PRTKQ is currently in bankruptcy. Any new investment at this time would involve substantial
risk.
WaveTrue, Inc. ( f/k/a Profile Technologies, Inc.) Announces Reorganization and Exit from Chapter 11
June 21, 2013
WaveTrue, Inc. (OTC Pink: PRTK.Q) formerly known as Profile Technologies, Inc. announced today that its Plan of Reorganization (Plan) from Chapter 11 bankruptcy proceedings became effective on May 22, 2013.
Pursuant to the Plan, new investors have made cash investments in exchange for 80% of the stock of the reorganized corporation. The unsecured creditors will receive an aggregate of 10% of the stock of the reorganized corporation. Existing shareholders of Profile Technologies will retain an aggregate of 10% of the stock of the reorganized corporation.
Shareholders of Profile Technologies are cautioned that the existing price of their shares as reflected in market quotations may not reflect the changes in ownership described above.
Professionals assisting the Company during the Chapter 11 process have been partially paid in cash and have accepted the Company’s notes for the balance of their fees and expenses.
The Company’s New Board of Directors has appointed new executive management. The members of management are:
Ronald Floit CEO
John DeWees President
Robert LeBoyer CFO
The Plan of Reorganization is available on the Company’s website www.wavetrue.com.
Pipeline Services
Overview
Recent, widely publicized catastrophic pipeline failures have produced tremendous pressure within the pipeline industry. As the infrastructure ages, operators face increasing challenges to ensure that these critical product transport networks, that literally feed our economy, remain safe and dependable. Whether the pipelines are transporting oil, gas, chemicals, or petrochemicals, or conveying water to a hydroelectric plant or natural gas to a gas distribution network, the cost of pipeline integrity failure is just too high.
Profile Technologies understands that effective non-destructive pipeline integrity inspection is one of the critical keys to the industry’s long-term viability. Our existing technologies fit perfectly into an inspection program that supports smooth operations with no unplanned downtime or dangerous equipment-failure-related accidents. Not only are our existing technologies a perfect fit for the industry, we are constantly working with our clients to refine and develop testing applications that address the technical, environmental and financial needs of our customers.
Inspection Services
External:
Profile’s External Inspection Method is similar to RADAR in the way that it works. Electromagnetic waves are launched into the space between the pipe and jacketing or casing using pipe surface attached injectors and a receiving probe. The waves travel down the tube or pipe and reflections occur at sites of anomalies such as corrosion, water, coating or insulation damage. The location of the anomaly is determined and data at the location is processed in order to further characterize the anomaly. The range and resolution of the measurement are interrelated and depend on factors such pipe and casing/jacketing diameter and insulation material, the particular mode used for the test (TE or TM) and the frequency scan range and step size used. The types of anomalies that can be detected are corrosion, water, coating and insulation or jacketing/casing damage and electrolytic shorts. In general, any anomaly that would cause a change to a uniform condition within the external pipeline system could be detected if its size is such that its response is above the threshold for the particular anomaly. Profile Technologies is continuously improving this tool by implementing new methods for data acquisition and analysis and by evaluating new equipment as it becomes available.
Internal:
Profile’s Internal Inspection Method is also similar to RADAR in the way that it works. Electromagnetic waves are launched into the hollow space of a tube or pipe using a cylindrical stub antenna. The waves travel down the tube or pipe and reflections occur at sites of anomalies such as sludge or cracks. The location of the anomaly is determined and data at the location is processed in order to further characterize the anomaly. The range and resolution of the measurement are interrelated and depend on factors such as the tube or pipe diameter and its material, the particular mode used for the test (TE or TM), the frequency scan range and step size used, and the product flowing in the line. The types of anomalies that can be detected are sludge or plaque buildup, water in a natural gas pipeline, cracks, and wall loss due to corrosion or other means. In general, any anomaly that would cause a change to a uniform condition within the pipeline could be detected if its size is such that its response is above the threshold for the particular anomaly. Profile Technologies is continuously improving this tool by implementing new methods for data acquisition and analysis and by evaluating new equipment as it becomes available.
STOP Guessing what’s inside your pipeline casings
Profile Technologies introduces a patented wax-filled casing monitoring solution using the EMW-C™ Inspection System. Now you can take the guess work out of your casing program and know what’s going on inside.
Profile Technologies provides a single long term solution for meeting the requirements of the newest casing guidelines. Using this method pipeline operators can :
- Identify water or other problems in the casing before filling.
- Monitor the fill process in real-time and identify voids or other potential problems.
- Report the fill volume during and after the fill.
- Monitor for changes inside the casing and report fill volume for the life of the casing.
Real-Time Monitoring and %Volume Measurement During Fill
With EMW-C™ the casing is monitored in real-time to provide graphical feedback on the progress of the fill. As the wax enters the casing, our technicians will monitor the progress and identify potential problems such as air voids or wax blockages. Our software automatically updates throughout the fill and provides a real-time independent measurement of the %Volume of wax inside the casing.
EMW-C Permanent Connectors
Long Term Monitoring from a Test Station
With low cost permanent connectors, the casing can be monitored aboveground for the life of the pipeline without the need for further excavations. Monitoring provides a means to compare current conditions to the baseline condition when the casing was filled to identify changes in wax levels, water incursion, air voids, corrosion growth, and shorts or electrolytic couples.
EMW-C Data
New Regulatory Guidelines for Casing Monitoring
Recent natural gas pipeline integrity Guidelines published by the US Pipeline Hazardous Materials Safety Administration (PHMSA) provide suggestions for the preparation, filling, and monitoring of wax fill inside pipeline casings.
