28 April 2006

 

Inspicio plc ("Inspicio" or the "Company")

Acacus Inspection International Limited Acquisition

Inspicio plc (INP.L), the international inspection and testing business and owner of Inspectorate Group, is pleased to announce the acquisition of a majority 51% stake in its current agent in Libya, Acacus Inspection International Limited, for a consideration of approximately $510,000 in cash.

The acquisition of Acacus is further evidence of the Company's stated strategy of increasing its global presence by infill acquisitions, particularly in developing markets.

Acacus Inspection International Limited is a Maltese registered company and was incorporated in December 2000 by its sole shareholder, Arnold van Dongen. Mr. van Dongen will remain with the Company after the acquisition in order to further develop the Libyan business.

Libya is a fully recognised member of OPEC and exports significant quantities of crude oil, refined products and natural gas. The value of petroleum exports alone is in excess of $18billion. Together with proven crude oil (39.1billion barrels) and natural gas (1.5billion cubic metres) reserves, this makes Libya a key development market for the growth of the Company.

With the lifting of the American and European embargoes, the multinational oil companies are becoming increasingly active in the Libyan market and are investing significant capital to increase crude production. As one of only three global inspection companies to be fully approved by the National Oil Company (NOC) in Libya, Inspectorate is ideally placed to take advantage of this growth.

Mark Silver, Chief Executive of Inspicio plc said:

"We have worked closely and successfully with Arnold for a number of years and this is a logical progression for both parties in this now rapidly growing market. This exciting acquisition continues our stated policy of growing our global reach."

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Inspicio Ltd

10 Buckingham Street

London

WC2N 6DF

Tel: +44 (0) 20 7004 2780
Email: askus@inspicio.com