Strategic changes within TransAtlantic

In order to ensure conditions for the group to be able to focus and to expand in the future, within the company’s respective business areas, Industrial Shipping and Offshore/Icrebreaking, the Board has decided to prepare a future spin‐off of the company.

Parts of the operations within the Offshore/Icebreaking business area will be relocated to Denmark, and a head office for the operations will be established in Copenhagen.

TransAtlantic acquires Österströms International AB, in order to strengthen the operations of the Industrial Shipping business area.

Stefan Eliasson resigns from the position as CEO. The Board has appointed Rolf Skaarberg as CEO.

Decision to investigate a spin‐off of the group
The Board of Rederi AB TransAtlantic has evaluated the group’s business areas, in order to ensure future development of the group, and has concluded that it will investigate whether it is possible to spin‐off the group into two separate business entities. One entity will continue to develop the group’s activities within the Offshore/Icebreaking business area, under the name Trans Viking, and the other entity will continue to develop the group’s activities within the Industrial Shipping area, under the name Rederi AB TransAtlantic. The legal preparations, and other measures necessary in order to establish the required preconditions for a possible future spin‐off, are substantial. Hence, such spin‐off may, according to the Board’s assessment, be completed no earlier than during 2012. However, an organizational split of the group will be completed as soon as practically possible.

Trans Viking will establish a new head office and transfer parts of its business to Denmark
Trans Viking will be a shipping company focused on offshore operations, engaging in activities in arctic areas and areas with difficult weather conditions. The head office and the management of the company will be located in Copenhagen, and the ownership of the vessel Odin Viking, and of the four newbuildings, which are presently owned by Swedish companies, will be transferred to the new Danish company Trans Viking Offshore A/S. The reason for the transfer is that Denmark has favorable shipping policies, including for example a tonnage tax regulation, which Sweden presently lacks. The Board holds the transfer to be necessary in order to ensure future possibilities to expand the business, and to create more values to the company. The three icebreaking anchor handling vessels will remain in the Norwegian company Trans Viking Icebreaking & Offshore AS, already operating under the Norwegian tonnage tax regulation. An external CEO is planned to be appointed before the end of April. The business will be based on, and developed on the basis of, the experience already held by the entities in Norway and Sweden. To ensure access to capital, and adequate liquidity of the shares, a listing of Trans Viking is planned on the Stock Exchange in Oslo.

TransAtlantic acquires Österströms International AB (Österströms)

In order to ensure competitive size and adequate prerequisites for expansion of the industrial shipping operations, TransAtlantic has concluded an agreement, under which it, subject to approval from competition authorities, acquires all shares in Österströms, a leading Swedish shipping company focusing on bulk operations within the Baltic Sea. Percy Österström, both the owner and the CEO of Österströms, has accepted an offer to be in charge of the overall operations of the Industrial Shipping business area within TransAtlantic. As soon as the acquisition of Österströms is completed, Percy Österström will commence working for TransAtlantic. The goal is to improve and make the services for our European customers more efficient, by adopting door‐todoor solutions, and to combine our bulk, RoRo and container services. As regards customers of TransAtlantic and Österström, the services will continue as normal, and the operations will be gradually integrated.

TransAtlantic acquires Österströms by way of a cash payment of SEK 40 million, with the possibility of an additional payment of up to SEK 40 million in 2014, the exact amount depending on the overall profitability of the Industrial Shipping business area during 2012 and 2013. Österström’s interest‐bearing liabilities of SEK 180 million are taken over by TransAtlantic.

Rederi AB TransAtlantic will continue to be a Swedish company, listed on NASDAQ OMX Stockholm.

Together, the TransAtlantic Industrial Shipping business area, and Österströms, would have had, for the year 2010, proforma net sales totalling SEK 2,750 million.

New CEO appointed in TransAtlantic
As a consequence of the strategic changes planned within TransAtlantic, the company’s CEO Stefan Eliasson, has requested to immediately resign from his position. The Board has accepted the request, and has appointed Rolf Skaarberg as CEO in TransAtlantic. At present, Rolf Skaarberg is CEO in Viking Supply Ship AS, a wholly‐owned subsidiary to Kistefos AS, the largest shareholder in TransAtlantic. Rolf Skaarberg intends to resign when the possible future spin‐off of TransAtlantic has been completed. The Board wants to seize the opportunity to express its gratitude to Stefan Eliasson, for his performances, during many years, for TransAtlantic.

Further information about the spin‐off of the TransAtlantic group, and about the share issue, will be made public at a later point.

For further information, please contact CEO Rolf Skaarberg, telephone +46 304 67 47 00.

