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Eurocontrol's Petromark(TM) Assisting Albania to Clean Up Fuel Market Adulteration
TORONTO, ONTARIO--(Marketwired - Dec. 16, 2014) -
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Eurocontrol Technics Group Inc.
(TSX VENTURE:EUO) ("Eurocontrol" or the "Company"), a Canadian public company specializing in the acquisition, development and commercialization of innovative energy security, authentication, verification and certification technologies, announces that Eurocontrol's Petromark technology is successfully assisting the Albanian Government in an extensive operation to detect fuel adulteration in the country, resulting in fines, and recouped taxes and oil revenues in the millions of dollars. The results, released in a report by the Albanian Department of Excise, show that Eurocontrol's Petromark™ covert oil marking and detection technology identified 130 of 1,250 gas stations, fully 10 percent of the total market, using adulterated fuels. Petromark™ is the world's leading ISO 17025 accredited solution for fully integrated covert oil marking and detection. Based on these results, the Excise Department has levied penalties and fines under the Albanian Excise Laws totaling US$1.4 million for the period June through December 2014.
This operation follows the recent report in the Albanian press of October 2014 that showed a substantial increase in tax revenues based on Eurocontrol's comprehensive hydrocarbon marking program. Albania's General Director of Customs reported that Albania's retail fuel consumption increased by 20% in official marketed volumes in September 2014 compared to September 2013 when Petromark™ was first implemented, representing an approximate increase in tax revenues for that month of US$11 million.
Bruce Rowlands, Chairman and Chief Executive Officer stated: "We are pleased that the Government of Albania is being proactive in its utilization of Petromark™ to monitor and stop adulteration. As Albania works to meet the stringent requirements in its accession bid to the European Union, it sets an example for other countries to follow. This crackdown on the problem of fuel adulteration and oil theft has resulted in a measurable economic benefit and improved products for the Albanian consumer and will be continued over the months and years to come. The penalties and recovered tax revenue will be a significant deterrent for Albanian gas station operators to continue the practice of mixing certified fuels with non-standard products to increase the volume of their products."
"Significant results like these, show that Petromark's unique technology can be a key component for national revenue building," and he added, "With oil prices and therefore tax revenues declining at the present time, it is more urgent than ever that countries curb and stop theft and adulteration of fuels."
About Eurocontrol Technics Group Inc.
Eurocontrol through its three wholly owned subsidiaries, Global Fluids International S.A. ("GFI"), Xenemetrix Inc. ("Xenemetrix") and XwinSys Ltd. ("XwinSys"), is a leading provider and innovator of detection and marking systems worldwide. GFI and Xenemetrix are global pioneers in developing and implementing innovative molecular marking systems for the oil industry and XwinSys is currently a development stage company. GFI's unique and proprietary liquid authentication system, Petromark™, is the world's leading solution for fully integrated oil marking, mixing and detection. Xenemetrix is a leading designer, manufacturer and marketer of energy-dispersive x-ray fluorescence ("ED-XRF") systems, a technology that is the most accurate and economic method for determining the chemical composition of many types of materials, including the analysis of petroleum oils and fuel. XwinSys is developing technology and intellectual property that will combine 2D and 3D image processing technology from Brossh Inspection Systems Ltd. of Israel with Xenemetrix's ED-XRF technology for application in the semi-conductor manufacturing process.
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