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Eurocontrol Announces Tender Win of Tanzania Contract
TORONTO, CANADA--(Marketwired - Dec. 2, 2013) -
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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, through its wholly owned subsidiary Global Fluids International S.A. ("GFI"), today announced that GFI has signed a new three year contract with the Tanzanian Energy and Water Utilities Regulatory Authority ("EWURA") following on the initial contract term which was won through tender in 2010. This new contract was won in a tender with EWURA conducted this year and the new contract term will commence in December 2013.
Eurocontrol's innovative Petromark™ marking solution addresses two major problems in the petroleum industry - combating the trade in illicit petroleum fuel products and providing brand protection for large petroleum companies. As the price of oil has increased substantially, such problems have become a higher priority for governments and corporate officials to address.
During the first term of this very successful project implementation, Tanzanian officials commented: "I would like to thank EWURA (Energy and Water Utilities Regulatory Authority) for implementing the fuel marking system, which has enabled us to increase oil revenues to beyond 100 per cent of projections," stated Walid Juma, Customs Commissioner for the Tanzania Revenue Authority ("TRA") who added, "Our statistics show that the rate of fuel adulteration has fallen appreciably." Titus Kagua, EWURA Public Relations Officer indicated that, "This illegal practice [fuel adulteration] results in unfair competition because these dishonest firms can afford to sell their fuel at lower than average prices while also denying the government its rightful taxes" and he provided a warning to those who wish to steal from the TRA that "Petromark™ technology has the capacity to detect both adulterated and transit fuel which has enabled EWURA to discover 16 filling stations that have been found selling transit fuel in the domestic market."
"This tender win for the new Tanzanian contract is a result of a successful initial implementation of the Petromark™ marking and monitoring system over the past three years, which has substantially increased Tanzanian fuel taxes collection. The scope and volume of the project reflects the increase in the legal fuel volumes circulating in the domestic market during the first term of the implementation" stated Gadi Gonen, President of GFI and Chief Operating Officer of Eurocontrol and Bruce Rowlands, Chairman and Chief Executive Officer added, "We are pleased to have won this contract and look forward to further improved tax collection through continued implementation of advanced methods and technology during the renewal term."
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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