Eurocontrol Technics Inc.

Eurocontrol Technics Inc.

April 27, 2007 07:00 ET

Eurocontrol Signs Agreement for Ukrainian Fuel Marking Project

Project the Result of MOU Announced October 23, 2006

TORONTO, ONTARIO--(CCNMatthews - April 27, 2007) - Eurocontrol Technics Inc. (TSX VENTURE:EUO), a Canadian public company specializing in the acquisition, development and commercialization of innovative authentication and verification technologies, through its wholly owned subsidiary Global Fluids International S.A. (GFI), today announced the signing of a Ukrainian fuel marking agreement for the deployment of GFI's hydrocarbon marking technology Petromark™, on behalf of a European multinational oil company.

The project, on behalf of a large multinational European based Oil Company, calls for Eurocontrol to deploy GFI's Petromark™ technology in Ukraine. The objective of this deployment is to ensure high fuel quality across the client's supply chain from the fuel terminal to consumers and gas stations in the territory.

"This agreement in Ukraine is an important advancement of the Petromark™ technology internationally," stated Bruce Rowlands, President and Chief Executive Officer, Eurocontrol Technics. "Eurocontrol anticipates the expansion of the marking program to other territories in the client's distribution system in the future," added Mr. Rowlands.

The marking project is scheduled to commence in the third quarter of 2007 at the Crimea oil terminal in south eastern Ukraine. The term of the agreement is for three years with an option for a further three years. The agreement is subject to receiving required local approvals in Ukraine.

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. 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.

Forward-Looking Information

Certain statements contained in this news release may contain forward looking information within the meaning of Canadian securities laws. Such forward looking information are identified by words such as "intends", "expects", "believes", "may", "will" and included, without limitation, statements regarding the company's plan of business operations. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. 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.


Contact Information

  • Eurocontrol Technics Inc.
    W. Bruce Rowlands
    President & Chief Executive Officer
    (416) 861-5883