Pure Technologies Acquires PPIC
Pure Technologies Ltd. (TSX-V:PUR) recently announced that it has agreed with the shareholders of The Pressure Pipe Inspection Company Ltd. (PPIC) to purchase all of the issued and outstanding shares of PPIC for up to $34.9 million in cash and common stock of Pure.
The Boards of Directors of both companies have approved the transaction, subject to certain conditions and to the approval of the TSX Venture Exchange. The transaction is expected to close on or before Aug. 31, 2010.
PPIC, a privately-held company with headquarters in Mississauga, Ontario, is a leader in large diameter water and wastewater pipeline condition assessment. PPIC is currently active in North America (including Mexico), South America, the Philippines and Hong Kong. For the fiscal year ended Sept. 30, 2009, PPIC had revenues of $14.6 million.
Dr. Brian Mergelas will remain the CEO of PPIC until the transaction close, to which point he has agreed to accept the position of senior vice president, corporate strategy and development, with Pure.
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.
PPIC, a privately-held company with headquarters in Mississauga, Ontario, is a recognized provider of large-diameter water and wastewater pipeline condition assessment. PPIC was founded in 1997 to commercialize RFEC/TC, an electromagnetic inspection technology for prestressed concrete pipes developed by David Atherton, Professor of Physics at Queen’s University, Kingston, Ontario. In 2008, PPIC purchased the worldwide rights (excluding the United Kingdom and Ireland) to Sahara, a leak detection system for large-diameter pipelines developed by WRc plc.
