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Eurocontrol Technics and Bureau Veritas to Introduce Fuel Marking Projects in Africa
TORONTO, ONTARIO--(Marketwire - March 4, 2011) - Eurocontrol Technics Inc. (TSX VENTURE:EUO) (the "Company" or "Eurocontrol"), 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 it has signed an cooperation agreement with Bureau Veritas Group, for the promotion of Eurocontrol's Petromark™ fuel marking technology in a number of African countries. Bureau Veritas is a world leader specialized in the inspection, testing, audit and certification of products, infrastructure and management systems in relation to regulatory or voluntary standards. Recognized and accredited by major national and international organizations, Bureau Veritas is present in 140 countries and has approximately 48,000 employees.
"We are very pleased to have signed this agreement with Bureau Veritas and we look forward to working with them in a number of African territories," commented Bruce Rowlands, President and CEO, Eurocontrol. "Africa is an important market for Eurocontrol where there has been a standard of marking hydrocarbons by a variety of African governments for some time. Eurocontrol currently has operating projects in Uganda and Tanzania with several other opportunities advancing in both East and West Africa as well as elsewhere in the world," added Mr. Rowlands.
Eurocontrol's innovative Petromark™ marking solution addresses two major problems in the petrochemical industry – combating the trade in illicit petrochemical products and providing brand protection for large petrochemical companies. As the price of oil has increased substantially, such problems have become a higher priority for government and corporate officials to address.
"We are pleased to embrace this opportunity to combine our expertise with the best science and capabilities of Eurocontrol/GFI, to reinforce our commitment to improving the seamless control over the oil supply chain. Our strategy is to provide our clients with both global and local competencies and expertise," commented Stephane Gaudechon, Vice President, Government Services & International Trade Business. Bureau Veritas is an active member of IFIA (International Federation of Inspection Agencies).
Eurocontrol would also like to announce that it has appointed Christine Gallo as its Corporate Secretary, effectively immediately, replacing Patrick Gleeson. Ms. Gallo is a corporate securities lawyer who works as a legal consultant to several publicly traded companies.
About Eurocontrol Technics Inc.
Eurocontrol Technics Inc. through its wholly owned subsidiary Global Fluids International S.A. ("GFI") 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 4-part solution consisting of a molecular marker, injection, monitoring and control components. Such oil industry cost realities along with GFI's 5-year R&D efforts to create its industry-leading marking solutions, along with access to capital provided by Eurocontrol Technics Inc. allows management to pursue numerous anticipated oil marking opportunities in fiscal 2010 and in years to come.
About Bureau Veritas.
Bureau Veritas is a world leader in conformity assessment and certification services. Created in 1828, the group has around 48,000 employees in more than 1,000 offices and 330 laboratories located in 140 countries. Bureau Veritas helps its clients to improve their performances by offering services and innovative solutions in order to ensure that their products, infrastructure and processes meet standards and regulations in terms of quality, health and safety, environmental protection and social responsibility.
Cautionary Note Regarding Forward-looking Information
Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding the future operating and financial performance of the Company and the impact of this agreement on the performance of the Company. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. In particular, past success or achievement does not guarantee future success. Factors that could cause actual results to differ materially include, among others, competition risks, execution risks, country risks, and lack of a history of profitability. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
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.