Last checked at 5 Feb 2007 07:00
Embargoed: 0700hrs, 5 January 2007
Energy Asset Management Plc (the "Company") Trading Update & Announcement of Contract Trading Update
Since the acquisition by the Company in March of last year of Energy Assets Limited ("EAL"), which specialises in the provision of meter asset management and data provision services to energy suppliers and industrial and commercial users of gas and electricity, EAL has successfully installed it's information technology systems and obtained the necessary regulatory and other approvals to allow the servicing of contracts. As a consequence of this period of investment the Company will report a loss for the year ended 31 December 2006. EAL has in addition successfully completed systems enabling the remote meter reading by SMS and GPRS technology, a service which is now being demanded by energy suppliers and consumer groups across the country.
In October of 2006 the Company announced the formation of a joint venture company, EA Siteworks Services Limited, with a registered utility infrastructure provider to design and install gas pipelines from the parent main to the meter. EAL is now able to provide a complete installation and project management service to both gas suppliers and consumers, such as multiple-site retailers, local authorities and health authorities.
Announcement of Contract
To this end the Company is pleased to announce that, following successful trials with Woolworths, EAL has been awarded the contract to provide half hourly electricity consumption data from approximately 700 Woolworth stores, including the management, supply and installation of SMS enabled non half hour electricity meters. Installations are due to begin in March. Woolworths are currently considering a similar solution for its gas meters and a trial with EAL is likely to commence for Woolworths in a number of stores later in the year.
Managing Director, Alan McKeating, stated,
"The signing of agreements with clients of Woolworths' size demonstrates that the business is in a very strong position to continue winning further similar contracts and significant effort is now being focussed on progressing current discussions and completing agreements with customers for new business.
I look forward to announcing further contract wins regularly throughout the year."
For further information please contact,
Energy Asset Management PlcStephen Barclay, ChairmanTel. 07767 444 114
Alan McKeating, Managing Director
Tel. 07843 231 372Hansard GroupBen SimonsTel. 020 7245 1100
ENERGY ASSET MANAGEMENT PLC