Thin Film Electronics ASA ("Thinfilm") announced on 5 December 2008 that discussions with a potential industrial shareholding partner had been put on hold due to the situation in the world's financial markets. Consequently the board of Thinfilm has considered various alternative routes forward towards the commercialisation of the company's technology.

 

As a result of the current financial market combined with the company's cash resources, Thinfilm needs to adjust its operation to ensure timely completion of certain critical tasks related to industrialisation and the establishment of channels to the market.

 

The board of directors has decided to initiate cost savings in Linköping, Sweden. A core team will be retained. The savings are expected to take effect by the end of the first quarter of 2009.

 

16 December 2008

Thin Film Electronics ASA