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19th November 2008
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Canadians Buy Celtic Technologies for £7 Million

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Chris Innis

EnGlobe Corp, the environmental services business, has acquired the UK based Celtic Technologies in a step to consolidate and strengthen the existing European operations of its site assessment and remediation business. EnGlobe currently operates its businesses in France and the United Kingdom through Biogenie, which has been active in the UK since 1998. This transaction will establish EnGlobe, through the operations of Biogenie and Celtic Technologies, as a substantial provider of land remediation services in the UK, where the demand for housing, growing environmental concerns and regulations encouraging sustainable reuse and recycling have led to rising demand for the remediation of contaminated sites. “We will now be better positioned, from both a geographic and technical perspective, to meet growing market demand across the UK where, for example, housing development is a national priority and much of the land available requires remediation,” stated Aline Bélanger, interim President and Chief Executive Officer of EnGlobe. Celtic Technologies was founded in 1992 and is a ground remediation contractor with operating locations in Wales, Northern England and the Midlands.

Remediation technologies practised by Celtic include, among others, chemical stabilisation with EvoCem (developed and trademarked by Celtic), in-situ dual-phase and multi-phase extractions, chemical oxidation, soil vapour extraction and bioremediation.

EnGlobe will acquire the shares of privately held Celtic Technologies for a total purchase price of £7 million at closing through a combination of cash £5.25 million and EnGlobe common shares £1.75 million. Shareholders of Celtic Technologies will receive up to an additional £2 million in cash and EnGlobe common shares if Celtic achieves certain performance levels in the future.Additional information is available at www.englobecorp.com.

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