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CALGARY, April 13 /CNW/ --
CALGARY, April 13 /CNW/ - Pure Technologies Ltd., ("Pure" or the
"Company") (TSXV: PUR) is pleased to announce that it has closed its
previously announced "bought deal" short form prospectus offering of
3,922,000 common shares at a price of $5.10 per common share for total
gross proceeds of approximately $20 million. The offering was
conducted through a syndicate of underwriters led by Canaccord Genuity
Corp., and included Cormark Securities Inc. and Fraser Mackenzie
Limited ("the Underwriters"). The Company has agreed to pay the
Underwriters a fee equal to 5% of the gross proceeds of the offering.
Pure intends to use net proceeds from this offering to fund business
objectives that are consistent with the Company's overall growth
oriented strategy. These business objectives include the development
of new technologies and further commercialization of existing
technologies for the water and wastewater pipeline industry; increased
marketing endeavors to penetrate new international markets; and
strategic acquisitions of assets and entities complementary to Pure's
business and operations.
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,
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/April2011/13/c3623.html
p To find out more about Pure Technologies Ltd. (TSX-V: PUR), visit our website at a href="http://www.puretechltd.com"www.puretechltd.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