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Eurocontrol Signs Five Year Contract Extension in Uganda
TORONTO, ONTARIO--(Marketwire - Oct. 1, 2012) -
NOT FOR RELEASE IN THE UNITED STATES OR TO U.S. NEWS WIRE SERVICES.
Eurocontrol Technics Group Inc.
(TSX VENTURE:EUO) ("Eurocontrol" or the "Company"), a Canadian public company specializing in the acquisition, development and commercialization of innovative authentication, verification and energy security technologies, through its wholly owned subsidiary Global Fluids International S.A. ("GFI"), is pleased to announce it has signed a five year contract extension with the Ministry of Energy and Mineral Development, Government of the Republic of Uganda for the continued deployment of the Company's Petromark™ technology in the territory.
This contract is an extension to a previous national contract held by Eurocontrol/GFI since 2008 and now covers a wider scope of services including all local logistics in Uganda. The total value of the five year contract is approximately $20 million.
Bruce Rowlands, Chairman and CEO of Eurocontrol stated, "Eurocontrol/GFI is very pleased to have signed our contract extension with the Government of Uganda. This renewal is an endorsement of the superiority of our Petromark™ technology and the benefits it produces for our customers."
About Eurocontrol Technics Group Inc.
Eurocontrol has three wholly owned subsidiaries: GFI, Xenemetrix and XwinSys Ltd. GFI and Xenemetrix are global pioneers in developing and implementing innovative molecular marking systems for the oil industry. Through the proprietary Petromark™ integral system, GFI has developed a four-part solution consisting of a molecular marker, injection, monitoring and control components. Such oil industry cost realities along with GFI's ten-year research and development efforts to create its industry-leading marking solutions, along with access to capital provided by Eurocontrol allows management to pursue numerous anticipated oil marking opportunities in 2012 and in years to come. XwinSys Ltd. is currently developing intellectual property that will combine 2D and 3D image processing technology, from Brossh Inspection Systems Ltd. of Israel, with Eurocontrol's subsidiary Xenemetrix Ltd.'s Energy-Dispersive X-ray Fluorescence ("EDXRF") technology.
For further information on Eurocontrol, please visit the Company's website at www.eurocontrol.ca.
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