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Eurocontrol Acknowledged in Business Week East Africa
TORONTO, ONTARIO--(Marketwired - Oct. 15, 2014) -
NOT FOR RELEASE IN THE UNITED STATES OR TO U.S. NEWSWIRE 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 Business Week East Africa recently wrote on article on the effectiveness of Petromark™, the Company's fuel authentication technology that is commercialized through its wholly-owned subsidiary Global Fluids International S.A.
As previously announced, the Government of Tanzania introduced fuel marking in September 2010 through the Tanzania Energy and Water Utilities Authority (EWURA) to curb and stop theft and adulteration of fuel. The article quotes Titus Kaguo, EWURA Communications and Public Relations Manager on the significant increase in government revenues. Mr. Kaguo stated that since the introduction of the Petromark™ fuel authentication technology, Tanzania's tax revenue has increased by ~$300 million. He noted that these figures were confirmed by a study that was undertaken by the Department of Economics at the University of Dar es Salaam. He also noted that tax revenues from locally consumed petroleum products rose by 24%, which exceeded the average growth rate of 11.6% for the three years preceding the introduction of fuel marketing and that fuel marking as an anti-adulteration measure has led to reduction in reported cases of fuel adulteration whereby the conformity index of retail outlets to petroleum product quality standards rose from 19% in 2007 to 91% in 2013 - a five-fold increase proving that not only does fuel marking increase revenue but it also boosts consumer confidence. For readers who are interested in reading the full article, please click on the link below:
Bruce Rowlands, Chairman and Chief Executive Officer stated: "We are very pleased with the results that EWURA has experienced. Petromark™ does make a significant contribution as highlighted by the study that was completed by the University of Dar es Salaam."
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 ("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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