Authentix Fuel Marking Program Continues to Help Guyana Reduce Fuel Crimes - Program Has Cut Number of Illegal Fuel Sites by 32% Over Six Year Span

DALLAS, May 29, 2012 (BUSINESS WIRE) -- Authentix, the global leaders in fuel authentication, is helping the nation of Guyana greatly reduce fuel crimes that result in lost tax revenue. Thanks to an effective fuel marking program powered by Authentix technology, the level of fuel adulteration has dropped significantly since the program was initiated, resulting in increased tax revenues. From 2006 to 2011, the percentage of identified sites found with illegal fuel has progressively decreased from 34% in 2006 to 2% in 2011.

Continuing efforts are being made to keep this level low and drive down the level of illegal activity even further.

When the Guyana Energy Agency (GEA) began working with Authentix, the country was facing a myriad of fuel-related tax losses. Non-taxed fuel was being smuggled into Guyana and sold illegally to retail sites with no means of identifying which fuels were legally imported and which were smuggled.

Additionally, taxed road fuels were being adulterated with low-tax kerosene. To combat these problems, Authentix fuel markers are blended into legitimate fuel at secure terminals. Samples from retail stations are then tested for the expected concentration of these markers. Any level of dilution is quickly determined and proper enforcement procedures are then initiated by the GEA.

The implementation of the fuel marking program has enabled authorities to reduce the incidence of fuel smuggling in the country and recover revenues that would have been lost through illegitimate sales and tax evasion.

"Since 2006 the rate of fuel adulteration detected has substantially dropped each year and we will continue, undeterred in our efforts, to eliminate fuel smuggling," says Dr. Mahender Sharma, Chief Executive Officer, GEA. "Guyana has seen a myriad of additional benefits including improved and sustained sales of legitimate fuel as well as improved and sustained collection of excise tax. The marking program is also an economic boost as it provides dozens of local jobs."

"Keeping the fuel marking program in place and enforcing the laws means that Guyana is recovering fuel tax revenues previously lost to criminals," says Lal Pearce, President, Global Business Development, Authentix. "The vigilance of the GEA combined with the effectiveness and continued use of the Authentix fuel marking program ensures that the rate of fuel-related crimes will continue to decrease."

Authentix manages the program turnkey with the GEA. An internal analysis by the GEA completed in 2009 estimated the net benefits of the program to represent a 443% return on investment.

Authentix operates fuel marking programs on five continents helping governments protect fuel tax revenues and helping leading Oil & Gas companies protect their brands.

About Authentix

Authentix, the global leaders in authentication, provides brand protection, excise tax recovery, and supply chain security solutions to governments and Fortune 500 companies around the world. Authentix helps safeguard clients in the oil and gas, pharmaceutical and consumer goods industries from counterfeiting, smuggling and adulteration issues. In addition, Authentix protects the currency of multiple industry-leading central banks. Innovative nano-scale engineering, serialization authentication expertise and cutting-edge sensor knowledge help Authentix create effective customized solutions that address each client's needs. To date, Authentix has helped recover $11 billion in lost revenue for our clients. For more information visit www.authentix.com .

SOURCE: Authentix

        
        Authentix 
        Marc Daigle, 469-737-4400 
        marc.daigle@authentix.com
        
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