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Eurocontrol Extends Previously Announced Private Placement Financing
TORONTO, ONTARIO--(Marketwire - Sept. 1, 2011) -
NOT FOR RELEASE IN THE UNITED STATES OR TO U.S. NEWS WIRE SERVICES
Eurocontrol Technics Group Inc.
(TSX VENTURE:EUO) ("Eurocontol" or the "Company"), a Canadian public company specializing in the acquisition, development and commercialization of innovative energy security, authentication and verification technologies, announces the extension of its previously announced non-brokered private placement (the "Private Placement") of up to 15,000,000 common shares of the Company (the "Shares") at a price of $0.10 per Share for gross proceeds of up to $1,500,000 (See Press Release Dated July 18, 2011).
The Shares issued pursuant to the Private Placement will be subject to a four month hold period under applicable Canadian securities laws. Closing of the Private Placement is expected to occur on or before September 23, 2011 and is subject to receipt of all applicable regulatory approvals, including approval of the TSX Venture Exchange.
The Company may pay finder's fees in connection with the Private Placement. Eurocontrol intends to use the net proceeds from the Private Placement for general working capital purposes.
About Eurocontrol Technics Group Inc.
Eurocontrol Technics Group Inc. through its two wholly owned subsidiaries Global Fluids International S.A. ("GFI") and Xenemetrix Inc., is one of the world's pioneers in developing and implementing innovative molecular marking systems for the oil industry. Through its proprietary PetromarkTM 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. 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 completion of the Offering on the terms as specified; receipt of regulatory approval for the Offering, the proposed use of proceeds from the Offering, the future financial or operating performance of each of Eurocontrol, its projects and partnerships, 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 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; 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.
NEITHER 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.