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CEF completes further investment in CoreRFID Limited

The Coalfields Enterprise Fund, established to support SMEs in the former English coalfield regions, has completed a further investment in CoreRFID Limited

CEF provides further funding to Caspian Learning Limited

The Coalfields Enterprise Fund has completed a further investment in North East-based Caspian Learning Limited as part of a £1.5 million funding round

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The Coalfields Enterprise Fund, the venture capital fund managed by Enterprise Ventures on behalf of Communities and Local Government, and established to support SMEs in the former English coalfield areas, has completed a further investment in CoreRFID Limited.

21/07/2008

The investment, made alongside debt funding from the company's bank, will be used to support the development capital needs of the company as it embarks on the next phase of its planned expansion, focussing on further software development and enhancement of its product offering.

CoreRFID provides radio frequency identification (RFID) and barcode technologies across a range of iindustrial sectors and the company's systems are used within a wide range of applications, delivering cost effective solutions to many logistics and asset tracking situations. CoreRFID has already built a strong customer based comprising more than one thousand UK SMEs and corporates, including Amec, Deloitte & Touche, Cheshire County Council, the Channel Tunnel and Norwich Union.

The Cheshire-based company received its initial investment from the Coalfields Enterprise Fund in June 2007 to support the management buy-out of the company and to enable its relocation into the ward of Bewsey & Whitecross in Warrington, a move which resulted in the company bringing five jobs into the area, with this further investment expected to create the requirement for a further four positions. Since the first CEF investment was made, the company has experienced trading growth and has become established in an expanding and attractive market for which worldwide demand continues to grow rapidly.

Terry Allen, CoreRFID's Chariman, commented, "It has been great to work with the Coalfields Enterprise Fund investment team over the last twelve months and they have provided sound and valuable business advice as well as funding. We now look forward to a further period of sustained growth supported by the Fund".

Paul Taberner, EV Investment Director, said, "In the twelve months since the Fund initially invested in CoreRFID, the business has made a significant progress in growing sales and profitability. We believe there is a huge market potential for CoreRFID's offering and are pleased to provide this additional investment to support further expansion of the business".