter; approximately $2
million related to the provision of technical support for pipeline
monitoring, and $5 million related to Price Brothers UK
activities. Realization of this revenue will depend on the
resumption of normal activity on the project. We will be
assessing the situation on a regular basis, in conjunction with
GMRA management, to determine when it is appropriate to proceed
with the equipment shipment and for staff to return to Libya and
resume work. The Great Man-Made River is a critical component of
Libya's infrastructure. It continues to supply most of the
drinking water to the country's major cities and provides
irrigation water to large tracts of agricultural land in the
country. Pure's activities are currently concentrated on
Phase I of the system, which is in the eastern part of Libya.
Following a series of failures on the 4-metre diameter prestressed
concrete pipelines in 1999 and 2000, Pure was retained to provide
inspection and monitoring technologies and services to assess the
extent and rate of deterioration of the pipes. Our monitoring
technologies are now a critical component of the management of the
pipelines as they permit identification and proactive repair of
deteriorating pipes so that failures can be prevented. "Although
the recent events in Libya are likely to affect our business in the
short term, we have, for the past few years, been actively
implementing a business strategy that will diversify our revenues
and make us less dependent on any one customer," said Jamie
Paulson, Chairman. "This strategy is well advanced as a
result of expanded business development activities and through our
recent acquisitions. While GMRA remains an important customer
for Pure, this diversity is important to ensure continued growth
for the company. The demand for our asset management
technologies and services continues to grow as agencies around the
world are forced to address deteriorating infrastructure and
shrinking capital budgets. Our business in the United States
grew by approximately 100% in 2010 and we are generating meaningful
and increasing revenues in Mexico, South America, Canada, Asia and
Australia." 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 view this news release
in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/February2011/28/c6390.html
pTo find out more about Pure Technologies Ltd. (TSXV: 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
Copyright
Premier American Uranium (TSXV:PUR)
Historical Stock Chart
From Jul 2024 to Aug 2024
Premier American Uranium (TSXV:PUR)
Historical Stock Chart
From Aug 2023 to Aug 2024