Pure Technologies, an international company involved in the development and application of innovative technologies, recently announced the purchase of The Pressure Pipe Inspection Company (PPIC) for up to CAD$34.9 million in cash and common stock.
PPIC, a privately-held company with headquarters in Mississauga, Ontario, is currently active in North America (including Mexico), South America, the Philippines and Hong Kong. For the fiscal year ended September 30 2009, PPIC had revenues of US$14.6 million.
Following closing, Emerald Technology Ventures, PPIC's largest shareholder, has the right to nominate one director to Pure’s Board of Directors. Subject to TSX Venture Exchange approval, Scott MacDonald, Partner with Emerald Technology Ventures, will join Pure’s Board of Directors.
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