TORONTO, ONTARIO--(Marketwired - May 31, 2017) - Eurocontrol Technics Group Inc. (TSX VENTURE:EUO)(OTCQB:EUCTF) ("Eurocontrol" or the "Company"), a Canadian public company specializing in the acquisition, development and commercialization of innovative test and measurement technologies for industry with application systems focused on the energy security, semiconductor and precision agriculture sectors, announces that its wholly-owned subsidiary Xenemetrix Ltd. ("Xenemetrix") has received an order for six ED-XRF Petromark™ analyzer units for revenue of approximately US$250,000 from SICPA.
The order of units is in support of a three year contract renewal that was awarded after a tender process. The renewal provides evidence that the Petromark™ marking solution is continuing to address and discourage fuel adulteration providing increased oil revenues. The Petromark™ fuel marking system functions as an "in-product tax stamp" that cannot be removed, altered or copied. The detection technology supplied by Xenemetrix is highly accurate and exploits advanced ED-XRF spectrometry techniques providing the sophisticated tool available to eliminate fraud in the oil sector. Xenemetrix has an exclusive long-term supply, maintenance and support agreement with SICPA to supply ED-XRF spectrometry equipment and services related to the oil and gas marking and monitoring field.
The problem of fuel adulteration and theft is widespread as demonstrated by a recent Infographic created by Visual Capital - http://www.eurocontrol.ca/index.php/about-us/global-black-market-for-oil.
Bruce Rowlands, Chairman and CEO stated, "We are pleased to receive this initial order and continue our support of SICPA and we look forward to additional equipment orders and in the case of new contracts, additional earn-out revenue as their efforts since acquiring our former fuel marking subsidiary come to fruition."
Eurocontrol is a TSX Venture and OTCQB traded company that specializes in the acquisition, development and commercialization of innovative test and measurement technologies for industry with application technologies focused on the energy security, semiconductor and precision farming sectors based on Xenemetrix's core technological platform of ED-XRF. Eurocontrol has three wholly owned subsidiaries, Xenemetrix Ltd., XwinSys Technology Development Ltd. and Croptimal Ltd. and an agreement with SICPA S.A. for semi-annual earn-out payments of 5% (minimum $9 million over six years) on revenues generated from the oil and gas marking and monitoring field relating to the sale of its former subsidiary Global Fluids International (GFI) S.A. Xenemetrix is a leading designer, manufacturer and marketer of ED-XRF systems, a technology that is the most accurate and economic method for determining the chemical composition of many types of materials, including the analysis of petroleum oils and fuel. Xenemetrix has an exclusive long-term supply, maintenance and support agreement with SICPA to supply Xenemetrix products and services related to the oil and gas marking and monitoring field. XwinSys has developed a patented, fully automated metrology system for the semiconductor industry that combines 2D and 3D image processing technology with Xenemetrix's ED-XRF technology. Croptimal, is introducing a new mobile ED-XRF spectroscopic material analysis laboratory for the precision agriculture industry that could dramatically change agricultural testing methodology and increase crop yields.
Forward-Looking Statements: This press release contains forward-looking statements. More particularly, this press release contains statements. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. The forward-looking statements are based on certain key expectations and assumptions made by Eurocontrol. Although Eurocontrol believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Eurocontrol can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. In addition to other risks that may affect the forward-looking statements in this press release are those set out in Eurocontrol's management discussion and analysis of the financial condition and results of operations for the quarter ended March 31, 2017 which is available on the Corporation's profile at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and Eurocontrol undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.