Eurocontrol Technics Inc.: Athlone Global Security Investee Company Awarded Singapore Israel Industrial Research and Development
May 06 2010 - 7:02AM
Marketwired Canada
NOT FOR RELEASE IN THE UNITED STATES OR TO U.S. NEWS WIRE SERVICES
Eurocontrol Technics Inc. (TSX VENTURE:EUO) ("Eurocontrol" 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 an investee company of Athlone, BlueBird Aero Systems
("BlueBird"), together with Horizon Fuel Cell Technologies Ltd. ("Horizon") have
been awarded, by the Singapore-Israel Industrial Research & Development
Foundation ("SIIRD"), a grant for a full scale R&D project "Fuel Cell Powered
UAV for Civilian Applications". The SIIRD Board has approved co-funding of the
project to be completed in 2011.
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 30, 2010
and April 5, 2010).
Bluebird, together with Horizon are going to develop the world's first
commercial fuel cell powered mini UAV for the global market. The completed
system will enable a mini UAV to have longer flying time of greater then 10hrs,
while today's mini UAV only fly up to 3 hours (powered by conventional LIPO
batteries). The improvement represents a 3-4 times increase in flight time,
enabling unique aerial applications previously impossible.
The mini UAV is considered to be an affordable solution for the HLS and civilian
companies, looking for aerial applications capabilities like aerial monitoring,
aerial surveillance, mapping on demand, agricultural applications, border
patrol, critical assets protection, disaster events management, geographical
survey, scientific applications and more.
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 Bluebird:
BlueBird Aero Systems Limited is a specialist in the design, development and
manufacture of tactical Unmanned Aerial Systems (UAS) solutions and offers a
wide range of combat-proven UAS products and technologies to customers across
the world. Bluebird's unique and patented technology delivers unprecedented
products with unmatched performance.
About Horizon fuel cell technologies Ltd
In 2003, a determined team of entrepreneurs, scientists, and engineers from
around the world joined forces with a mission to introduce commercially viable,
clean hydrogen fuel cell power. The company's overall vision is aligned with
world, national, and scientific leaders seeking to eliminate mankind's reliance
on carbon-based fuels in favour of clean, low-cost energy for all the planet's
citizens, generated from climate-friendly and renewable resources.
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.
The TSX Venture Exchange has in no way passed upon the merits of the proposed
transaction nor approved or disapproved of the contents of this news release.
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 Bluebird and its
projects, including the implementation of the secure Voice Biometric
applications, 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.
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