February 28, 2011 / 11:27 AM / 7 years ago

UPDATE 2-Pure Tech evacuates all expat employees from Libya

* Says events there to hit business in short term

* Sees rev from Libya ops sliding to 30 pct in 2011 (Adds details; updates share)

Feb 28 (Reuters) - Canada’s physical infrastructure inspection company Pure Technologies Ltd said all its expatriate employees in Libya have been evacuated and it sees 2011 revenue being affected by recent events there.

The company has an inspection and monitoring contract with the Great Man-Made River Authority, which supplies most of Libya’s drinking water.

“The recent events in Libya are likely to affect our business in the short term... (we have) a business strategy that will diversify our revenues and make us less dependent on any one customer,” Pure technologies Chairman Jamie Paulson said.

The company, which provides technology to monitor the soundness of structures such as bridges and pipelines, said it was budgeting for 30 percent of its 2011 revenue coming from operations in Libya. Last year, more than half its revenue came from operations there.

The company’s shares dipped about 3 percent to C$5.30 in early trading on Monday on the Toronto Venture Exchange. (Reporting by Isheeta Sanghi and Abhiram Nandakumar; Editing by Joyjeet Das)

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