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Eurocontrol Technics Group Finalizes Acquisition of XwinSys Ltd.
TORONTO, ONTARIO--(Marketwire - May 7, 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 energy security, authentication, verification, certification technologies, is pleased to announce it has closed the previously announced acquisition of all of the issued and outstanding common and preferred shares of XwinSys Ltd. ("XwinSys") for consideration of five million common shares of Eurocontrol. XwinSys is a private company located in Israel that develops, manufactures and sells inspection systems for the semiconductor industry. The common shares of Eurocontrol issued will be subject to a regulatory hold period of four months and one day.
XwinSys 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 ("Xenemetrix") Energy-Dispersive X-ray Fluorescence ("EDXRF") technology. The 2D and 3D imaging will be used for surface scanning of wafers and electronic boards used in semiconductors, while the EDXRF technology will be used for elemental analysis of the materials that comprise the wafers and electronic boards.
"This new technology partnership will allow Eurocontrol access to new market opportunities in the semiconductor industry. It also represents the further diversification of the Company's platform through a project outside the oil industry," commented Mr. Bruce Rowlands, President and CEO of Eurocontrol. "The combination of our existing XRF technology, from our Xenemetrix unit, with new image processing technology from Brossh will provide a new platform for growth in the authentication, verification and certification markets," added Mr. Rowlands.
"XwinSys has identified a niche within the semiconductor industry, review stations, which is an estimated multi-billion dollar industry," said Mr. Michael Geffen, CEO of XwinSys. "Xenemetrix and Brossh came together to form XwinSys. Xenemetrix specializes in materials analysis with X-Ray machines and Brossh specializes in 2D and 3D image processing. Brossh's expertise is in laser triangulation, chromatic con focal and LINNIK Interferometers," added Mr. Geffen.
Mr. Geffen was one of the leaders in bringing 2D and 3D imaging to the semiconductor industry. In 2001, he founded Brossh and prior to this he founded a number of other technology companies. In 1997 he founded Inspectech, which brought the first backend 2D and 3D system to the semiconductor market. Inspectech was sold to Camteck in 2001. In 1986 Mr. Geffen, together with a group of engineers, established the Israeli branch of KLA-Tencor. He was the head of the algorithm development team. KLA-Tencor built a $500 million dollar business, also in the semiconductors industry.
About Eurocontrol Technics Group Inc.
Eurocontrol Technics Group Inc. through its two wholly owned subsidiaries GFI and Xenemetrix is one of the world's pioneers in developing and implementing innovative molecular marking systems for the oil industry. Through its 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 five-year R&D efforts to create its industry-leading marking solutions, along with access to capital provided by Eurocontrol Technics Group Inc. allows management to pursue numerous anticipated oil marking opportunities in 2011 and in years to come. Please visit Eurocontrol Technics Group web site at www.eurocontrol.ca.
Cautionary Note Regarding Forward-Looking Information This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the future financial or operating performance of each of Eurocontrol, its projects and partnerships, the expected improvements of current systems and the timing of the future launch of new systems, the expected synergies resulting from the partnership, the effect such arrangements can be expected to have on Eurocontrol's performance and regulatory matters. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Eurocontrol, Xwynsis and Xenemetrix to be materially different from those expressed or implied by such forward- looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; achievement of synergies; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the industrial industry; and, delays in obtaining governmental approvals or in the completion of activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Eurocontrol does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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