New York – Profile Technologies, Inc. (OTC:PRTK, the “Company”) is pleased to announce the execution of a new licensing agreement for the use of its EMW-C™ Pipeline Inspection Technology. The three year agreement between the Company and Spectrum Sales & Services (Spectrum) of The Woodlands, TX will put the EMW-C™ equipment into use in eight oil refineries in the Gulf and Western United States where Spectrum currently has active inspection contracts. The Company values this agreement as a great opportunity to expand the use and market integration of the Company’s Technology and Services while providing an additional revenue stream. This is the first of multiple licensing agreements in negotiation as referenced in the Company’s 2009 Annual Shareholders Meeting.
Under this agreement, Spectrum crews will be trained and provided with EMW-C™ equipment to perform corrosion under insulation inspections in eight oil refineries that Spectrum currently serves under existing contracts. The addition of the EMW-C™ to Spectrum’s other services will provide fast and efficient long range corrosion detection to compliment their existing close range tools. Profile and Spectrum will share proceeds each day the EMW-C™ equipment is used by Spectrum in these facilities.
The EMW-C™ Inspection Service developed by the Company can be used by pipeline operators to non-destructively assess the corrosion conditions of cased pipeline sections using a patented long-range electromagnetic scanning process. The EMW-C™ was specifically developed to assess cased and thermally insulated pipelines for corrosion and other conditions that may affect the integrity of those pipelines.
About Profile:
Profile Technologies, Inc. is headquartered in Manhasset, NY with an Operations and Research facility in Albuquerque, NM. It is the developer and owner of proprietary, patented technologies that utilize electromagnetic waves to detect and characterize corrosion and other anomalies on cased, insulated and other pipelines. Its technologies provide long-range, non-invasive and non-destructive inspection. For more information about Profile Technologies, visit the website at www.profiletech.net.
Cautionary Statement:
The foregoing release contains certain forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 and the regulations thereunder. Company statements that are not historical facts, including statements about the Company’s expectations, beliefs and plans are examples of such forward-looking statements and involve various risks and uncertainties including equipment, technology, contract and other risks. For a more complete discussion of the risks that could affect the Company’s business and finances and cause actual results to differ materially from management’s expectations, plans, etc., please reference the Company’s SEC filings.
Profile Technologies, Inc.
Robert Geib, Chief Operating Officer
1-888-501-7117
