Eurocontrol Technics Inc.
TSX VENTURE : EUO

Eurocontrol Technics Inc.

May 12, 2008 07:00 ET

U.S. Generals (Retired) Garner & Hite Join Eurocontrol

FOCUS ON U.S. INDUSTRIAL MILITARY COMPLEX INCLUDING IRAQ

TORONTO, ONTARIO--(Marketwire - May 12, 2008) - Eurocontrol Technics Inc. (TSX VENTURE: EUO), a public Canadian energy security company specializing in the acquisition, development and commercialization of innovative authentication and verification technologies, today announced the company has added Lieutenant Generals (U.S. Army Retired) Jay M. Garner and Ronald V. Hite to its Advisory Board.

Jay Garner and Ron Hite bring extensive backgrounds and unique insights into military and commercial operations and opportunities that exist for Eurocontrol's industry leading Petromark™ hydrocarbon marking technology within the American industrial military complex.

General Jay Garner served as Commanding General of the U.S. Army Space and Strategic Defense Command (USASSDC), headquartered in Arlington, Virginia, and as Assistant Vice Chief of Staff of the Army. He also served as the Assistant Deputy Chief of Staff for Force Development, Office of the Deputy Chief of Staff for Operations and Plans, Washington, D.C., Deputy Commanding General, V Corps Frankfurt Germany; Commanding General, Joint Task Force Bravo - Operation Provide Comfort Northern Iraq and Deputy Commanding General, U.S. Army Air Defense School. In January 2003 Jay Garner was appointed by the Secretary of Defense to organize and direct the Office of Reconstruction and Humanitarian Assistance for post-war Iraq.

General Hite received his commission in 1964 as a Second Lieutenant in the Infantry following graduation as a Distinguished Military Graduate from East Tennessee State University, where he earned a Bachelor of Arts in Chemistry. In 1974, he earned a Master's Degree in Management Science from The Florida Institute of Technology. General Hite served as the Program Executive Officer, Combat Support, where he was responsible for development, production and fielding of the Army's High Mobility Multipurpose Wheeled Vehicle, medium/heavy truck fleets and commercial construction equipment. He also served as the Deputy Program Executive Officer for Future Systems, Armored Systems Modernization responsible for establishing development
programs for the future tank, combat engineer vehicle, self-propelled howitzer, line of sight antitank system, ammunition re-supply vehicle and the infantry fighting vehicle. He also commanded White Sands Missile Range and the U.S. Army Test and Evaluation Command. He retired in 1997 as the Director Army Acquisition Corps, and Military Deputy to the Assistant Secretary of the Army for Research, Development and Acquisition.

"Eurocontrol is very pleased to have Jay and Ron committed to assisting us in our deployment of Petromark™ in global markets and opportunities with which both are highly experienced," stated Bruce Rowlands, President & CEO Eurocontrol Technics Inc. "Their understanding and analysis of the complex issues involved in the U.S. industrial military complex will be invaluable to the shareholders of Eurocontrol," added Mr. Rowlands.

"Both Jay and I are very impressed with Eurocontrol's Petromark™ technology and have been tracking Eurocontrol's progress with this technology in the market place since the second quarter of 2007," stated General Ron Hite. "The importance of this technology in providing governance and transparency standards in the international oil and gas markets is tremendous, particularly as crude and refined fuel prices continue to rise around the world," added General Hite.

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.

As consideration for entering into this agreement with Eurocontrol, G&H Enterprises, LLC will be granted 200,000 stocks options with a strike price of CDN$0.30, subject to regulatory approval.

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 2008 and in years to come.

Cautionary Note Regarding Forward-looking Information

Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding the future operating and financial performance of the Company, the execution of this agreement and its implementation and the impact of this agreement on the performance of the Company. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially, include, among others, competition risks, execution risks, country risks, and lack of a history of profitability. Most of these factors are outside the control of the Company. 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.

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 and Chief Executive Officer
    (416) 861-5883
    Email: browlands@eurocontrol.ca