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Eurocontrol Announces Profitable Q1 2010 Results
TORONTO, ONTARIO--(Marketwire - Aug. 31, 2009) -
NOT FOR RELEASE IN THE UNITED STATES OR TO U.S. NEWS WIRE SERVICES
Eurocontrol Technics Inc. (TSX VENTURE:EUO), a Canadian public company specializing in the acquisition, development and commercialization of innovative authentication and verification technologies, through its wholly owned subsidiary Global Fluids International S.A.
(GFI), today announced positive quarterly results for the period ending June 30, 2009. During the first quarter, the company continued to prepare for several large new deployment opportunities in Asia, Africa and Central & South America. This activity included the completion of development of the company's second generation XRF detector which represents an approximately 40% reduction in size and weight over the first generation detector.
"We are pleased to announce Eurocontrol's profitable Q1 results. These results are in-line with our expectations and our commitment to growing our operating platform and improving margins. Eurocontrol's proprietary marking technology Petromark (TM) is an emerging new standard in fuel authentication and we anticipate new distribution contracts will significantly grow revenue in the future." stated Mr. Bruce Rowlands, President & CEO of Eurocontrol Technics Inc. "We further anticipate in future quarters, however, that the revenue growth that has been consistently demonstrated in recent past quarters, may fluctuate from quarter to quarter in the near term, due to delivery and shipping considerations as we attempt to generate greater efficiencies in these operational costs," added Mr. Rowlands
The Company recorded a net profit of $ 269,579 for the first quarter ended compared to a net loss of $613,441 for the comparable period ended June 30, 2008. The Company achieved revenues of $1,217,304 for the first quarter ended June 30, 2009 compared to revenues of $159,472 for the comparable quarter in the prior year. The Company anticipates achieving continued revenue growth as the Company implements its Petromark(TM) technology globally.
Expenses increased by $ 75,631 over the period from $ 661,102 for the three months ended June 30, 2008 to $ 736,733 at June 30, 2009. Sales and marketing expenses increased by $ 58,816 from $ 50,884 for the three months ended June 30, 2008 to $ 109,700 for the same period ended June 30, 2009.
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(TM) 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.
Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward looking information are identified by words such as "intends," "expects," "believes," "may," "will" and included, without limitation, statements regarding the future operating and financial performance of the Company, the Company's plan of business operations, anticipated revenues, and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. 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.