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Eurocontrol Announces New National Fuel Marking Program
TORONTO, ONTARIO--(Marketwired - June 13, 2013) -
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Eurocontrol Technics Group Inc.
(TSX VENTURE:EUO) ("Eurocontrol" or the "Company"), a Canadian public technology company specializing in the acquisition, development and commercialization of innovative authentication, verification, certification and energy security technologies, is pleased to announce, through its wholly owned subsidiary Global Fluids International (GFI) the addition of a new national fuel marking project awarded to GFI by the Government of Albania. Eurocontrol signed a definitive agreement with the Government of Albania for implementing a ten year project for marking and monitoring all fuels sold and produced in Albania.
The project will cover the marking of all distilled fuels as well as the growing volume of Albanian exported crude oil. Eurocontrol estimates the annual increase in fuel tax collections will exceed 150 million Euros per year. Preparations and implementation of the project will commence promptly. GFI and its consortium partners will be responsible for the marking, inspecting and reporting to the Finance Ministry of Albania.
Speaking on behalf of the Albanian Government, Sali Berisha, the Prime Minister of Albania stated: "Today we have a list of other draft-laws and decisions. One of the most important decisions is the one which stipulates the procedure of fuels marking. This practice, which will be implemented through one of the best existing technologies, will prevent the abuse with harmful fuels adulteration, because the marking procedure will trace and find any kind of manipulation that can be done with fuels. The Prime Minister further commented, "This is a great achievement."
Bruce Rowlands, Eurocontrol Chairman and CEO stated: "We are very pleased to have signed this comprehensive agreement with the Government of Albania and look forward to the positive impact our Petromark™ technology will deliver to the Country and its citizens." He further added, "This contract along with our other fuel marketing contracts and growing revenue from our Spectrometry division, Xenemetrix, will add significantly to Eurocontrol's annual revenue."
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 currently 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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