24 August 2006 

 

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

Completion of Two In-fill Acquisitions

Inspicio plc, the UK and international inspection and testing company, announces that Inspectorate, its largest operating business focused on commodity inspection and testing, has completed the acquisition of two small businesses in Portugal and Australia. The two businesses will complement Inspectorate’s existing network of laboratories. The acquisitions have been funded by the successful admission of 1,818,182 shares to AIM, raising £2 million, announced on 10 August 2006.

Renton Laboratories, Australia
On 24 August 2006, Inspectorate completed the acquisition of the entire issued share capital of Renton Laboratories Pty Ltd, trading as Standard and Reference Laboratories. Standard and Reference Laboratories is based in Perth, Australia and provides high precision analysis of metal and mineral products to clients that include some of the major global mining companies.

In the year ended 30 June 2006, Renton generated turnover of A$3.0 million and operating profit before tax of A$1.0 million. Renton employs 29 people at its laboratory in Malaga, a suburb of Perth.

Initial consideration for the business included A$2.6 million (£1.1 million) in cash, plus the issue of 424,950 Inspicio shares to the management vendor.

IPEC, Portugal
On 4 August 2006, Inspectorate completed the acquisition of a majority stake in its agent in Portugal, Inspeccoes, Peritagens E Controlo LDA (“IPEC”) for €620,000 in cash. IPEC was originally formed in 1996 and provides petroleum surveys, agri-commodities and metals and minerals testing as well as cargo insurance claims, and on hire and off hire surveys.

Mark Silver, Chief Executive of Inspicio plc, said: “These in-fill acquisitions continue to build Inspicio’s global inspection and testing laboratory network. Establishing a base in the important Australian market is a further critical step in the development of our global metals and minerals inspection and testing business. The majority stake in IPEC will further enhance our global infrastructure and help ensure a continuing high level of service to our customers in Portugal.”

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Inspicio Ltd

10 Buckingham Street

London

WC2N 6DF

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