Badger Explorer ASA Sells Calidus Engineering Ltd to Severn Glocon Group Plc

Badger Explorer ASA (BXPL) announced that on June 28, 2013 the Company and Severn Glocon Group PLC (Severn Glocon) signed a share purchase agreement, whereby BXPL sells 70% of its shares in its subsidiary Calidus Engineering Ltd. (Calidus) for a consideration of GBP 936,335. Under the agreement Severn Glocon will acquire another 15% of the shares in Calidus in 2015 and the remaining 15% in 2016 on an earn-out model. The purchase price for the two future transactions is linked to Calidus' financial performance during 2014 and 2015 respectively. Calidus will remain a vital supplier of technology to the Badger project and BXPL has committed to place orders with Calidus worth a minimum of GBP 1.75 million over the next 2.5 years.