Eurocontrol Technics Inc.
TSX VENTURE : EUO

Eurocontrol Technics Inc.

May 08, 2009 16:00 ET

Eurocontrol Announces Private Placement Financing

TORONTO, ONTARIO--(Marketwire - May 8, 2009) -

NOT FOR RELEASE IN THE UNITED STATES OR TO U.S. NEWS WIRE SERVICES

Eurocontrol Technics Inc. ("the Company") (TSX VENTURE:EUO), a Canadian public company specializing in the acquisition, development and commercialization of innovative authentication, verification and energy security technologies, is pleased to announce that it intends to complete a non-brokered private placement financing at a price of $0.17 per unit for gross proceeds of up to $1,000,000. Each unit will consist of one common share of the Company and one-half of one common share purchase warrant of the Company (each whole warrant a "Warrant"). Each Warrant will entitle the holder thereof to acquire one common share of the Company at an exercise price of $0.25 for a period of 12 months following the closing of the private placement.

Closing of the private placement if subject to receipt of all necessary regulatory approvals, including TSX Venture approval. Securities issued on closing of the financing will be subject to a statutory holder period of four months and one day.

The Company may pay finder's fees in connection with the financing. Eurocontrol intends to use the net proceeds from the financing for general corporate purposes.

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.

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, the proposed use of proceeds and the terms of the financing. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially, include, among others, regulatory risks, market risks, 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.

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.

Contact Information

  • Eurocontrol Technics Inc.
    W. Bruce Rowlands
    President and Chief Executive Officer
    (416) 861-5883
    Email: browlands@eurocontrol.ca