TORONTO, Nov. 27, 2017 (GLOBE NEWSWIRE) -- Eurocontrol Technics Group Inc. (TSX-V:EUO) (OTCQB:EUCTF) (“Eurocontrol” or the “Company”), a Canadian public company specializing in the acquisition, development and commercialization of innovative test and measurement technologies for industry with application systems focused on the energy security, semiconductor and precision agriculture sectors, announces that SICPA SA has been awarded a fuel marking contract for the country of Mozambique to commence implementation in the first quarter 2018. “The contract aims to curb tax evasion in the import and marketing of petroleum products which have resulted in huge losses of revenue for the country”, stated the national director of hydrocarbons and fuels, Moisés Paulino, who added that, “This process will create conditions for the country's tax authority to produce more revenues.”
Christine Macqueen, Director, Corporate Affairs, SICPA SA commented, “Fuel fraud is a much greater problem than most people realise. Tackling it through molecular marking can provide additional revenue to governments to support much needed development programmes. This contract sets an example to other countries in the region.”
Bruce Rowlands, Chairman and Chief Executive Officer, stated: “We are pleased to announce the first new contract award for SICPA post Eurocontrol’s sale of its fuel marking technology, marketed by its former subsidiary, Global Fluids International. Earlier this year, the fuel marking contract in Tanzania was renewed by the Tanzanian government in favour of SICPA.”
Eurocontrol sold its former subsidiary, Global Fluids International (GFI) S.A. to SICPA SA on January 4, 2016, in exchange for $16 million in cash (less certain closing deductions) and post-closing earn-out payments equal to 5% of the net revenues earned by SICPA GFI from related contracts entered into between January 4, 2016 ending January 4, 2022, with a minimum of $1.5 million per year for the six year earn-out period (total of at least $9,000,000).
About Eurocontrol Technics Group Inc.
Eurocontrol is a TSX Venture and OTCQB traded company that specializes in the acquisition, development and commercialization of innovative test and measurement technologies for industry with application technologies focused on the energy security, semiconductor and precision farming sectors based on Xenemetrix’s core technological platform of ED-XRF. Eurocontrol has three wholly owned subsidiaries, Xenemetrix Ltd., XwinSys Technology Development Ltd. and Croptimal Ltd. and an agreement with SICPA S.A. for semi-annual earn-out payments of 5% (minimum $9 million over six years) on revenues generated from the oil and gas marking and monitoring field relating to the sale of its former subsidiary Global Fluids International (GFI) S.A. Xenemetrix is a leading designer, manufacturer and marketer of 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. Xenemetrix has a long-term supply, maintenance and support agreement with SICPA/GFI to supply SICPA/GFI with Xenemetrix products and services related to the oil and gas marking and monitoring field. XwinSys has developed a patented, fully automated metrology system for the semiconductor industry that combines 2D and 3D image processing technology with Xenemetrix’s ED-XRF technology. Croptimal, is introducing a new mobile ED-XRF spectroscopic material analysis laboratory for the precision agriculture industry that could dramatically change agricultural testing methodology and increase crop yields.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Forward-Looking Statements: This press release contains forward-looking statements. More particularly, this press release contains statements. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. The forward-looking statements are based on certain key expectations and assumptions made by Eurocontrol. Although Eurocontrol believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Eurocontrol can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. In addition to other risks that may affect the forward-looking statements in this press release are those set out in Eurocontrol’s management discussion and analysis of the financial condition and results of operations for the year ended December 31, 2016 which is available on the Corporation’s profile at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and Eurocontrol undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.