Migdal Haemek, Israel, 21 February 2006. Petrometrix Ltd announced today that it has executed a joint venture agreement with Modcon Systems Ltd for the collaborative development and distribution of Near Infrared (NIR) process analyzers.

Dr. Robert Buckwald, Petrometrix’ Chairman of the board commented, “ We are very pleased to have the opportunity to work with Modcon Systems. Modcon is an excellent growing company. This is a strategic relationship, which promises to result in exciting new products and services to our customers. The combination of our patented technology and Modcon Systems' expertise represents a breakthrough in NIR process analyzer design. The experience of both companies being brought to the joint venture offers a strong opportunity for the introduction of this unique technology to the world markets.”

Founded in 1992, Petrometrix Ltd. develops, manufactures and markets a new generation of process analyzers based on Near Infrared (NIR) technology for the petroleum and petrochemical industries. Founded in 1972, Modcon Systems Ltd is a multinational company focusing on system integration, process analyzers and control instrumentation for oil, gas, chemical and petrochemical industries.

The new agreement will take advantage of Modcon’s strength in marketing, integration and applications development and PetroMetrix’ sophisticated analyzers and experience in chemometrics. The companies believe that the combined team will be able to give greater customer support, novel solutions and new products applications to its customers worldwide.