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Eurocontrol's Croptimal Commercializes its Precision Agriculture Solution for Almond Crops
Commences Netafim 24 month irrigation exclusivity
TORONTO, ONTARIO--(Marketwired - July 12, 2017) - Eurocontrol Technics Group Inc. (TSX VENTURE:EUO)(OTCQB:EUCTF) ("Eurocontrol" or the "Company"), a Canadian public company specializing in the acquisition, development and commercialization of innovative test and measurement technologies for industry with application systems focused on the energy security, semiconductor and precision agriculture sectors, announces that its wholly-owned subsidiary Croptimal Ltd. ("Croptimal") has successfully commercialized its agricultural solution in Israel and is providing its Croptimal service for customers specializing in almond crops including to Kibbutz Sha'ar HaAmakim, a farm that has over 200 acres of almond crops located in northern Israel where a complete solution that includes samples collection, preparation and testing, along with final detailed analysis including agronomic recommendations is being provided. Further, pursuant to a 2016 agreement with Netafim, an Israeli company that is the global leader in drip and micro-irrigation solutions for sustainable agricultural productivity, the commencement of commercialization of this almond project has triggered the two year exclusivity rights for the irrigation sector to Netafim.
Croptimal's mobile laboratory comprises integrated firmware units utilizing Multi-Spectral Technology (MST). The mobile lab performs immediate spectroscopic composition analysis of nutrients in the field, offering a unique precise agricultural service that enhances crop yields. Croptimal performs real time immediate tests and analysis in the field for crops, soil and water, replacing traditional complicated methods that are typically undertaken at distant laboratories and normally require days to weeks for results. The data collected by Croptimal is accumulated in a Cloud-based database that will provide "big-data" for intelligent recommendations and data mining trends.
Doron Reinis, Chief Operating Officer of Eurocontrol, stated, "The Croptimal service being provided to Kibbutz Sha'ar HaAmakim is expected to increase yields, reduce expenses and boost the revenue of the kibbutz. The almond is a species of tree native to the Middle East, the Indian subcontinent and North Africa. World production of almonds is over 3 million tons per year and with growing demand. This project for kibbutz Sha'ar HaAmakim will serve as a case study enhancing the Croptimal platform as a beneficial solution to this specific market."
Bruce Rowlands, Chairman and Chief Executive Officer, added" We are very pleased that our Croptimal technology and service has been embraced so quickly proving that our model of "taking the laboratory to the field" to provide actionable results is the way of the future. Croptimal's technology and service can be applied to virtually any crop and our team in Israel is currently working on tomatoes, potatoes and corn with interest expressed on numerous other crops including marijuana."
About Croptimal Ltd.
Croptimal is a private Israeli company formed in early 2017 and is 100% owned by Eurocontrol. The Croptimal technology was initially developed by Xenemetrix, a leading designer, manufacturer and marketer of energy-dispersive x-ray fluorescence (ED-XRF) systems and components. Xenemetrix is located in Israel and with over 30 years experience, numerous certifications and awards, Xenemetrix continues to develop highly innovative XRF solutions suitable for today's ever-growing analytical challenges. Croptimal's service developed following the need and demand of farmers and agronomists to increase crop yields, both quality and quantity to meet the rapidly increasing world population. Croptimal's expert agronomists and researchers continue to innovate this state of the art, disruptive precision agriculture technology - a mobile in-field service that provides quick, accurate analysis of nutrients and contaminates in crops, soil and water, replacing traditional complicated methods that are typically undertaken at distant laboratories and normally require weeks of waiting for results. The collected data is accumulated in a Cloud-based database that will provide "big-data" for intelligent recommendations and data mining trends.
About Eurocontrol Technics Group Inc.
Eurocontrol is a TSX Venture and OTCQB traded company that specializes in the acquisition, development and commercialization of innovative test and measurement technologies for industry with application technologies focused on the energy security, semiconductor and precision farming sectors based on Xenemetrix's core technological platform of ED-XRF. Eurocontrol has three wholly owned subsidiaries, Xenemetrix Ltd., XwinSys Technology Development Ltd. and Croptimal Ltd. and an agreement with SICPA S.A. for semi-annual earn-out payments of 5% (minimum $9 million over six years) on revenues generated from the oil and gas marking and monitoring field relating to the sale of its former subsidiary Global Fluids International (GFI) S.A. Xenemetrix is a leading designer, manufacturer and marketer of ED-XRF systems, a technology that is the most accurate and economic method for determining the chemical composition of many types of materials, including the analysis of petroleum oils and fuel. Xenemetrix has an exclusive long-term supply, maintenance and support agreement with SICPA to supply Xenemetrix products and services related to the oil and gas marking and monitoring field. XwinSys has developed a patented, fully automated metrology system for the semiconductor industry that combines 2D and 3D image processing technology with Xenemetrix's ED-XRF technology. Croptimal, is introducing a new mobile ED-XRF spectroscopic material analysis laboratory for the precision agriculture industry that could dramatically change agricultural testing methodology and increase crop yields.
For further information on Eurocontrol, please visit the Company's website at www.eurocontrol.ca.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Forward-Looking Statements: This press release contains forward-looking statements. More particularly, this press release contains statements. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. The forward-looking statements are based on certain key expectations and assumptions made by Eurocontrol. Although Eurocontrol believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Eurocontrol can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. In addition to other risks that may affect the forward-looking statements in this press release are those set out in Eurocontrol's management discussion and analysis of the financial condition and results of operations for the quarter ended March 31, 2017 which is available on the Corporation's profile at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and Eurocontrol undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.