Pure Technologies Ltd. (PUR.V) Wednesday said it agreed with the shareholders of The Pressure Pipe Inspection Company Ltd. to buy all of the issued and outstanding shares of PPIC for up to C$34.9 million in cash and common stock of Pure. The deal is expected to close on or before August 31, 2010.
The base purchase price is C$30 million with provision for a maximum additional payment of C$4.90 million based on PPIC's revenues exceeding C$20 million for the fiscal year ended September 30, 2010. It is anticipated that the consideration would be paid in the form of approximately 29% in cash and 71% in Pure common stock, to be issued at C$4.44 per share which issue price was negotiated as part of the transaction.
Further, the company said that Brian Mergelas would remain the Chief Executive Officer of PPIC until the transaction close, to which point he has agreed to accept the position of Senior Vice-President, Corporate Strategy & Development, with Pure.
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