Turkish Delights This one is probably one of the major leg-pulls ever witnessed on the Venture and well defined what characters are behind this ( plus at the same time marking the all time high around 1 buck to never be seen again) :
#1 Announce MAJOR WIN
EUROCONTROL’S SUBSIDIARY GFI WINS MAJOR CONTRACT WITH TURKEY’S ENERGY MARKET REGULATORY AUTHORITY Toronto, Ontario, November 14, 2005:
2 # Raise funds 15 days later.....
EUROCONTROL ANNOUNCES PRIVATE PLACEMENT FINANCING Toronto, Ontario, November 29, 2005: Eurocontrol Technics Inc. (TSX Venture: EUO) announces that it plans to raise up to $5 million by way of a non-brokered private placement through the issuance of Units priced at $0.70 per Unit. Each Unit will consist of one common share and one half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase a common share for $1.00 for a period of 24 months following closing. The private placement remains subject to regulatory approval. The Company plans to use the proceeds to accelerate the earn-in of its 51% interest in Global Fluids International S.A. (see press release dated November 10, 2005) and for accelerating the company’s business plan - including executing the contract win in Turkey (see press release dated November 14, 2005) – and for continuing research and development of next-generation Nano markers.
3# Close PP a month after on year end 30th December 2005 ( A Friday)
EUROCONTROL CLOSES PRIVATE PLACEMENT FINANCING Toronto, Ontario,
December 30, 2005: Eurocontrol Technics Inc. (TSX Venture: EUO) has closed the second tranche of its previously announced private placement.
4# After partying for Year End and with the money still being counted on the table announce on 5th January 2006 Thursday that the contract has been rescinded out of the blue
GFI APPEALS EMRA DECISION TO RESCIND TURKEY AWARD
Toronto, Ontario, January 5, 2006: Eurocontrol Technics Inc. (TSX Venture:
EUO) reports that on November 11, 2005, GFI S.A, a subsidiary company of
Eurocontrol, participated in the tender for supplying the Turkish National Fuel Marker,
managed by EMRA (Energy Market Regulatory Authority) – a statutory regulatory entity
of the Turkish Government. GFI was announced as the winning bidder of this tender,
and received an official notification from EMRA stating that it is the winning company of
the tender. Subsequently, GFI met all the technical requirements for the tender and the
award for the tender was announced on Turkish television.
For reasons GFI does not understand, EMRA has rescinded the award and cited minor
technical variations. The GFI technology was officially verified by Tubitak, the Turkish
national metrology institute, which was nominated to verify GFI technology and
confirmed that GFI met all the requirements of EMRA for this tender. The Chairman of
GFI, Eli Zahavi stated that: “The rescission of the award is a force majeure beyond the
control of GFI and GFI is appealing the decision at all government levels and challenging
the decision with the Supreme Court of Turkey. GFI is confident that it will receive the
support of the Supreme Court to reverse the decision of EMRA.”
Seriously what are the odds the Turks just cancelled out of the blue on 3 to 4 Jan ( 2nd Jan being a holiday as 1st Jan was Sunday) ????