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Eurocontrol's Petromark(TM) Increasing Tax Revenues in Albania
TORONTO, ONTARIO--(Marketwired - Oct. 21, 2014) -
NOT FOR RELEASE IN THE UNITED STATES OR TO U.S. NEWS WIRE SERVICES.
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, is pleased to announce that the Albanian press has recently reported on the increase of fuel tax revenue as a result of the implementation of Petromark™, the Company's fuel authentication technology that is commercialized through its wholly-owned subsidiary Global Fluids International S.A. ("GFI"). Petromark™ is the world's leading ISO 17025 accredited solution for fully integrated covert oil marking and detection.
In September 2013, the Government of Albania introduced a comprehensive hydrocarbon marking program for both refined fuels and crude oil to curb and stop theft and adulteration of fuels using Petromark™. As reported in the Albanian press, Albania's General Director of Customs released a report that indicated that the national retail fuel consumption increased by 20% in official marketed volumes in September 2014 compared to September 2013, representing an approximate increase in tax revenues for that month of US$11 million.
This increase in tax revenue is based only on the marking of refined fuels. These results were achieved even though the Albanian Government has yet to fully implement the monitoring and enforcement aspect of the project. The full project will be inclusive of crude oil marking as well, which would add approximately 1.5 billion litres annually for a total project size of approximately 2.2 billion litres. Under the terms of the contract, monitoring and enforcement services are to be provided by the Albanian Government.
Bruce Rowlands, Chairman and Chief Executive Officer stated: "We are pleased that tax revenues related to refined retail fuels have increased significantly in the year that marking has been conducted. Based on the increase in tax revenues for September 2014, full year tax revenue improvements could be over US$100 million. We look forward to full implementation of Petromark™ including crude oil to further increase tax revenues for the Government and people of Albania."
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, PetromarkTM, 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 ("EDXRF") 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 EDXRF technology for application in the semi-conductor manufacturing process.
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