Listed on the TSX Venture and OTCQB Venture Markets
Evaluating Strategic Alternatives and Investment Opportunities
Eurocontrol Announces Management Changes and Initiates Strategic Review Process
TORONTO, March 15, 2018 (GLOBE NEWSWIRE) -- Eurocontrol Technics Group Inc. (TSX-V:EUO) (OTCQB:EUCTF) (“Eurocontrol” or the “Company”) announces the appointment of Paul Wood as Interim President and Chief Executive Officer of the Company, following the resignation of Bruce Rowlands who will remain on the Company’s board of directors, and the appointment of Dennis Logan, a non-executive director of the Company, as Chairman.
The Company also announces that the board has determined that it is timely, and in the best interests of the Company’s shareholders, to initiate a formal process to explore a broad range of strategic alternatives that may be available to Eurocontrol. The Company will provide updates at such time as the board of directors approves a strategic alternative, or otherwise determines that further disclosure is appropriate or required.
Paul Wood will continue to serve as a member of the Company’s board of directors. Paul Wood has a background in mergers and acquisitions, transaction structuring and strategic initiatives and has executed transactions for multinationals, small cap companies and independently. Dennis Logan has a background in investment banking and has substantial experience serving on company boards. He will continue to Chair the Company’s audit committee in addition to his role as Chairman.
Paul Wood commented, “The Company’s strong balance sheet underpinned by cash and a minimum earn out receivable of $1.5 million per year until 2022, with potential incremental upside from now through to 2024, combined with its outstanding technological team and global customer base, places Eurocontrol in a unique position as it commences this formal process. The Company intends to maintain its commitment to its current businesses and to lever this combination of balance sheet and technological strength.”
Dennis Logan, the Company’s Chairman, stated, “On behalf of the board of directors, I would like to express my sincere gratitude to Bruce Rowlands who has been at the helm of the Company for 12 years. His accomplishments include building a multi-subsidiary high tech company, leading the negotiation and completion of value-enhancing transactions, and leaving in place a strong balance sheet. We wish him every success in his further endeavours and look forward to his continuing contribution to the Company’s board of directors.”
Eurocontrol is a TSX Venture and OTCQB traded company that specializes in the acquisition, development and commercialization of innovative test, measurement and authentication technologies for industry with applications in 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. 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. 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 third quarter ended September 30, 2017 which is available on the Company’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.