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Eurocontrol Begins Pilot Project with Petro-Marine XRF(TM)
TORONTO, ONTARIO--(Marketwired - Aug. 15, 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, is pleased to announce the commencement of a pilot project through its wholly owned subsidiary Xenemetrix with one of the largest container shipping companies in the world with headquarters in Israel (the "Collaborator"). The pilot project involves the installation of Xenemetrix's new Petro-Marine XRF ™ monitoring system at the Collaborator's hub in its main port. The Collaborator will operate the system to serve its managed fleet in excess of 100 marine vessels. This pilot program will allow Xenemetrix to field test its onboard solution and afford the Collaborator early access to this state-of-art technology. Upon successful completion of the pilot project the Collaborator will consider implementing Xenemetrix's solution at seven of its shipping hubs worldwide.
Petro-Marine XRF ™ is an onboard or hub-based X-Ray Fluorescence analysis and monitoring solution that facilitates regular and timely compliance of marine vessels with new and existing international regulations, and enhances the preventive maintenance process - leading to significant operational cost savings. The XRF system analyzes and monitors sulfur levels in marine fuels, Cat Fines during bunkering of the ship and before actual fuel usage, sea water contamination in fuels and wear metals and additives in lubricant oils. This allows for regulatory compliance, uninterrupted engine operation, predictable maintenance schedules and prevention of major engine failure. The target market for the Petro-Marine XRF ™ system is merchant ships of which there are approximately 55,000 currently in service worldwide including bulk carriers, dry cargo vessels, multi-purpose vessels, container vessels, tankers, liquid petroleum gas, liquid natural gas and most cruise ships, providing the Company with an available market approximating US$1.6 billion.
Doron Reinis, Xenemetrix's CEO, stated, "We are thrilled to have this opportunity which confirms the necessity for Petro-Marine XRF ™ in the maritime industry" and Bruce Rowlands, Chairman and CEO of Eurocontrol added, "The Collaborator's initiative and dedication to improved environmental performance as evidenced by their association with The Clean Cargo Working Group and their collaboration with Xenemetrix on Petro-Marine XRF ™ is a strong endorsement that we welcome."
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.
For further information on Eurocontrol, please visit the Company's website at www.eurocontrol.ca.
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