Technor to be acquired by Simtronics ASA

Stavanger, Norway, 30 March 2009:

HitecVision announced today that the activities of its portfolio company Technor AS will be acquired by Simtronics ASA (Oslo Stock Exchange: SIMTRO). Total consideration is NOK 186.9 million, payable partly in cash, partly in shares. Following the transaction HitecVision becomes Simtronics principal shareholder.

The transaction merges two companies which both are key players in their individual areas, with combined sales of more than NOK 740 million (USD 110 million) in 2008. Technor had an EBITDA margin of 9%, at par with Simtronics 10% EBITDA margin. The combined company will be a significant international provider of technology, products and services aimed at preventing explosions and fires.The global oil and gas industry represents the companie’s single most important customer segment.

Technor develops and manufactures sophisticated safety products based on electro-mechanic, instrumentation and electronics expertise. Simtronics is an industry leader in the field of detection, extinguishing and fire prevention equipment. The combined company will enjoy significantly stronger market positions in existing European markets as well as in emerging markets in . The transaction creates a number of operational synergies, primarily within administration, product development, marketing and sales.

The transaction is carried out through a rights issue in Simtronics, where net proceeds will finance a part payment in cash to Technor. The remaining part of the consideration will be settled in Simtronics shares. The consideration corresponds to an agreed enterprise value of NOK 289.4 million for Technor. Upon completion of the transaction, the Simtronics group will have net interest bearing debt of approximately NOK 196 million.

Existing and new shareholders in Simtronics will be invited to participate in the rights issue. The price in the rights issue will be proposed set at NOK 3.00 per share. The transaction is conditional on Technor AS receiving a minimum of 44 426 061 shares as consideration in the transaction, corresponding to 1/3 of shares outstanding in Simtronics after the rights issue and the private placement.

The acquisition is subject to certain conditions, including due diligence, approvals from relevant authorities and consent from the two parties financial institutions. Furthermore, an Extraordinary General Meeting of Simtronics ASA will need to approve of the issuance of consideration shares to and the rights offering. The EGM will be called for as soon as possible.

A fully subscribed rights issue will set Technor’s ownership to 1/3 of Simtronics outstanding shares after the rights issue and the private placement. If the rights issue is not fully subscribed, Technor will receive a larger number of consideration shares against a corresponding reduction in the cash settlement. Should Technor have more than 1/3 of the votes in Simtronics ASA after completion of the transaction,the company will have the option of either reducing its holding of shares in Simtronics ASA or put forward a mandatory bid for all of the outstanding shares in Simtronics ASA at a minimum price of NOK 3.00 per share.

Simtronics CEO Rune Martini will remain President and CEO of the combined company. Simtronics CFO Frode Arnesen will remain in his position, while Technor’s President and CEO Ola Fladmark will assume the role as Executive Vice President with particular responsibilities for developing the acquired Technor companies.

Commenting on the acquisition, Simtronics CEO Rune Martini said: “This is a major step in developing Simtronics into a global industry leader. Over the last two years we have broadened our product offering and demonstrated an ability to generate profitable growth. The acquisition of Technor will strengthen our technology base even further and improve our international market position.”

Technor CEO Ola Fladmark said: “There is a close to perfect fit between Technor and Simtronics. This is a merger of two equal parties and we have identified considerable synergies in areas such as product development, marketing and sales. The companies are part of an industry with a significant growth potential.”

The Technor group has been owned indirectly by HitecVision through the fund HitecVision Private Equity IV since the group’s previous parent company was taken private in 2006. The group was last year divided into three separate companies. Technor, which now becomes part of a considerably larger Simtronics, is the former ElectroTech division.The Technor companies included in the transaction are:

Technor SafeEx – located in Stavanger and Sauda, Norway.

Technor Italsmea – located in Milan, Italy.

Technor Atex – located in Angouleme, France.

Technor Middle East – located in Dubai, UAE.

Italsmea (SEA) Pte Ltd (60% ownership) located in Singapore.

“Under HitecVision’s ownership, Technor has experienced a positive development, strategically as well as financially. The company has a strong market position and a solid management, making Technor a good fit for Simtronics. HitecVision will continue as a long term and active shareholder in Simtronics, which we see as a strong and growth oriented company in an exciting industry,” said Atle Eide, Chairman of Technor AS and senior partner at HitecVision.

I am very pleased with this move, which I am confident will create long term shareholder value. In particular, I am glad that we have partnered with a strong and industrially focused partner, said John Afseth, Chairman of Simtronics Board of Directors.