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MCC Energy Plc
04 May 2005
MCC Energy PLC Acquisition
of North American Energy Controls Business
MCC Energy PLC ('the Company'
or 'MCC Energy') announced today that it has completed
its acquisition of the business and assets of SRE Controls,
Inc., ('SRE') on the terms contained in the Company's
announcement on April 13, 2005. Concurrent with the
acquisition, SRE was renamed Navitas Technologies, Ltd.
Navitas Technologies will remain focused on developing
and manufacturing energy controls systems for electric
vehicles ('EVs') such as forklifts, golf carts, automated
guided vehicles and scooters sold throughout the United
States and Canada.
The Board considers that Navitas
Technologies presents an excellent opportunity for the
Company underpinned by its view that demand for EVs
should remain strong
as they are highly energy efficient and environmentally-friendly,
can reduce operating expenses and can increase productivity.
The Board believes Navitas Technologies' unique product
line, which delivers higher power ratings, cooler operating
temperatures for higher reliability and flexibility
and optimised efficiency and power management, will
enable it to continue on its growth path.
The intention is that Navitas Technologies will launch
a fully-programmable line of EV controllers, in AC and
DC configurations.
MCC Energy will seek to provide
additional value by leveraging the skill sets of its
personnel to assist Navitas Technologies with penetrating
market opportunities in North America and Europe, improving
the business operations, and pursuing various growth
strategies.
Steven Levine, Chief
Executive Officer, stated:
'The acquisition of Navitas
Technologies is consistent with our strategy described
in MCC Energy's initial public offering on AIM of identifying
and investing in proven energy technology companies
with strong growth potential. This acquisition provides
us with a platform from which to expand into the energy
efficiency and controls market.'
MCC Energy is an established
business providing integrated strategic and financial
advisory services, including capital raising, business
development and mergers and acquisitions, to established
and emerging energy companies based principally in Europe
and North America and intends to extend its business,
by acquiring majority or active minority interests in
energy assets and technologies.
MCC Energy is focused on the
electricity and natural gas utility industries, with
a particular emphasis on renewable energy, energy efficiency
and emerging energy technologies.
Enquiries:
MCC Energy PLC
Dan Gulick
Tel: 001 212 614-0491
M Communications
Nick Fox
Tel: +44 207 153 1540
Mob: +44 7711 727 618
Notes to Editors:
MCC Energy is an established
business providing integrated strategic and financial
advisory services, including capital raising, business
development and mergers and acquisitions, to established
and emerging energy companies based principally in Europe
and North America and intends to extend its business,
by acquiring majority or active minority interests in
energy assets and technologies.
MCC Energy is focused on the
electricity and natural gas utility industries, with
a particular emphasis on renewable energy, energy efficiency
and emerging energy technologies.
The Company is developing
three divisions:
1. Energy Advisors
Energy Advisors is the Company's established advisory
services division focused on the delivery of strategic
and financial services within the energy industry. This
advice includes transactional support services (for
example asset disposals and acquisitions), strategic
planning and implementation services to emerging energy
technology companies, fund raising, operational assistance
and project
development.
2. Energy Technologies
The newly formed division of Energy Technologies will
concentrate on acquiring controlling and active non-controlling
interests in energy technology companies
principally in Europe and North America.
3. Energy Assets
Energy Assets is also newly established and will focus
on the acquisition and improvement of small to medium-sized
operating and late-stage, developed retail energy and
electricity assets (typically with generating capacity
of between 5 and 100 megawatts) and other energy assets
principally in Europe and North America.
This information is
provided by RNS
The company news service from the London Stock Exchange
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