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Eurocontrol Signs Petrochemical Marking Agreement with Braskem in Brazil
TORONTO, ONTARIO--(Marketwire - March 4, 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 the Company has signed its first Petro chemical marking contract in Brazil with Braskem. Braskem is the largest Latin American petrochemical company with a market capitalization US$3.6 Billion.
"Brazil is an important and large potential market with an impressive annual growth rate and a need for our products," commented Bruce Rowlands, President and CEO, Eurocontrol Technics. "We are very pleased to have received this important Petro chemical marking project with our large Brazilian customer, Braskem. This contract is the result of the marketing approval granted to GFI and its Petromark™ technology by ANP (Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis), the Brazilian National Oil Agency, in 2009," added Mr. Rowlands.
Braskem is America's leading thermoplastic resin producer, with a focus on polyethylene, polypropylene and PVC. Technological independence is one of the strategic growth vectors and competitive advantages of Braskem, which invests regularly in research and development.
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.
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.
Braskem is America's leading thermoplastic resin producer, with a focus on polyethylene, polypropylene and PVC. Braskem figures among leading global petrochemical producers and plans to become one of the largest petrochemical groups in the world. Braskem is currently one of Brazil's largest exporters, with a presence in some 60 countries and on all continents.
Since the acquisition of Quattor in 2010 early, Braskem owns 26 industrial units located in the states of Alagoas, Bahia, Rio de Janeiro, Rio Grande do Sul and Sao Paulo, in Brazil. Additionally, Braskem has just acquires the Sunoco Chemicals in the United States, with 3 industrial units. Each year, it produces more than 15 million tons of petrochemical products and intermediate chemicals. Braskem's strategy is based on promoting the competitiveness of Brazil's petrochemical chain and on technological independence, which are consistent with its commitment to promote sustainable growth.
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.