Eurocontrol Announces Tender Win of Tanzania Contract
02 Dicembre 2013 - 12:00PM
Marketwired Canada
NOT FOR RELEASE IN THE UNITED STATES OR TO U.S. NEWS WIRE SERVICES.
Eurocontrol Technics Group Inc. (TSX VENTURE:EUO) ("Eurocontrol" or the
"Company"), a Canadian public company specializing in the acquisition,
development and commercialization of innovative energy security, authentication,
verification and certification technologies, through its wholly owned subsidiary
Global Fluids International S.A. ("GFI"), today announced that GFI has signed a
new three year contract with the Tanzanian Energy and Water Utilities Regulatory
Authority ("EWURA") following on the initial contract term which was won through
tender in 2010. This new contract was won in a tender with EWURA conducted this
year and the new contract term will commence in December 2013.
Eurocontrol's innovative Petromark(TM) marking solution addresses two major
problems in the petroleum industry - combating the trade in illicit petroleum
fuel products and providing brand protection for large petroleum companies. As
the price of oil has increased substantially, such problems have become a higher
priority for governments and corporate officials to address.
During the first term of this very successful project implementation, Tanzanian
officials commented: "I would like to thank EWURA (Energy and Water Utilities
Regulatory Authority) for implementing the fuel marking system, which has
enabled us to increase oil revenues to beyond 100 per cent of projections,"
stated Walid Juma, Customs Commissioner for the Tanzania Revenue Authority
("TRA") who added, "Our statistics show that the rate of fuel adulteration has
fallen appreciably." Titus Kagua, EWURA Public Relations Officer indicated that,
"This illegal practice (fuel adulteration) results in unfair competition because
these dishonest firms can afford to sell their fuel at lower than average prices
while also denying the government its rightful taxes" and he provided a warning
to those who wish to steal from the TRA that "Petromark(TM) technology has the
capacity to detect both adulterated and transit fuel which has enabled EWURA to
discover 16 filling stations that have been found selling transit fuel in the
domestic market."
"This tender win for the new Tanzanian contract is a result of a successful
initial implementation of the Petromark(TM) marking and monitoring system over
the past three years, which has substantially increased Tanzanian fuel taxes
collection. The scope and volume of the project reflects the increase in the
legal fuel volumes circulating in the domestic market during the first term of
the implementation" stated Gadi Gonen, President of GFI and Chief Operating
Officer of Eurocontrol and Bruce Rowlands, Chairman and Chief Executive Officer
added, "We are pleased to have won this contract and look forward to further
improved tax collection through continued implementation of advanced methods and
technology during the renewal term."
About Eurocontrol Technics Group Inc.
Eurocontrol through its three wholly owned subsidiaries, Global Fluids
International S.A. ("GFI"), Xenemetrix Inc. ("Xenemetrix") and XwinSys Ltd.
("XwinSys"), is a leading provider and innovator of detection and marking
systems worldwide. GFI and Xenemetrix are global pioneers in developing and
implementing innovative molecular marking systems for the oil industry and
XwinSys is currently a development stage company. GFI's unique and proprietary
liquid authentication system, Petromark(TM), is the world's leading solution for
fully integrated oil marking, mixing and detection. Xenemetrix is a leading
designer, manufacturer and marketer of energy-dispersive x-ray fluorescence
("EDXRF") 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. XwinSys is developing technology and
intellectual property that will combine 2D and 3D image processing technology
from Brossh Inspection Systems Ltd. of Israel with Xenemetrix's EDXRF technology
for application in the semi-conductor manufacturing process.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FOR FURTHER INFORMATION PLEASE CONTACT:
Eurocontrol
Bruce Rowlands
Chairman and CEO
(416) 361-2809
browlands@eurocontrol.ca
www.eurocontrol.ca
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