TransAtlantic becomes owner of 100 percent of Trans Viking

TransAtlantic acquires the outstanding shares in the companies included in Trans Viking – the joint venture within the business area Offshore/Icebreaking, which is owned in equal shares by Rederi AB TransAtlantic and the Norwegian company Kistefos AS, through its subsidiary Viking Supply Ships AS. Payment will be in the form of newly issued A- and B-shares in TransAtlantic. Through the transaction Kistefos becomes majority owner with just above 50 per cent of the votes and the capital in TransAtlantic. At the time of the acquisition Kistefos will have contributed MSEK 150 in cash to Trans Viking.

TransAtlantic will become the sole owner of Trans Viking, which will give the TransAtlantic group full access to the cash flow in the operations as well as the possibility to optimize the governance of the operations and coordinate it with its concept for arctic offshore.

The transaction will strengthen TransAtlantic’s financial position and make the group structure more transparent, and the company believes that the acquisition will be positively received by both customers and suppliers as well as by the group’s lenders.

TransAtlantic believes that safety aspects will gain importance within offshore, particularly in the segment arctic offshore. TransAtlantic is well positioned within this segment and has a unique competence to conduct operations in ice and harsh weather conditions. The increased focus on safety is believed to lead to an increase in demand for the services offered by Trans Viking.

The Board of Directors in TransAtlantic believes the transaction is beneficial to the company and its shareholders and unanimously recommends the shareholders to approve of the issuance in kind to Kistefos at the Extraordinary General Meeting, which is expected to be held on or about September 22, 2010. A proposal for a new Board of Directors in TransAtlantic will be published in advance of the Extraordinary General Meeting, however, it is the intention that Christen Sveaas, the owner of Kistefos, will be proposed as Chairman of the new Board of Directors, and that Folke Patriksson will be proposed as Vice Chairman.

The main shareholders in TransAtlantic, Folke Patriksson (through Enneff Rederi AB and Enneff Fastigheter i Skärhamn AB), Jenny Lindén Urnes (through VillaCosta AB) and the Ernström Group, together holding approximately 49 per cent of the votes and approximately 23 per cent of the capital in TransAtlantic before the transaction, are supportive of the transaction.

– “We have had a very good and constructive cooperation with Kistefos and Christen Sveaas during many years. Therefore I have a very positive feeling about Kistefos becoming our new main owner.”, says TransAtlantic’s Chairman Folke Patriksson in a comment.

– “We look forward to continuing the good cooperation we have had with TransAtlantic for nearly 15 years. The transaction means that we are establishing a common industrial platform for our investments in offshore. A simpler corporate structure combined with an efficient organization is positive for our business contacts and partners.”, says Kistefos’ Chairman Christen Sveaas in a comment.
For additional and more detailed information about the transaction, please see the appendix to this press release (please see the attached pdf file).
Skärhamn, August 13, 2010 Oslo, August 13, 2010
Rederi AB TransAtlantic (publ) Kistefos AS

For additional information, please visit www.rabt.se or contact:
Folke Patriksson, Chairman of the Board in TransAtlantic tel +46 (0)304 67 47 00
Stefan Eliasson, Acting CEO of TransAtlantic tel +46 (0)304 67 47 00
Håkan Larsson, Member of the Board in TransAtlantic tel +46 (0)304 67 47 00
Christen Sveaas, Chairman of the Board in Kistefos tel +47 23 11 70 00
Åge Korsvold, CEO of Kistefos tel +47 23 11 70 00

 

Rederi AB TransAtlantic (publ), org.no. 556161-0113
Box 32, 471 21 Skärhamn, Sweden
Phone +46 (0)304 67 47 00
www.rabt.se
Kistefos AS, org.no. 951408743
Stranden 1, N-0250 Oslo, Norway
Phone +47 23 11 70 00
www.kistefos.no

TransAtlantic is obliged to make this information public according the Financial Markets Act and the Financial Instruments Trading Act (Sw: lagen om värdepappersmarknaden and lagen om handel med finansiella instrument). The information was submitted for publication on August 13, 2010 at 08.30 am.

Logitech Acquires Paradial

FREMONT, Calif. & ROMANEL-SUR-MORGES, Switzerland, Jul 07, 2010 (BUSINESS WIRE) — Logitech International today announced the acquisition of the assets of Paradial AS, a Norway-based leading provider of firewall and NAT (network address translation) traversal solutions for video communication.

Paradial’s technology addresses one of the most significant barriers to the widespread adoption of Internet-based video communication: challenges encountered when calling across protected networks. Traversing any firewall while maintaining a high level of security, the Paradial technology enables seamless video calling between people inside the walls of an enterprise and those inside other enterprises, in remote offices or telecommuting. While Logitech is already offering Paradial technology to LifeSize customers through an OEM agreement, the acquisition allows the company to closely integrate firewall and NAT traversal across its video communication product portfolio, enabling reliable, high-quality end-to-end HD video calling over highly protected networks.

