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AKVA group has started a process to sell Maritech ehf - the Icelandic subsidiary of Maritech group


In May 2007, AKVA group ASA acquired all the shares in Maritech International AS, including its subsidiaries in Norway, Chile, UK, USA, and the assets of the business of Maritech ehf in Iceland.

By this acquisition AKVA group aims to become the leading global provider of operational IT solutions for the seafood industry through merging of the two leading software solutions:  AKVA group`s Fishtalk suite from the upstream part and Maritech`s Wisefish suite 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.

As explained in a stock exchange announcement 11 April 2007 the intention was to acquire only the seafood related business of Maritech ehf on Iceland. During the due diligence process it was agreed to include the whole business operations of Maritech ehf (Iceland) in the acquisition.

As a part of focusing AKVA group's activity the company has decided to initiate a process to sell Maritech ehf (Icelandic part of the operation). Maritech ehf is a first-class and leading general IT-provider mainly to the Icelandic but also the international market. However, its main focus is outside the core strategy of AKVA group. The planned sale is therefore expected to benefit both the Icelandic organization and the further development of AKVA group. Maritech ehf expects a turnover of about 70 MNOK for 2007 and has about 70 employees.

AKVA group will maintain all core products from the acquisition of the Maritech group related to providing leading and specialized software solutions to the seafood industry.

The planned sale is currently being prepared. Steinvender ASA has been hired to assist in the sales process that will be initiated in early January 2008.


Dated: 19 December 2007
AKVA group ASA

Web: www.akvagroup.com

CONTACTS:

Knut Molaug, Chief Executive Officer
Phone: +47 51 77 85 40
Email: kmolaug@akvagroup.com

Rolf Andersen, Chief Financial Officer
Phone: +47 51 77 85 48
E-mail: randersen@akvagroup.com

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