Pure Technologies Ltd. announced Oct. 5 that it has concluded the purchase of Aqua Environmental Pty. Ltd. for up to CAD$5.88 million in cash and common stock of Pure.
Aqua, a privately-held company headquartered in Sydney, Australia, provides services relating to water main leak detection, water loss management and pipeline condition assessment in Australia and New Zealand. Founded in 1979, the company has been a major provider of pipeline leak detection and condition assessment for the region. As such, this acquisition positions Pure to build on the established expertise and have a presence in the Australian region, which holds significant opportunity. Both of Aqua’s Principals, Hugh Chapman Sr. and Hugh Chapman Jr. will continue to be involved in the business. For the fiscal year ended June 30, 2010, Aqua had revenues of $1.97 million. The business will continue to operate under the name of Aqua for the foreseeable future.
“With this acquisition, Pure will now provide pipeline leak detection, condition assessment and asset management services in Australia, where drought has led to an increased emphasis on water preservation,” said Pure Technologies Ltd. President and COO Jack Elliott. “The state and federal governments have invested heavily in water infrastructure and to fund such projects, the retail cost of water has risen substantially. Reducing leakage with proactive techniques and technologies is vital to the region,” he said.
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.