Mr. Jack
Elliott reports
PURE TECHNOLOGIES CLOSES ACQUISITION OF HUNTER MCDONNELL PIPELINE SERVICES
Pure Technologies Ltd. has closed its previously announced acquisition of the
oil and gas pipeline inspection service business and related assets of
Hunter McDonnell Pipeline Services Inc. and its affiliated companies, a leading
provider of technology-driven integrity services to the oil and gas
pipeline industry.
"We are pleased to complete this milestone transaction, and we warmly
welcome the more than 60 new employees to the Pure family," said Jack
Elliott, president and chief executive officer of Pure. "Through our combined entity,
PureHM Inc., we now have a direct presence in key markets including
Alberta, California and Texas, and we are poised to provide
unparalleled services and value to our oil and gas pipeline customers
while creating further growth opportunities for the company as a
whole."
As stated within the company's news release dated Sept. 12, 2014,
the purchase price was $8-million, consisting of $6-million in cash and
$2-million in common shares of Pure, issuable in equal tranches on each
of the first, second and third anniversaries of the closing date of the
transaction.
We seek Safe Harbor.
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