RED.L Regulatory News (RED)

11 May 2007 07:01

Camco International Ltd11 May 2007 Camco increases industrial client base through acquisition of Bradshaw Consulting Ltd Camco International Limited ('Camco') is pleased to announce the acquisition ofthe UK energy service business Bradshaw Consulting Ltd ('BCL'). BCL has anestablished client base with major industrial companies in the UK and USA insectors such as Food, Beverages, Pharmaceuticals, Manufacturing and Chemicals.BCL also works on government programmes in the field of energy efficiency andcarbon management. BCL, which was formed in early 2003, has developed a suite of software productswhich help companies manage and reduce their carbon emissions and report oncorporate and social responsibility across a wide range of geographic locations.In addition to environmental benefits BCL's software also allows companies toreduce operational costs through monitoring of energy use, raw materialreductions and waste minimization. BCL has worked closely with Camco's recent acquisition, ESD Ltd, over the lasttwo years and there is a strong synergy between the two businesses in the fieldof corporate carbon management. Jeff Kenna, Camco's CEO, said: "Energy Desktop, BCL's product to monitor carbondioxide emissions, is a market leader and will have direct application in themonitoring and verification of carbon emissions from our existing carbonportfolio. This is an exciting product poised for growth, that supports ourcarbon project development expansion plans in the UK and USA and bringsadditional expertise on industrial energy efficiency." In the financial year to 31 March 2007, BCL achieved a turnover of £714,000 andprofit before tax of £205,000. At that date BCL had net assets of £368,000including net current assets of £350,000. Camco has acquired BCL for an initial consideration of approximately £1.0million comprising an initial cash payment of £725,000, the issue of 296,296shares (based on a share price of 67.5p) and a cash payment of £100,000 to bemade in May 2008. Additional consideration up to £475,000 payable in cash isalso payable over the next three years providing certain profits milestones areachieved. Clifford Bradshaw retains his position as managing director of BCL. Application will be made for the 296,296 Shares to be admitted to trading onAIM, such admission expected during the week beginning 14th May 2007. For further information please contact: Camco International Limited +44 (0) 20 7256 7979Jeff Kenna, Chief Executive OfficerScott McGregor, Chief Financial Officer Press Gavin Anderson +44 (0) 20 7554 1400Ken Cronin/Kate Hill/Janine Brewis Nominated Advisor KBC Peel Hunt Ltd +44 (0) 20 7418 8900Jonathan Marren/David Anderson About Camco (www.camco-international.com) Camco works with companies in the developing world to identify and developgreenhouse gas emission reduction projects, managing the entire process fromproject initiation to the delivery of carbon credits for sale in theinternational market. Camco is a market leader in China and Russia - two of thelargest potential markets for Carbon Credits - as well as in Eastern Europe andAfrica. Camco has one of the largest carbon credit portfolios in the world, consistingof 70 projects under exclusive contract with the potential to deliver over 118.8million carbon credits through to 2012. Camco was voted "Best Project Developer"in a survey of carbon industry participants undertaken by Point Carbon. About Bradshaw Consulting Ltd (www.bradshawonline.com) Established in 2003 Bradshaw Consulting Ltd is a UK based company operating on aglobal level. BCL provides operational cost reduction solutions to industrialand commercial clients through our balanced team of professional engineers andIT specialists. BCL has a dedicated team of Chartered Engineers that haveextensive energy management, carbon management, waste minimisation andenvironmental consulting experience with commercial and industrial clientsacross the world. BCL's core business includes: Energy and Water Management,Technical Auditing, Carbon Management Programmes, Waste Minimisation,Environmental Improvement, IT Solutions (Monitoring & Targeting and CorporateSocial Responsibility reporting). About ESD (www.esd.co.uk) ESD was established in 1989 and since then has helped to define policies andimplement projects in the mitigation of climate change. It provides advisory andconsulting services, working with Government's, NGO's and private sectorenterprises. ESD also undertakes project development work, both for its ownaccount and in joint ventures. ESD has a staff of over 120 people working in 8offices across the UK, Eastern Europe and Africa. In 2006, ESD was voted one ofthe Financial Times top 50 'Great Places to Work'. Greenergy International Ltdis a minority shareholder in ESD Ltd. ESD Ventures (ESDV) works in partnership to develop carbon reduction businessesand projects in the UK, China and Africa. ESDV works at its own risk and takessuccess fees and equity stakes in the client business. The current ESDVportfolio includes wind farm development, biomass project development and landuse projects all of which may generate carbon credits. This information is provided by RNS The company news service from the London Stock Exchange