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Press Releases: Acquisition of Navitas

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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