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Eurocontrol and Chematek S.P.A (Italy) Sign Memorandum of Understanding for Technology Combination
TORONTO, ONTARIO--(Marketwire - March 12, 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), and Chematek S.P.A (www.chematek.com) today announced the companies have signed an MOU setting out an agreement for the combination of their companies's proprietary technologies in one common fuel marking solution.
The MOU will support both companies in certain new territories where the synergy of their technologies demonstrates a winning combination for field tests, accuracy and flexibility, as well as providing multiple marking options and strategies for the petrochemical industry.
"We are pleased to have Chematek as our partners, proposing together a comprehensive and flexible fuel marking solution based on both companies' technologies," stated Bruce Rowlands, President and Chief Executive Officer, Eurocontrol Technics. "There are a number of opportunities that have been identified by both companies where a combination of our two respective technologies, Petromark™ and ChemaMarker-MTE, will provide certain customers with the custom solution they need to address their specific requirements," added Mr. Rowlands.
"Using Chematek's worldwide infrastructure and R&D capabilities, along with Eurocontrol's working solutions we have a huge opportunity for both companies in the developing fuel authentication industry," stated Dr. Giovanni Papandrea, Chematek, Managing Director.
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.
Chematek S.P.A. of Milan, Italy is an International Company operating in the area of Fine Chemicals and Petrochemicals through a capillary net-work of subsidiaries, joint-ventures and agents located world-wide. It also ownsproprietary operationsin China and India. The company has a long-term tradition of R&D and owns exclusive technology on Markers and Solvent Dyes as well as on Additives for fuels and lubricants. ChemaMarker-MTE is a result of such know-how and the product belongs to a "family" of various termssubmitted to patent applications. The main characteristics of the product rely on its detection simplicity, particularly in the field, where throughsimple and quick manual operations, it is possible to ascertain the presence of ChemaMarker-MTE. The company also operates in the Refinery Engineering sector by assisting refineries in the building up of dedicated "turn-key" plants. The Company, celebrating this year their 30th Anniversary, is presently building a new complex for offices, laboratories, production and storage, close to the New Exhibition Center of Milan, near Malpensa Airport.
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.