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Purchase agreement for the acquisition of Maritech


AKVA group ASA negotiated a binding Letter of Intent with TM Software hf of Iceland at on 21 December 2006 to acquire all shares in Maritech International AS (formerly TM Software AS, company name change in February 2007), including its subsidiaries in Norway, Chile, UK and USA, and the assets of the businesses of Maritech hf in Iceland (collectively the "Companies").

Reference is made to the stock exchange announcement on 21 December 2007 which provides more information.
The managements of AKVA group ASA and TM Software ehf agreed on a share purchase agreement 11 April 2007 at [] hours, which is subject to board approval from both parties.

Instead of acquiring the seafood business Maritech Iceland and assets from Maritech Canada, as described in an earlier press release, the parties have agreed to include all business operations of Maritech Island but to omit the assets of Maritech software Inc in Canada. The non-seafood business of Maritech Iceland had revenues of approximately NOK 50 million in 2006, and EBITDA of approximately 18%.

The agreed purchase price is NOK 91,000,000 for the equity of Maritech. The purchase price shall be settled with a cash payment on the closing date of the acquisition. The acquisition will be partly financed by a new loan facility.
The ongoing consolidation in the seafood industry creates a significant market potential for integrated solutions through the entire value chain. AKVA group sees this acquisition as a major step forward in solving its customers need for improved software information systems.

By this acquisition AKVA group will:
Become the leading provider of operational IT solutions for the seafood industry internationally; Merge the two leading software solutions: AKVA group's Fishtalk from the upstream part and Maritech's Wisefish from both upstream and downstream part of the value chain for the entire seafood industry; and Take the position as the only provider of integrated operational software solutions to the international seafood industry.

Furthermore this acquisition provides AKVA group with:
  • Complementary products and organisational competences;
  • Geographical strengthening of the organisation; and
  • A match with the group's strategy to enter new markets
AKVA group estimates that this acquisition will have an accretive effect for earnings per share based on the future expected earnings and significant cost synergies.

Further information will follow after board approval by both parties.

The parties intend to consummate the acquisition within April 2007.

Dated: 11 April 2006
AKVA group ASA

CONTACTS:
Knut Molaug, Chief Executive Officer
Phone: +47 51 77 85 00 mobile: +47 90 13 95 22
kmolaug@akvagroup.com

Rolf Andersen, Chief Financial Officer
Phone: +47 51 77 85 00, mobile: +47 95 24 09 51
randersen@akvagroup.com

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