TORONTO, ONTARIO--(Marketwire - Oct. 15, 2012) -
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 authentication, verification, certification and energy security technologies, is pleased to announce an expansion of the Company's board of directors with the appointment of three directors. Joining the board are Dr. Eli Zahavi, a former director of Eurocontrol (from 2006 through 2010), and Mr. Kenneth Wawrew and Mr. Paul Wood, both new independent directors.
Dr. Zahavi has over 30 years of experience in the international oil industry. Over the course of his career, Dr. Zahavi served in various positions and gained valuable experience in managing and running oil companies in the continental US, Puerto Rico and Israel as well as in crude oil and petroleum products trade. Dr. Zahavi holds a Ph.D. in aeronautical engineering as well as a M.Sc. and a B.Sc. in chemical engineering from the Israel Institute of Technology, Israel. He is also a graduate of Cornell University's International Executive Managers Program.
Kenneth Wawrew has over 40 years experience in the high technology industry. He has been instrumental in the start up and success of a number of software and automated optical inspection technology companies. Mr. Wawrew was CEO of Image Processing Systems Inc. (IPS), a TSX listed company that developed E-vision technology for advanced manufacturing applications. IPS was named the fastest growing company in Canada, was one of the Deloitte & Touche Fast 50 for three consecutive years and was also a winner of the Export Award of Canada. IPS was acquired by Photon Dynamics Inc., a Silicon Valley company listed on the Nasdaq exchange. Mr. Wawrew served on the board of Photon Dynamics as well as holding the position of Corporate Vice President of Business Development. Having held a number of senior executive and director positions, Mr. Wawrew has well rounded experience that includes public company finance, investor relations, mergers and acquisitions, start-ups, turnarounds, marketing and international sales. Mr. Wawrew holds a Bachelor of Mathematics, Computer Science from the University of Waterloo.
Paul Wood has 25 years business experience focused on corporate development and structuring transactions. He founded Kappa Advisors Ltd., an independent investment and consulting services company in corporate development, commercialization, intellectual property licensing, special situations and restructuring. In his consulting capacity, he has supported clients around the world, most recently in Asia and Africa, as well as on behalf of OMERS, a $55+ billion pension fund. Prior to the formation of Kappa Advisors, Mr. Wood was Director of Corporate Development for Celestica Inc., a global electronics manufacturing services company, where he led M&A and restructuring teams. He has also worked in Corporate Development for Spar Aerospace and as Vice President for Ernst & Young Corporate Finance. Mr. Wood obtained his MBA in Finance from the University of Toronto and a BA in Economics, Philosophy and Politics from Dalhousie.
Bruce Rowlands, Chairman and CEO of Eurocontrol stated, "We are very pleased to have renewed the board of directors with these highly capable and accomplished entrepreneurs. The appointment of these directors increases the board to six from three members, three of whom are independent. On behalf of Gadi Gonen and Sir Michael Rose, I am pleased to welcome Ken Wawrew, Paul Wood and Eli Zahavi to the board of Eurocontrol."
In other news, Eurocontrol is also pleased to announce, through its wholly owned subsidiary XwinSys, that the Company has recently completed the first alpha version of its wafer inspection system using the combination of Eurocontrol's subsidiary Xenemetrix's Energy-Dispersive X-ray Fluorescence ("EDXRF") technology and Brossh Inspection Systems image processing technology. "This important development milestone has been accomplished on-time and on-budget as we progress to the first operating beta version of this technology in the near future," commented Bruce Rowlands.
About Eurocontrol Technics Group Inc.
Eurocontrol has three wholly owned subsidiaries: GFI, Xenemetrix and XwinSys Ltd. GFI and Xenemetrix are global pioneers in developing and implementing innovative molecular marking systems for the oil industry. Through the proprietary Petromark(TM) integral system, GFI has developed a four-part solution consisting of a molecular marker, injection, monitoring and control components. Such oil industry cost realities along with GFI's ten-year research and development efforts to create its industry-leading marking solutions, along with access to capital provided by Eurocontrol allows management to pursue numerous anticipated oil marking opportunities in 2012 and in years to come. XwinSys Ltd. is currently developing intellectual property that will combine 2D and 3D image processing technology, from Brossh Inspection Systems Ltd. of Israel, with Eurocontrol's subsidiary Xenemetrix Ltd.'s Energy-Dispersive X-ray Fluorescence ("EDXRF") technology.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.
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