Acquisition

20 Jun 2007 07:01

Gas Turbine Efficiency PLC20 June 2007 20 June 2007 Gas Turbine Efficiency plc GTE acquires US gas turbine services business Gas Turbine Efficiency plc ("GTE" or "the Group"), a leading supplier ofadvanced cleaning, performance monitoring and fluid and control systems for gasturbines, announces the acquisition of ARES Technology, LLC, a specialist gasturbine services and repair business, for a cash consideration of $300,000. The acquisition is highly complementary to GTE's existing activities includingthe Group's subsidiary, Control Center, and is expected to be earnings enhancingfrom this year. The deal will also broaden the Group's customer base andtechnical capability in addressing the needs of industrial turbine operators inthe power generation, oil & gas and marine sectors. ARES Technology, based in the US, made revenues of $223,000 and net profits of$30,000 in 2006. Net liabilities as at 31 December 2006 amounted to $117,000.The business is being acquired debt-free and has a current year order backlog ofapproximately $500,000. Steven Zwolinski, CEO of Gas Turbine Efficiency, said: "We are delighted toannounce the acquisition of ARES Technology, LLC, which broadens the Group'stechnical capability in a highly specialised niche of the industrial gas turbinemarket and will accelerate our growth as operators come under increasingpressure to minimise downtime, lower fuel costs and reduce emissions levels." Enquiries: Gas Turbine Efficiency plcSteven Zwolinski, CEO +46 8 546 10 528 Libertas CapitalAamir Quraishi, Charles Goodfellow +44 20 7569 9650 Corfin CommunicationsNeil Thapar, Harry Chathli +44 20 7929 8989 About GTE Gas Turbine Efficiency plc, whose shares are traded on London Stock Exchange'sAIM market (Ticker: GTE), designs, manufactures and markets advanced integratedsolutions for environmental, process and asset optimisation of gas turbinesprimarily in the aerospace, industrial, oil & gas and marine sectors. Thesesolutions include cleaning systems, performance monitoring, fluid and controlsub-systems that improve turbine performance and availability, fuel efficiencyand parts life, resulting in increased profits for our clients and a cleanerenvironment. The Group sells its products to blue chip customers worldwide fromoperational centres in Europe and the USA. Visit www.gtefficiency.com This information is provided by RNS The company news service from the London Stock Exchange