SOURCE: CellPoint

May 04, 2007 10:00 ET

Norwegian Investor Invests in CellPoint!

The Norwegian Businessman Pål Agdestein Has Big Expectations on CellPoint and Invests SEK 15 Million in a Placement of 3 Million New Shares at a Price of SEK 5 Per Share; CellPoint Increases Its Equity Simultaneously With the Coming Weeks' Introduction of the Next Generation of Its Successful Bluetooth Headset, Flamingo, in a New "Lifestyle" Version

KISTA, SWEDEN -- (MARKET WIRE) -- May 4, 2007 -- CellPoint has made an agreement with the Norwegian company Agdestein AS. They will invest SEK 15 million in CellPoint Connect AB. The investment will be done by a subscription for 3 million new shares of a price of SEK 5 SEK/share in the upcoming directed issue. Since the subscription for shares is conditioned by approval at the annual general meeting on May 30, 2007, the investor loans the full amount as a convertible loan in the meantime.

The background to Agdestein AS' wish to invest in CellPoint has its reason in the expectations that the owner of the company, the Norwegian businessman Pål Agdestein, has to CellPoint's on-going development and future earning potential.

"I've known CellPoint for the last six months and I am, together with many of my business associates, a very enthusiastic user of the Flamingo. It's easy to see the great market potential that CellPoint has, especially with the new future products. This has already been confirmed by the position they have rapidly achieved on the Norwegian market," says Pål Agdestein.

"My analytical background for valuation of assets and its growth potential has with a specific international market survey made me invest in CellPoint. The present valuation of the company includes, in my opinion, a large possibility for an essential growth," adds Agdestein.

"The placement we now execute with Agdestein AS is an important part in our on-going growth. Pål Agdestein's large network is now activated and we have already seen the first results. The capital from the new share issue is vital for us to carry out the incoming orders that we received over the last months," says CellPoint President Michael Mathiesen.

CellPoint's Vice President, Håkan Tollefsen, adds: "The timing couldn't be better since we are facing the global introduction of some significant new products, including our new Flamingo 'Lifestyle' collection, 'HappyEar!'"

Pål Agdestein is, together with the American business lawyer Hugh Rodham, ready to enter the CellPoint board of directors at the upcoming annual general meeting.

CellPoint expects an operating profit for 2007.

Contact Information

  • For further information please contact:

    Michael Mathiesen
    CellPoint President
    phone: +45 4045 3332
    +46 8 633 1196

    Pål Agdestein
    Director
    phone: +47 9248 5820

    www.cellpoint.com
    www.agdestein.no