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Eurocontrol Signs Tanzanian Contract for Petroleum Products Marking Services
TORONTO, ONTARIO--(Marketwire - June 21, 2010) - Eurocontrol Technics Inc. (TSX VENTURE:EUO), 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 a consortium lead by its subsidiary GFI has signed a two year contract with Tanzanian Energy and Water Utilities Regulatory Authority ("EWURA"). This contract is as a result of a EWURA tender won by GFI earlier this year. GFI will be the sole technology provider for the contract while its consortium partner will be the service provider, in a project estimated to be worth more than US$7M over 2 years.
"Eurocontrol/GFI are pleased to have signed our contract for the EWURA project and look forward to preparing for implementation, which will begin later this summer," commented Bruce Rowlands, President and CEO, Eurocontrol Technics. "Africa is an important market for Eurocontrol and our fuel authentication technology Petromark™, where there has been a standard of marking hydrocarbons by a variety of African governments for some time. Eurocontrol currently has a contract with the government of Uganda and several other opportunities advancing in both East and West Africa, as well as projects in Eastern Europe and South America," added Mr. Rowlands.
The contract term is for two years with an option to extend for additional two years and calls for the marking of diesel, petrol and kerosene.
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 governments and corporate officials to address.
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.
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.