Eurocontrol Technics Inc.
TSX VENTURE : EUO

Eurocontrol Technics Inc.

November 10, 2005 08:00 ET

Eurocontrol Technics Inc. Acquires 51% Equity Investment In Global Fluids International S.A. 'GFI'

TORONTO, ONTARIO--(CCNMatthews - Nov. 10, 2005) - Eurocontrol Technics Inc. (TSX VENTURE:EUO) today announced that it has signed a definitive agreement to acquire a 51% interest in Global Fluids International S.A. ("GFI") for a total investment of US$5 Million. Terms of the acquisition consist of GFI meeting certain milestones over the next 18 months with the first installment of US$1 million completed. This transaction has been approved by the TSX Venture Exchange.

Founded in 2001, Global Fluids International S.A ("GFI") is one of the world's pioneers in developing and implementing innovative marking systems for the oil industry. Through its proprietary Petromark™ integral system, GFI has developed a 4-part solution consisting of a marker, injection, monitoring and control components. GFI's innovative solutions include various proprietary components that meet the needs of petrol distributors globally. The Petromark™ integral solution addresses two major problems in the oil industry: combating illicit fuels (stolen or adulterated), and brand protection (preventing mixing of non-brand fuels).

GFI has offices in Austria, Israel, Mexico and the US, and its R&D center is based in Israel. The company is collaborating with Soreq NRC - The National Research Center of the State of Israel - with more than 500 scientists. GFI's project is one of the most successful commercial projects of ISORAD, the commercialization arm of Soreq.

GFI's Chief Executive Officer, Mr. Gadi Gonen will also serve as Eurocontrol's President. Mr. Gadi Gonen has 20 years experience in establishing and managing high technology companies, raising private and public equity and successfully transforming early-stage companies from the R&D phase into profitable companies.

Upon completion of the acquisition, the new Eurocontrol president commented, "We are very pleased with the new access to the Canadian capital markets that this transaction allows. This will enable us to bring a wide range of tagging and tracing applications beyond the oil industry to new market opportunities in areas such as textiles, foods and medicines."

In addition to GFI's current market focus in the oil industry, GFI will use proceeds to further investigate extending its proprietary technology into other market opportunities, where it can leverage its expertise in authentication applications. GFI is investigating the application of its technology for DNA Tagging in other market areas such as pharmaceuticals, water, foods, and anti-terrorism.

As applied in the oil industry, GFI's proprietary Petromark™ integral system marks fuel with a unique 'fingerprint' at the molecular level, and the marking solution can be added anywhere along the fuel distribution line. Afterwards, stationary or mobile detection units can be deployed at any point along the distribution network where a less than five-minute analysis process is executed to determine the authenticity of the fuel. GFI has adopted EPA standards for its Petromark™ markers. The Petromark™ integral system cannot be replicated and it is an environmentally friendly solution.

About Global Fluids International (www.gfi-petromark.com)

Founded in 2001, Global Fluids International S.A ("GFI") is one of the world's pioneers in developing and implementing innovative marking systems for the oil industry. Through its proprietary Petromark™ integral system, GFI has developed a 4-part solution consisting of a marker, injection, monitoring and control components. GFI's innovative solutions include various proprietary components that meet the needs of petrol distributors globally. GFI has offices in Austria, Israel, Mexico and the US, and its R&D center is based in Israel.

About Eurocontrol Technics Inc.

Eurocontrol Technics Inc. is a Canadian-based company trading on the TSX Venture Exchange under the symbol "EUO."

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Eurocontrol Technics Inc.
    Gadi Gonen
    President
    (011) 972-52-324-5440
    or
    Eurocontrol Technics Inc.
    Ray Kindiak
    VP, Corporate Development
    (416) 524-7727
    or
    Eurocontrol Technics Inc. Office
    65 Queen Street West, Suite 825
    Toronto, Ontario M5H 2M5