Eurocontrol Technics Inc.
TSX VENTURE : EUO

Eurocontrol Technics Inc.

October 23, 2006 08:00 ET

Eurocontrol Announces Signing of MOU with Romania's Rompetrol Group

- Fuel Marking to Begin with Rompetrol's New Ukrainian Terminal -

TORONTO, ONTARIO--(CCNMatthews - Oct. 23, 2006) - Eurocontrol Technics Inc. (TSX VENTURE:EUO), a Canadian public company specializing in the acquisition, development and commercialization of innovative authentication and verification technologies today announced the signing of a Memorandum of Understanding (MOU) with Romania's Rompetrol Group.

The Rompetrol Group N.V. (TRG) is a multinational oil company headquartered in The Netherlands operating in 12 countries, which has the majority of its assets and operations based in France, Romania, Spain and South-East Europe. The group is active primarily in refining and marketing, with additional operations in exploration and production, and other oil industry services such as drilling, engineering, procurement, construction, maintenance and transportation. With a staff of more than 8,000 employees, TRG estimates its 2006 gross revenues at approximately US$6 billion. TRG aims to become one of the largest independent oil companies in Europe and obtain a strong position in the Black Sea and Mediterranean areas.

"This MOU with Rompetrol represents an important implementation opportunity for Eurocontrol in Europe. We are very pleased that TRG has selected our Petromark™ technology to secure the high quality of their products," stated Bruce Rowlands, President and Chief Executive Officer, Eurocontrol Technics.

Under the terms of the MOU with TRG, the parties have agreed that TRG will implement the Petromark™ solution to mark gasoline and diesel supplies to prevent the smuggling and illicit blending of TRG's products with illegal and low quality adulterants. TRG will start the implementation of the Petromark™ solution in its Ukrainian subsidiary immediately upon completing construction of its new terminal and infrastructure in this territory, and will expand the implementation to other premises in Romania and elsewhere. TRG verified the Petromark™ solution and approved its implementation in TRG facilities throughout Europe.

"TRG is pleased to be working with Eurocontrol/GFI to implement the Petromark™ solution for monitoring and securing the high quality of Rompetrol's branded fuels all along our supply chain," commented Mr. Eric Kish, Vice President, Marketing & Retail, The Rompetrol Group.

About Petromark™

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. GFI's innovative Petromark™ solution addresses two major problems in the oil industry - combating the trade in illicit fuels and providing brand protection for large oil companies. As the price of oil has increased substantially, such problems have become a higher priority for government and corporate officials to address. 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 2007 and in years to come.

About Eurocontrol Technics Inc.

Eurocontrol Technics Inc. is a Canadian-based company trading on the TSX Venture Exchange under the symbol "EUO." Eurocontrol's primary asset is its 100% ownership of GFI.


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Contact Information

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