Eurocontrol Technics Inc.

Eurocontrol Technics Inc.

October 18, 2007 07:09 ET

Eurocontrol Awarded Ugandan Contract


TORONTO, ONTARIO--(Marketwire - Oct. 18, 2007) - Eurocontrol Technics Inc. (TSX VENTURE:EUO), a Canadian public company specializing in the acquisition, development and commercialization of innovative authentication, verification and energy security technologies, through its wholly owned subsidiary Global Fluids International S.A. (GFI), today announced the company has been notified by the Ugandan Ministry of Energy and Mineral Development of a contract award for the procurement of a petroleum marker.

The marking program is expected to begin later this year upon the expiry of an existing contract held by another service provider. Commencement of the program is subject to the execution of a definitive agreement with the Ugandan government. Eurocontrol management expects this to be a multi-year contract for the marking of gasoline, diesel and kerosene in Uganda. The contract, once fully implemented, is expected to generate revenue of approximately US$1 million per year.

"We are very pleased the Ugandan authorities have chosen to implement our industry leading petroleum marking technology Petromark™ in their territory," stated Bruce Rowlands, President and Chief Executive Officer of Eurocontrol Technics Inc. "This is a very important implementation program for Eurocontrol/GFI because Uganda is a country with experience with fuel marking technologies and a government regulatory body that is seeking to implement technology that represents industry best practices," added Mr. Rowlands.

Eurocontrol'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.

"Uganda welcomes Eurocontrol and is convinced that by using the Petromark™ technology that we will be able to significantly reduce fuel adulteration and smuggling in Uganda," stated Mr. Disam Kiguli, Fuel Marking Project Manager, Ugandan Ministry of Energy and Mineral Development.

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 in fiscal 2008 and in years to come.

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 execution of this agreement and its implementation and the impact of this agreement on the performance of the Company. 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, 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.


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