Eurocontrol Technics Inc.

Eurocontrol Technics Inc.

May 18, 2006 08:00 ET

Eurocontrol to Acquire 100% of GFI

TORONTO, ONTARIO--(CCNMatthews - May 18, 2006) -

South American, Africa and Asia Priority Market Opportunities

Eurocontrol Technics Inc. (TSX VENTURE:EUO) a Canadian based company specializing in the development, acquisition, implementation and commercialization of innovative authentication and verification technologies is pleased to announce the completion of the acquisition of a 100% interest in Eurocontrol's subsidiary Global Fluids International S.A. ("GFI").

"GFI is an internationally recognized innovator in the hydrocarbon marking and detection market and Eurocontrol is very pleased to complete the acquisition of GFI as we focus our sales efforts on a diverse group of international market opportunities," said Eurocontrol's President and CEO, Bruce Rowlands.

From Eurocontrol's earn-in acquisition agreement of a 51% interest announced on November 10, 2005, Eurocontrol issued the shareholders of GFI a total of 1,634,849 common shares and a total of 1,500,000 warrants (consisting of 750,000 warrants exercisable into common shares at an exercise price of CDN$0.25 until April 27, 2007 and the remaining 750,000 warrants will be exercisable into common shares at a price of CDN$0.50 until April 27, 2007). To complete the acquisition of the 51% interest in GFI, Eurocontrol will issue the equivalent of US$700,000 worth of shares. Following that issuance and in order to complete the remaining acquisition of 100% of GFI, Eurocontrol will issue 5,000,000 common shares and 5,000,000 warrants exercisable at $2.20 per common share and valid for a period of two years to the current shareholders of GFI.

Dr. Eli Zahavi, GFI's Chairman, commented: "GFI and its shareholders are proud to be a full member of Eurocontrol, with the foundation now in place to be a leading authentication company. With the technology of GFI and financial and marketing power of Eurocontrol, we have the necessary components to have an international impact in numerous authentication market opportunities."

Dr. Zahavi will now join the Board of Directors of Eurocontrol along with Mr. Stan Bharti who will now assume the role of Chairman of the Board. Mr. Tony Wonnacott will leave the board and we thank him for his contributions. Remaining on the board are Mr. Bruce Rowlands, CEO, Eurocontrol; Mr. Gadi Gonen, COO, Eurocontrol and GFI and Major General Lewis MacKenzie.

Dr. Eli Zahavi has accumulated thirty years of extensive experience in the international oil industry. He has specialized in leading the research, marketing and operations activities for leading oil companies in Israel, Puerto Rico, and Texas.

Mr. Bharti has over 25 years of experience in operations, public markets and finance. Over the last ten years, Mr. Bharti has been involved in acquiring, restructuring and financing numerous public and private companies. Mr. Bharti has raised over $200 million in public markets over the last decade. His experience in public markets includes acquisitions of companies in Europe, Australia and North America. He is a Professional Mining Engineer and holds a Masters Degree in Engineering from Moscow, Russia and University of London, England.

The Agreements to complete the acquisition of GFI remain subject to all required regulatory approvals.

About Eurocontrol Technics Inc.

Eurocontrol Technics Inc. a Canadian-based company trading on the TSX Venture Exchange under the symbol "EUO." Eurocontrol is currently a minority owner of Global Fluids International S.A. ( and is earning into a 51% interest (see press release dated November 10, 2005).

About Global Fluids International S.A.

Founded in 2001, Global Fluids International S.A ("GFI") is one of the world's pioneers in developing and implementing innovative marking systems for the oil industry. Through its proprietary Petromark™ integral system, GFI has developed a 4-part solution consisting of a marker, injection, monitoring and control components. GFI's innovative authentication solutions include various proprietary components that meet the needs of petrol distributors globally. GFI has offices in Austria, Israel, Mexico and the U.S., and its R&D centre is based in Israel.


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