AGM Statement

Velosi Limited
07 June 2007






                    Velosi Limited ('Velosi' or 'the Group')

                         AGM STATEMENT BY THE CHAIRMAN

John Hogan, Chairman of Velosi, a provider of asset integrity and HSE services
to a number of major national and multinational oil and gas companies, will make
the following statement at the Company's Annual General Meeting today:

'I am pleased to report that we are successfully implementing the growth
strategy outlined when we came to the AIM market in August of last year. We have
grown our market share in existing regions and have established operations in
new markets through joint ventures and acquisitions. In 2006, we generated
considerable increases in turnover and profit before tax of 117% to US$70.2
million and 119% to US$8.0 million, respectively. This was primarily driven by
the significant growth of our operations in Africa and the Middle East.

The Group announced three acquisitions in 2006. Our acquisition of a 51%
majority stake in QA Management Services Pty Ltd ('QAM') gave us entry into
Australia, most significantly into the lucrative Australian mining sector.
Through QAM we have also made our initial foray into South America with a
contract from Sinclair Knight Merz to provide inspection services to a copper
mine in Chile.

Our acquisition of a 51% majority stake in Steel Test (Pty) Ltd, which
specializes in tube inspection with a dominant position in the power generation
industry, gave us entry into South Africa. Steel Test will enable Velosi to add
to its service offerings and to open up new markets in the power generation
industry worldwide.

Due to our acquisition of a 51% majority stake in Malaysia-based, Plant Design
Engineering Sdn Bhd ('PDE'), Velosi can now apply state-of-the-art technology to
facilities inspection worldwide. PDE provides 3-D laser scanning of oil and gas
facilities to create virtual models from which maintenance and modification
design blueprints can be accurately developed.

The Company has also successfully expanded organically into emerging markets,
and is now operating in Nigeria, Russia and Kazakhstan, and throughout the
Middle East including the UAE and Kuwait. We hope to use our operations in
Kuwait as a springboard from which Velosi can expand into other countries in the
region, including Saudi Arabia. Our Nigerian office now functions as a
fully-fledged operations centre supporting our contract commitments in the
region. We have incorporated Velosi Angola and Velosi Ghana. Our offices in
Russia and Kazakhstan have built their marketing and business infrastructures
and have undergone audits to obtain the necessary registrations from Government
Ministries.

With our global reach and continual growth, we are well positioned to take
advantage of the large number of new oil and gas projects requiring quality
assurance and quality control services worldwide. Major oil and gas
multinationals have increased their investment in safety and maintenance
measures to further reduce the risks of accidents and leakages, and resulting
adverse publicity, such as that which occurred during 2006. This has created an
additional increase in demand for our services which the Board expects to
continue in 2007 and beyond.

The Board therefore remains confident that Velosi will continue to grow and to
generate excellent returns during the forthcoming year.'

                                     -END-

For further information, please contact:

Velosi          Dr Nabil Abdul Jalil       020 7930 0777
                Joe Vincent
Strand Partners James Harris               020 7409 3494
                Warren Pearce
Charles Stanley Mark Taylor                020 7739 8200
                Freddy Crossley
Cardew Group    Eden Mendel                020 7930 0777 / 07887 676 603
                Emma Consett               020 7930 0777 / 07971 468 308




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