The board of directors of Thin Film Electronics ASA ("Thinfilm") has today resolved to make a private placement of 14,000,000 new shares in the company at a price of NOK 0,41 per share, thereby raising NOK 5.7 million new capital. The placement was made under the authorisation to the board to issue shares as resolved at Thinfilm's annual general meeting on 6 May 2009.

 

The shares will be issued to ASAH AS, a company held by John Markus Lervik, Ph.D. and formerly Chief Executive Officer of Fast Search & Transfer ASA ("FAST"). FAST was listed at Oslo Børs and a shareholder in Thinfilm until Microsoft acquired FAST in 2008.

 

Mr. Lervik will dedicate a portion of his time to work for Thinfilm on a consultancy basis to commercialise Thinfilm's printed polymer memory technology.

 

The transaction is expected to be completed on or about 1 July 2009. The issued share capital of Thinfilm following the completion of the transaction will be NOK 16,018,491.94 and total number of issued and outstanding shares will be 145,622,654.

 

8 June 2009

Thin Film Electronics ASA