Business
Sale of Dallas Clean Energy
Sale of Dallas Clean Energy.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n RNS Number : 4920B Camco International Ltd 18 August 2008 \n \n\nCamco International Limited\n\nSale of Dallas Clean Energy LLC, landfill gas recovery facility in Texas\n\n\n18 August 2008\n\nCamco International Limited ('Camco'), a leading climate change business, is pleased to announce the sale of Dallas Clean Energy LLC, its landfill gas recovery facility in Dallas, Texas.\n\nCamco has agreed to sell Dallas Clean Energy LLC to Clean Energy Fuels Corp. (Nasdaq: CLNE), a leading provider of natural gas (CNG and LNG) for transportation in North America, for a total consideration of $19.1m (€13m) in cash. \n\nScott McGregor, Camco CFO, said\n\n'We are very pleased that the sale enables us to release this short term asset investment from our balance sheet, at the same time making a pre-tax 21% (30% annualised) return for our shareholders from our asset development business in the U.S.. The sale forms part of Camco's asset management strategy as we continue to evaluate the development of an in-house asset management team.'\n\nCamco will use the proceeds from the sale to finance the continued growth of its leading climate change business with services ranging from emission assessment, carbon management and project development.\n\nCamco and Clean Energy Fuels Corp, as part of the sale agreement, have agreed to enter into discussions for a post sale agreement whereby Camco will provide services to Dallas Clean Energy LLC to evaluate the potential to generate emission reduction credits.\n\nSince Camco's acquisition of Dallas Clean Energy LLC on 30 November 2007, no audited accounts have been prepared. The unaudited financial summary shows a profit for the month of December 2007 of $15,889 (€10,664), and a loss for the 6 months ended 30 June 2008 of $237,504 (€159,398). The net assets 'held for sale' on Camco's balance sheet at 31 December 2007 are recorded at €8.4m.\n\n\nEnquiries:\n\n\n\n\n\nThe Camco Group\n\n\n+44 (0)20 7121 6100\n\n\n\n\nJeff Kenna, Chief Executive Officer\n\n\n\n\n\n\n\nScott McGregor, Chief Financial Officer\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nKBC Peel Hunt Ltd (Nominated Adviser and Broker)\n\n\n+44 (0)20 7418 8900\n\n\n\n\nJonathan Marren\n\n\n\n\n\n\n\nDavid Anderson\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGavin Anderson\n\n\n+44 (0)20 7554 1400\n\n\n\n\nKen Cronin\n\n\n\n\n\n\n\nKate ...