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In the News
SRE Controls

SRE Controls Acquired by MCC Energy Plc and Renamed Navitas Technologies Ltd.

FOR IMMEDIATE RELEASE
April 22, 2005

Navitas Technologies, Ltd. (?NVT?), 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, MCC Energy.

"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 Energy.

Navitas Technologies 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.

About 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 technologies.

For more information about Navitas Technology Ltd. please contact:

Peter McDonald, General Manager
Navitas Technologies Ltd
519-725-1250 ext. 106
519-725-1645 fax
pmcdonald@navitastechnologies.com

 

Dan Gulick
MCC Energy Plc
212-614-0491
dgulick@navitastechnologies.com

 

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