«With the acquisition of Paradial, Logitech is taking another step toward delivering on our vision to bring seamless HD video communication to anyone, anywhere,» said Gerald P. Quindlen, Logitech president and chief executive officer. «By integrating Paradial’s technology into our future product portfolio, Logitech is uniquely positioned to deliver a complete and intuitive HD video conferencing experience for companies of any size.»
Most of Paradial’s employees, including founders, will be part of Logitech’s LifeSize division.
Financial terms were not disclosed.

About Logitech
Logitech is a world leader in products that connect people to the digital experiences they care about. Spanning multiple computing, communication and entertainment platforms, Logitech’s combined hardware and software enable or enhance digital navigation, music and video entertainment, gaming, social networking, audio and video communication over the Internet, video security and home-entertainment control. Founded in 1981, Logitech International is a Swiss public company listed on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI).
Logitech, the Logitech logo, and other Logitech marks are registered in Switzerland and other countries. All other trademarks are the property of their respective owners. For more information about Logitech and its products, visit the company’s Web site at www.logitech.com.
SOURCE: Logitech

Logitech
Joe Greenhalgh, 510-713-4430
Vice President, Investor Relations — USA
Amy Sezak, 510-713-5115
Sr. Public Relations Manager — USA
Laura Scorza, +41-(0) 21-863-5336
Sr. Public Relations Manager — Europe

Google to make cash offer to acquire Global IP Solutions

MOUNTAIN VIEW, Calif. and SAN FRANCISCO, Calif. (18 May, 2010) – Google Inc. (NASDAQ:GOOG) and Global IP Solutions (GIPS) Holding AB (publ) (OSE:GIPS) today announced that they have entered into a transaction agreement under which Google Acquisition Holdings Inc., a wholly owned subsidiary of Google, will make a recommended voluntary public cash offer to acquire all the issued and to be issued shares of GIPS for NOK 13.0 (USD 2.12) in cash per share, or an aggregate price of approximately NOK 421 million (USD 68.2 million) based on the currently issued and outstanding share capital of GIPS.

“The Web is evolving quickly as a development platform, and real-time video and audio communication over the Internet are becoming important new tools for users,” said Rian Liebenberg, Engineering Director at Google. “GIPS’s technology provides high quality, real-time audio and video over an IP network, and we’re looking forward to working with the GIPS team at Google to continue innovating for the Web platform.”

“This is an exciting milestone for GIPS as we join Google with a shared vision to transform and accelerate IP communications,” said Emerick Woods, Global IP Solutions CEO. “With Google’s global reach, scale and widely recognized leadership, we are confident that our existing customers will continue to be fully supported while we continue to enhance and extend our products and technology at Google.”

The offer price represents a premium of 142.1% over the closing share price of GIPS stock (adjusted for the rights issue in GIPS completed in March 2010) on January 11, 2010, the last trading day prior to GIPS making a public announcement of strategic interest from a potential buyer, a premium of 170.8% over the subscription price per share of GIPS stock in the last rights offering completed in March 2010 and a premium of 27.5% compared to the closing share price on 14 May, 2010, the last trading day prior to the offeror’s public announcement of its intention to make the offer. Furthermore, the offer price represents a premium of 54.6% compared to the adjusted volume weighted average market price for the last three month period prior to the announcement of the transaction.

The completion of the offer will be subject to the satisfaction or waiver by the offeror of customary conditions, including acceptance of the offer by the holders of at least 90% of the GIPS share capital on a fully diluted basis. The transaction is not currently expected to require approval by competition authorities in any jurisdiction. The offer will not be subject to any financing condition and will be funded from Google’s existing cash resources.

Following the successful completion of the offer, the offeror intends to cause GIPS to submit an application to delist the GIPS stock from the Oslo Stock Exchange and to initiate compulsory acquisition proceedings with respect to the remaining minority shareholdings in GIPS in accordance with Swedish law.

An offer document setting forth in detail the terms of the offer is expected to be published and distributed to all GIPS shareholders on or about 20 May, 2010, following review and approval by the Oslo Stock Exchange. The expiration date of the offer is expected to be on or about 4 June, 2010, as it may be extended by the offeror in accordance with the offer document and applicable law. In the event the conditions to the offer are not satisfied or waived by the offeror prior to 31 August, 2010, the offer will lapse.

Based on the information provided on the date hereof, the board of directors of GIPS has made a resolution to recommend the offer. The statutory required statement from the board of directors of GIPS will be included in the offer document. Certain GIPS shareholders, including Kistefos Venture Capital AS and Kistefos Venture Capital II DA, have irrevocably committed to accept the offer with respect to approximately 50% of the outstanding shares and votes of GIPS.

