Eurocontrol Technics Inc.
TSX VENTURE : EUO

Eurocontrol Technics Inc.

October 30, 2006 07:30 ET

Eurocontrol Technics Inc. Announces Appointment of the Honourable Pierre S. Pettigrew as Chairman of the Board of Directors

TORONTO, ONTARIO--(CCNMatthews - Oct. 30, 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 appointment of the Honourable Pierre S. Pettigrew to the position of Chairman of the Board of Directors of the Company. Pierre Pettigrew has had a most distinguished career as a federal cabinet minister for ten years between 1996 and 2006. He left the government as Minister of Foreign Affairs of Canada preceded by his position as Minister for International Trade. The Honourable Pierre Pettigrew also served as Minister of Health, Minister of Intergovernmental Affairs, Minister of Human Resources Development and Minister of International Cooperation. He represented the riding of Papineau (Montreal, Quebec) in the Parliament of Canada. As a cabinet minister of the federal government, he chaired numerous working groups on difficult international trade issues, and lead trade missions to China, India, Russia, Germany, Algeria, Morocco, South Africa, Nigeria, Mexico, and other countries. From 1985-95, he was an International Business Consultant with Deloitte.

"Pierre Pettigrew will bring to our board valuable international insight and leadership as we expand the number of fuel marking contracts we are pursuing around the world," commented Bruce Rowlands, President & Chief Executive Officer of Eurocontrol Technics. "His network of international contacts will be very useful as Eurocontrol develops the necessary senior relationships within governments and businesses affected by the illicit trade in oil and gas," added Mr. Rowlands. "The Board of Directors would also like to take this opportunity to thank Mr. Stan Bharti, the outgoing Chairman of the board, for his important contributions in the development of Eurocontrol and welcomes his continued
participation as a director of the Company."

In addition to serving as Chairman of the Board of Directors of Eurocontrol, Mr. Pettigrew will also act as Senior Advisor to the management team of the Company providing strategic advisory services in the day-to-day operations of the Company.

"Pierre Pettigrew's new role with Eurocontrol Technics comes at a pivotal time in the development of the evolving fuel marking market," stated Mr. Stan Bharti, former Chairman of Eurocontrol Technics. "Numerous governments and corporations across the globe are now looking for new discreet technologies, such as Petromark™, to combat the losses they experience through the adulteration, smuggling and illicit trade in many types of hydrocarbons," added Mr. Bharti.

Additionally, the Board of Directors has awarded Mr. Pettigrew options to purchase 250,000 common shares of the Company at an exercise price of $0.40 per common share and valid for a period of five years, subject to regulatory approval.

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 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 solutions include various proprietary components that meet the needs of petrol distributors globally. The GFI 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 in recent years, such problems have become a higher priority for 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 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.

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

Contact Information

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