SRE Controls Acquired by MCC Energy Plc and Renamed Navitas Technologies
FOR IMMEDIATE RELEASE
April 22, 2005
a wholly-owned subsidiary of MCC Energy Plc, has successfully completed
its acquisition of SRE Controls, Inc. NVT purchased the business and
assets of SRE on April 20th and will operate separately from its parent,
"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." said Steven Levine, CEO MCC
will seek to continue with SRE?s recent expansion into new markets that
has steadily increased SRE?s customer base over the last 18 months. As
its parent organization, MCC Energy will provide assistance with
corporate development, strategic planning and capital requirements to
meet and exceed these objectives.
The decision to
purchase Navitas Technologies is a strategic move that opens new
markets and opportunities.
?We are pleased to have
a solid supporter in MCC Energy so we can take full advantage of the
opportunities available to us in our target markets. Our commitment to
our customers is a priority as we go through these positive changes. We
will remain focused on the current and future needs of our customers, as
it is these partnerships that have allowed us to expand and grow.? said
Peter McDonald, General Manager for Navitas Technologies Ltd.
Navitas Technologies Ltd. of Waterloo, Ontario, Canada designs,
manufactures and markets high performance, microprocessor-based
electronic control systems and accessories for a wide variety of
electric vehicles (EVs).
NVT?s products and
integrated systems are used in battery and alternative-powered vehicles
across multiple applications. These include: industrial and commercial
vehicles such as forklift trucks, aerial platforms (scissors and booms),
airport ground support equipment (GSE), ice re-surfacers, golf cars,
scooters and other special-purpose industrial electric vehicles. SRE
produces patented controller products and software algorithms, as well
as customized designs developed specifically for large, medium and small
OEMs as well as a complete offering of electrical drive components.
Over the last decade
the electric vehicle market has been extremely successful in the
development and exploitation of technology and is growing rapidly.
Navitas Technologies is dedicated to providing solutions to this rapidly
evolving industry without losing site of the customers and opportunities
that made us what we are today.
About MCC Energy
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
For more information
about Navitas Technology Ltd. please contact: