Growthgate Acquires part of Averda International Ltd.

Dubai, United Arab Emirates Oct 14, 2008: Growthgate Capital Corporation, the GCC-based specialist buyout firm, announced that it has reached a final agreement to acquire 33.33% of Averda International Ltd., an integrated waste management concern with solid waste operations concentrated in the Middle East and North Africa. Averda, a privately-held company, which is majority owned by its founders-managers, services more than 2 million people located in some 500 communities, and has consolidated annual revenues of circa $100 million and expected net profits margin in excess of 15% for the fiscal year 2008. The value of the transaction was not disclosed.