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Eurocontrol Announces Warrant Extension and Re-Pricing
TORONTO, ONTARIO--(Marketwire - Aug. 23, 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"), today announced that the Company has received approval from the TSX Venture Exchange to extend the expiry and to reduce the exercise price of a total of 15,154,665 outstanding non-transferable common share purchase warrants (the "Warrants"), 12,036,332 of which were issued on September 27, 2010 and 3,118,333 of which were issued on December 10, 2010 in connection with a private placement. The original exercise price was $0.20 per share and the amended exercise price is $0.15 per share. The original expiry was at 5:00 PM (Toronto time) on September 27, 2012 for the Warrants issued on September 27, 2010 and December 10, 2012 for the Warrants issued on December 10, 2010 and the amended expiry dates are 5:00 PM on September 27, 2013 and December 10, 2013.
Pursuant to the policies of the TSX Venture Exchange, the acceleration provisions of the Warrants have also been amended to provide that the exercise period of the Warrants will be reduced to 30 days if, for any 30 consecutive trading days during the unexpired term of the Warrants, the closing price of the Company's common shares on the TSX Venture Exchange is $0.30 or greater on a volume weighted average basis. The Company will give holders of outstanding Warrants prompt written notice of the commencement of the accelerated exercise period. These provisions replace the acceleration provisions originally set out in the Warrants.
The foregoing amendments to the Warrants are effective immediately.
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.
NEITHER THE 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.