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Eurocontrol Enters Into Exclusive Marketing Agreement With Strong Petrochemicals Limited of Hong Kong
TORONTO, ONTARIO--(Marketwire - Oct. 12, 2010) -
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Eurocontrol Technics 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, is pleased to announce that it has entered into a exclusive marketing agreement with Strong Petrochemicals Ltd ofHong Kong ("Strong"). Strong will act as the exclusive sole agent to market and sell the Company's Petromark™ fuel authentication system to potential purchasers in China, Hong Kong and other defined target markets throughout Asia.
Strong is actively involved in the oil trading market in the Peoples Republic of China (PRC). The Group is positioned to compete in its niche of satisfying unfulfilled and unplanned purchase demands from the PRC State-owned Licensed Import Agents, by supplying oil products of different varieties and specifications within a short time frame.
This exclusive agreement between the two companies is for an initial period of three years and is renewable for further periods of three years. Strong will bring to the consortium their extensive relationships within the identified target markets with participants in the petrochemical complex. Eurocontrol, through its wholly owned subsidiary Global Fluids International S.A. (GFI) will be the technology vendor and provide design and technical support to the consortium.
"This agreement with Strong will enable Eurocontrol to effectively penetrate the Asian market with an excellent strategic partner in Strong Petrochemicals," stated Bruce Rowlands, President & CEO, Eurocontrol Technics."Asia is an important market for our Petromark™ technology given the growth in GDP and the associated growth in the consumption of hydrocarbons," added Mr. Rowlands.
"This agreement enables Strong to provide value adding services to our existing customer, and further allows Strong to expand the customer base to different spectrum within the Territories. This innovative fuel authentication technology ensured the qualities of crude oil and oil related products and hence improve the reputation and integrity of their brand. "With such technology, the transparency and corporate governance in the oil industry can definitely be improved," stated Wang Jian Sheng, Chairman of Strong Petrochemical Holdings Limited.
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.
Strong Petrochemical Holdings Limited is an oil trading company specializing in trading a range of oil products including crude oil, petroleum and petrochemical products. The Hong Kong operating subsidiary, Strong Petrochemical (HK) Ltd, commenced operations in 2000. The oil products in which the Group trades can be broadly categorized into 1) crude oil; 2) petroleum products; and 3) petrochemical products.
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 and Xenemetrix and its projects, statements regarding technological prospects, statements regarding synergies and financial impact of the proposed transaction, the terms and conditions of the transaction, the benefits of the proposed transaction, costs of and capital for projects, expenditures, timing of future technological developments, requirements for additional capital, government regulation of industrial operations, environmental risks, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation 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 the Company (and the company resulting from the successful completion of the proposed transaction) 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; the actual results of current exploration activities; delay or failure to receive board or regulatory approvals; timing and availability of external financing on acceptable terms; the business of Xenemetrix and Eurocontrol andXenemtrix not being integrated successfully or such integration proving more difficult, time consuming or costly than expected; not realizing on the potential benefits of the proposed transaction; 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 required financing 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 and Xenemtetrix do not undertake to update any forward-looking information, except in accordance with applicable securities laws.