Eurocontrol Announces Management Changes and Initiates Strategic Review Process
Test and Measurement Innovators
Focused on Key Growth Markets
Eurocontrol ranked
on Profit500 in three
consecutive years
365 Bay Street, Suite 400
Toronto, Ontario, Canada M5H 2V1
T 416 361 2808 | F 416 361 2519
eurocontrol.ca
Eurocontrol Announces Management Changes and
Initiates Strategic Review Process
TORONTO, March 15, 2018 -- Eurocontrol Technics Group Inc. (TSX-V:EUO) (OTCQB:EUCTF) (“Eurocontrol” or the
“Company”) announces the appointment of Paul Wood as Interim President and Chief Executive Officer of the
Company, following the resignation of Bruce Rowlands who will remain on the Company’s board of directors, and the
appointment of Dennis Logan, a non-executive director of the Company, as Chairman.
The Company also announces that the board has determined that it is timely, and in the best interests of the Company’s
shareholders, to initiate a formal process to explore a broad range of strategic alternatives that may be available to
Eurocontrol. The Company will provide updates at such time as the board of directors approves a strategic alternative,
or otherwise determines that further disclosure is appropriate or required.
Paul Wood will continue to serve as a member of the Company’s board of directors. Paul Wood has a background in
mergers and acquisitions, transaction structuring and strategic initiatives and has executed transactions for
multinationals, small cap companies and independently. Dennis Logan has a background in investment banking and
has substantial experience serving on company boards. He will continue to Chair the Company’s audit committee in
addition to his role as Chairman.
Paul Wood commented , “The Company ’s strong balance sheet underpinned by cash and a minimum earn out
receivable of $1.5 million per year until 2022, with potential incremental upside from now through to 2024 , combined
with its outstanding technological team and global customer base , places Eurocontrol in a unique position as it
commences this formal process. The Company intends to maintain its commitment to its current businesses and to
lever this combination of balance sheet and technological strength.”
Dennis Logan, the Company’s Chairman, stated, “On behalf of the board of directors, I would like to express my sincere
gratitude to Bruce Rowlands who has been at the helm of the Company for 12 years. His accomplishments include
building a multi-subsidiary high tech company, leading the negotiation and completion of value-enhancing transactions,
and leaving in place a strong balance sheet . We wish him every success in his further endeavours and look forward
to his continuing contribution to the Company’s board of directors.”
For further information on Eurocontrol, please visit the Company's website at www.eurocontrol.ca or contact Paul Wood
at (416) 361-2808 or [email protected].
About Eurocontrol Technics Group Inc.
Eurocontrol is a TSX Venture and OTCQB traded company that specializes in the acquisition, development and
commercialization of innovative test, measurement and authentication technologies for industry with applications in
energy security, semiconductor and precision farming sectors, based on Xenemetrix’s core technological platform of
-2-
ED-XRF. Eurocontrol has three wholly owned subsidiaries, Xenemetrix Ltd., XwinSys Technology Development Ltd.
and Croptimal Ltd. Xenemetrix is a leading designer, manufactur er 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. 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.
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. No stock exchange, securities
commission or other regulatory authority has approved or disapproved the information contained herein.
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 th ey 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 third q uarter ended September 30, 2017 which is available on the Company ’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 revi se any forward -looking statements or information,
whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.