Eurocontrol Technics Inc.: Athlone Global Security Subsidiary Lands Contract With Israel Electricity Corp.
April 15 2010 - 6:30AM
Marketwired Canada
NOT FOR RELEASE IN THE UNITED STATES OR TO U.S. NEWS WIRE SERVICES
Eurocontrol Technics Inc. (TSX VENTURE:EUO) ("Eurocontol" or the "Company"), a
Canadian public company specializing in the acquisition, development and
commercialization of innovative energy security, authentication and verification
technologies, together with Athlone Global Security Inc. ("Athlone"), are
pleased to announce that the Israel Electricity Corporation ("IEC") has
successfully installed the first 1,500 Automatic Meter Management units ("AMM")
of a 6,000 AMM Unit installation with the IEC. The AMM technology is owned by
Larotec, Ltd. ("Larotec"), a wholly-owned subsidiary of Athlone. As previously
announced, Eurocontrol and Athlone have entered into a definitive agreement
whereby Eurocontrol will acquire all of the issued and outstanding shares of
Athlone (the "Transaction") (See Press Releases Dated April 1, 2010 and April 5,
2010). The Transaction is expected to close on or about April 29, 2010.
The installation of Larotec's AMM units enables clients to automatically and
remotely manage their energy consumption and provides sophisticated "peak
shaving" and "demand response" schemes for the largest energy consumers of the
IEC. The communication infrastructure for the system is being provided both by
Larotec and Cellcom Israel, the leading Israeli cellular provider.
This alliance expands Larotec's ability to deliver on the growing demand for
Automatic Meter Management systems in Israel and in future worldwide business
enterprises. The value of this contract with IEC to Larotec is approximately
US$800,000.
Asher Dahan, the Vice President, Israel Electricity Corporation stated, "IEC
invests in developing advanced solutions and services for the benefit of its
clients. This project will improve the service for 6,000 sites of its largest
energy consumers, which consume more than 50% of Israel's total energy
consummation. This project is the first milestone in a long term strategic
plan".
"Cellcom is aware of the unique needs of its business clients and dedicates
resources for the development of long term advanced technological solutions, for
the benefit of its clients. We are proud of the solution provided to IEC, which
was achieved through our alliance with Larotec. The 6,000 unit instalment has
great potential to be expanded. We are confident the joint venture between IEC,
Cellcom and Larotec shall be expressed in the quality of service to our
clients", stated Rafi Fora, the Vice President, Business Sector of Cellcom
Israel.
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(TM) 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 2010 and in years to come.
About Athlone Global Security Inc.
A pioneer in the Homeland Security marketplace, Athlone Global Security Inc.
focuses on finding and investing in emerging growth companies specializing in
the development and distribution of imperative Homeland Security ("HLS") related
solutions. AGS operates principally from its offices at the in the U.S.A. and
Middle East. As a private investment group, AGS invests primarily in
technologically oriented, privately owned, and entrepreneurially managed HLS
companies that have developed unique products that can be readily adapted in
major global markets where there is great demand for these products in the
global war on terrorism. AGS' primary focus in sourcing its investment
opportunities is in Israel due to the wide breadth of opportunities available
and the strong team and infrastructure AGS has already established in Tel Aviv.
Due to the unique knowledge and expertise of counter-terrorism and HLS
technologies, Israel has become an attractive source of emerging HLS
technologies for North American and European markets.
Please visit the Company's web site at www.athloneglobalsecurity.com
About Larotec Ltd.
Larotec provides advanced comprehensive solutions for the Machine-to-Machine
(M2M) market. Its Web2M(TM) (http://www.larotec.com/new/Web2M.asp) technology is
an off-the shelf, end-to-end web-based solution for management of multiple,
widely distributed devices through a central management system. The Web2M(TM)
(http://www.larotec.com/new/Web2M.asp) is a Point-to-Multipoint, scalable
platform based on an open architecture design and on standard protocols and a
variety of communication infrastructures.
Regulatory Footnotes
Completion of the Transaction is subject to a number of conditions, including
TSX Venture Exchange acceptance and potential disinterested shareholder
approval. The Transaction cannot close until the required shareholder approval
is obtained. There can be no assurance that the Transaction will be completed as
proposed or at all.
Investors are cautioned that, except as disclosed in the Management Information
Circular to be prepared by Eurocontrol in connection with the Transaction, any
information released or received with respect to the business combination may
not be accurate or complete and should not be relied upon. Trading in the
securities of Eurocontrol should be considered highly speculative.
This press release shall not constitute an offer to sell or solicitation of an
offer to buy the securities in any jurisdiction. The securities will not be and
have not been registered under the United States Securities Act of 1933 and may
not be offered or sold in the United States absent registration or applicable
exemption from the registration requirements.
Cautionary Note Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of
applicable Canadian securities legislation. Forward-looking information
includes, but is not limited to, statements with respect to the future financial
or operating performance of each of Eurocontrol, AGS and Larotec and its
projects, including the implementation of the AMM units, statements regarding
technological prospects, statements regarding synergies and financial impact of
the proposed transaction, the terms and conditions of the transaction, the
benefits of the proposed transaction, costs of and capital for projects,
expenditures, timing of future technological developments, requirements for
additional capital, government regulation of industrial operations,
environmental risks, title disputes or claims, limitations of insurance coverage
and the timing and possible outcome of pending litigation and regulatory
matters. Generally, forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or variations of such
words and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of activity,
performance or achievements of the Company (and the company resulting from the
successful completion of the proposed transaction) to be materially different
from those expressed or implied by such forward-looking information, including
but not limited to: general business, economic, competitive, political and
social uncertainties; the actual results of current exploration activities;
delay or failure to receive board or regulatory approvals; timing and
availability of external financing on acceptable terms; the business of AGS and
Eurocontrol and AGS not being integrated successfully or such integration
proving more difficult, time consuming or costly than expected; not realizing on
the potential benefits of the proposed transaction; conclusions of economic
evaluations; changes in project parameters as plans continue to be refined;
failure of plant, equipment or processes to operate as anticipated; accidents,
labour disputes and other risks of the industrial industry; and, delays in
obtaining governmental approvals or required financing or in the completion of
activities. Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause results not
to be as anticipated, estimated or intended. There can be no assurance that such
information will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking information.
Eurocontrol and AGS do not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
NEITHER 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.
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