Eurocontrol Technics Inc.

Eurocontrol Technics Inc.

May 07, 2007 07:00 ET

Eurocontrol Signs Global Agreement With Inspectrorate International

Comprehensive International Logistics Combined with Leading Molecular Marking Technology

TORONTO, ONTARIO--(CCNMatthews - May 7, 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 comprehensive worldwide Master Memorandum of Understanding (MMOU) with Inspectorate International Limited for the global deployment of GFI's hydrocarbon marking technology Petromark™.

Inspectorate International Limited, a wholly-owned subsidiary of Inspicio PLC (AIM:INP) is a leading global provider of commodity inspection and testing services to the petrochemical industry. With over 4,000 staff and a global network of state-of-the-art independent testing laboratories catering specifically to the oil, gas and petrochemical industry, Inspectorate offers an extensive range of inspection, testing and consultancy services at every major loading, discharge and ship-to-ship location in the world.

The MMOU calls for the two companies, in partnership as a consortium, to market and deploy the Petromark™ technology into numerous market opportunities around the world currently under development or identified by the consortium. The consortium is presently involved in both advanced and early-stage contract negotiations with oil companies and governments on several continents.

"We are extremely pleased to have formed this partnership with Inspectorate International using our industry-leading Petromark™ marking technology," stated Bruce Rowlands, President and CEO of Eurocontrol Technics. "Inspectorate brings a real depth of long-term inspection and testing logistics experience in the global oil and gas industry into this alliance with Eurocontrol, which will be of tremendous benefit as we deploy Petromark™," 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.

"Inspectorate is pleased to have partnered with Eurocontrol for the delivery of the Petromark™ marking technology," stated Neil Hopkins, Managing Director of Inspectorate International. "We feel that this technology provides Inspectorate with a significant competitive advantage that we are in turn able to pass along to our customers," added Mr. Hopkins.

Conference Call: You are invited to attend a conference call on Monday May 7, 2007 at 2 pm EST to receive a corporate update. The dial-in numbers are 416-695-9706 in Toronto, or Toll Free 1-877-461-2814. Callers should request the Eurocontrol conference call.

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 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, prospects arising in connection with the MMOU and the consortium, anticipated revenues, and projected expenditures. 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 and Chief Executive Officer
    (416) 861-5883