Eurocontrol Technics Inc.
TSX VENTURE : EUO

Eurocontrol Technics Inc.

November 14, 2005 08:00 ET

Eurocontrol's Subsidiary GFI Wins Major Contract With Turkey's Energy Market Regulatory Authority

TORONTO, ONTARIO--(CCNMatthews - Nov. 14, 2005) - Eurocontrol Technics Inc. (TSX VENTURE:EUO) is pleased to announce that its subsidiary - Global Fluids International SA (GFI) ("GFI") - has been chosen by Turkey's Energy Market Regulatory Authority ("EMRA") to mark the country's national fuel and diesel supply over a 2 year contract with a 1 year option extension. Gross revenues to GFI over 2 years will likely exceed US$25 million based upon Turkey's national fuel flow designated to be marked for this contract. Final terms of this contract with GFI will be negotiated and completed over the next few weeks, after verifying all technical and legal aspects of the project.

GFI was chosen from 6 companies that have been competing for this tender. Commenting upon Turkey's EMRA announcement of the contract win, Eurocontrol's President Gadi Gonen stated: "We are very excited about this significant contractual win by GFI. This affirms that GFI is distinguishing itself with its proprietary marking system - Petromark™ - to assist companies and national fuel regulatory authorities in tracking their fuel supply."

The Petromark™ 4-part integral system addresses two major problems in the oil industry: combating illicit fuels (stolen or adulterated), and brand protection (preventing mixing of non-brand fuels).

Eurocontrol's President Gadi Gonen further added: "We are very pleased with the awarding of this tender to GFI, which is the first large open national marker tender for next-generation markers. This project will position GFI at the forefront of the industry and will create many opportunities in other jurisdictions and with other companies."

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" and is currently earning into a 51% interest in GFI.

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
    ggonen@eurocontrol.ca
    or
    Eurocontrol Technics Inc.
    Ray Kindiak
    VP, Corporate Development
    (416) 524-7727
    rkindiak@eurocontrol.ca
    or
    Eurocontrol Technics Inc.
    65 Queen Street West, Suite 825
    Toronto, Ontario M5H 2M5