CALGARY - Pure Technologies Ltd. (TSX:PUR) announced the purchase Monday of a Salt Lake City-based developer of advanced pipeline inspection technologies for up to US$7 million.
The base price for Electromechanical Technologies is US$3 million cash, with provision for additional payments of up to US$4 million based on a percentage of revenue recognized from the purchased technologies to the end of 2013.
The additional consideration cannot exceed US$2 million in any year and additional payments will be made approximately 75 per cent in cash and 25 per cent in common stock of Calgary-based Pure Technologies.
"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," president and chief operating officer Jack Elliott said in a release.
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. read more
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