Jun. 13, 2011 (Canada NewsWire Group) --
CALGARY, June 13, 2011 /CNW/ - Pure Technologies Ltd., ("Pure" or the
"Company") (TSX: PUR) announced today that it has purchased the
business and assets of Electromechanical Technologies, Inc. ("EMTEK"),
a Salt Lake City-based developer of advanced pipeline inspection
technologies (www.emtek.us).
The base purchase price is US$3,000,000 payable in cash. There is
provision for additional payments of up to US$4,000,000 based on a
percentage of revenue recognized from the purchased technologies to the
end of 2013. Additional consideration cannot exceed US$2,000,000 in
any year. Any additional payments will be paid approximately 75% in
cash and 25% in Pure's common stock.
Commenting on the transaction, Jack Elliott, Pure's President and COO,
said:
"The ground-breaking extra-high resolution magnetic flux leakage
(XHR-MFL) systems developed by EMTEK will immediately position Pure as
the industry leader in condition assessment of ferrous water and
wastewater pipelines.