TORONTO, May 30, 2018 (GLOBE NEWSWIRE) -- Eurocontrol Technics Group Inc. (TSX Venture:EUO) (OTCQB:EUCTF) (“Eurocontrol” or the “Company”), a Canadian public company with three subsidiaries specializing in the sale, development and commercialization of innovative test and measurement technologies for the scientific testing, precision agriculture and semiconductor sectors, announces that it has filed its interim financial statements and Management’s Discussion and Analysis (“MD&A”) for the first quarter ended March 31, 2018.
The first quarter results reflect a 38% decrease in first quarter revenue to $348,317 compared to $560,248 for the interim period ended March 31, 2017. The Company recognized EBITDA of ($1,839,527) ($1,565,799 in 2017) resulting in a net loss of $1,751,345 for the quarter compared to a net loss of $1,378,799 for the three month period ended March 31, 2017.
As part of the previously announced strategic review process that is being overseen by a special committee of independent directors of the Company, steps have been implemented to reduce staffing levels at the Company’s subsidiary companies, Xenemetrix, Croptimal and XwinSys, located in Israel. The Company’s board of directors is continuing to consider and evaluate strategic alternatives and is evaluating potential investment opportunities that will enhance the Company’s growth profile and future profitability. There is no assurance that the review by the Company’s board of directors will result in a transaction or other strategic alternative and the board has not set a timetable for the completion of the review process.
About Eurocontrol Technics Group Inc.
Eurocontrol is a TSX Venture and OTCQB traded company that has three wholly owned subsidiaries, Xenemetrix Ltd., XwinSys Technology Development Ltd. and Croptimal Ltd. Xenemetrix designs, manufacturers and markets 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.
For further information on Eurocontrol, please visit the Company's website at www.eurocontrol.ca or contact Paul Wood at (416) 361-2808 or pwood@eurocontrol.ca.
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 news release contains “forward-looking statements”. All statements, other than statements of historical fact included in this news release, regarding Eurocontrol’s strategy, future operations, possible strategic transactions, financial position, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words “plan,” “will,” “would,” “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Eurocontrol’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. As such, actual results, performance, or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits or negative impact they will have on Eurocontrol and its shareholders.