GIPS has entered into a transaction agreement with Google which, among other things, regulates the offer process, imposes restrictions on certain actions by GIPS outside the ordinary course of business and contains non-solicitation provisions. The transaction agreement also provides that the board of directors of GIPS may only withdraw its recommendation on certain terms and conditions.

SEB Enskilda is acting as Google’s sole strategic and financial advisor in the transaction and as the receiving agent for the offer. ABG Sundal Collier Norge ASA is acting as financial advisor to the GIPS board of directors.

Contacts:
Investor Contact, Google:
Maria Shim
+1 650 253 7663
marias@google.com
Media Contact, Google:
Andrew Pederson
+1 650 214 6228
andrewpederson@google.com
Investor and Media Contacts, GIPS:
Joyce Kim
+ 1 415 746 1125
joyce.kim@gipscorp.com
Ditlef de Vibe, Chairman
+47 2311 7000
ditlef.devibe@kistefos.no
Emerick Woods, CEO
+1 415 397 2555
emerick.woods@gipscorp.com

The description contained herein is neither an offer to purchase nor a solicitation of an offer to sell shares of GIPS. On or about 19 May, 2010, the offeror plans to publish and distribute to all GIPS shareholders of record an offer document setting forth the terms of the offer. The offer document will contain important information about the offeror, GIPS, the transaction and related matters. Investors and GIPS shareholders are urged to read the offer document carefully when it becomes available. Investors will be able to obtain free copies of the offer document by contacting SEB Enskilda, the receiving agent for the offer, at +47 21008500 or by visitingwww.sebenskilda.no.

The offer will not be made in any jurisdiction in which the making of the offer would not be in compliance with the laws of such jurisdiction.

About Global IP Solutions
Global IP Solutions (GIPS) provides best-in-class voice and video processing in IP communications. GIPS enables its customers to deliver unmatched quality, with a faster time to market and less risk than alternative solutions. GIPS serves application developers, service providers, and network equipment vendors. Its customer list includes Nortel, Oracle, Samsung, WebEx, Yahoo!, AOL and other key players in the VoIP market. The company is headquartered in San Francisco with offices in Stockholm, Boston and Hong Kong. More information at www.gipscorp.com.

About Google Inc.
Google’s innovative search technologies connect millions of people around the world with information every day. Founded in 1998 by Stanford Ph.D. students Larry Page and Sergey Brin, Google today is a top web property in all major global markets. Google’s targeted advertising program provides businesses of all sizes with measurable results, while enhancing the overall web experience for users. Google is headquartered in Silicon Valley with offices throughout the Americas, Europe and Asia. For more information, visit www.google.com.

Caution Concerning Forward-Looking Statements
This document includes certain forward-looking statements, including statements regarding the expected timing of the transaction, Google’s and GIPS’s ability to complete the transaction, and the expected benefits of the transaction. These statements are based on the current expectations or beliefs of managements of Google and GIPS and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to (1) changes in economic, business, competitive, technological and/or regulatory factors, (2) failure to receive required approvals for the transaction, (3) failure to compete successfully in a highly competitive and rapidly changing marketplace, (4) failure to retain key employees, and (5) other factors affecting the operation of the respective businesses of Google and GIPS. More detailed information about these and other factors that may affect current expectations may be found in filings by Google with the U.S. Securities and Exchange Commission, including Google’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and in filings by GIPS with the Oslo Stock Exchange, including GIPS’s most recent annual and quarterly reports. Google and GIPS are under no obligation to, and expressly disclaim any such obligation to, update or alter their respective forward-looking statements, whether as a result of new information, future events, or otherwise.

Protia wins regional final of «DnB NORs Innovasjonspris 2010»

Springfondet’s portfolio company Protia won the Oslo final of the yearly “DnB NORs Innovasjonspris” yesterday. As a regional winner, Protia receives a prize of NOK 200 000 and a chance to compete for NOK 1 million in the national final. 

A total of six finalists were chosen from more than one hundred nominations. Springfondet is pleased to see that five of the six finalists were portfolio companies. We congratulate Protia and all the other finalists!

Atex acquires Kaango to help publishers reclaim online classified marketplace

Reading, UK – Kaango, the leading web classifieds software platform in the United States, has joined the Atex global family of companies. As part of a deal that keeps Hearst Corporation and MediaNews Group as shareholders, Atex plans to expand Kaango worldwide, while bolstering the software platform’s existing U.S. how to buy a domain name from someone . business with Atex sales, service and support infrastructure.

John Hawkins, Atex Group CEO, said: “The Kaango classifieds platform delivers a key element in our strategy to enable publishers to better exploit the digital marketplace and to deliver greater customer self-service tools. We will be looking for other media partners around the world to participate in the launch of national Kaango websites and to establish the Kaango brand in their countries and worldwide.”

Kaango, which launched its first affiliate site in 2006 and currently serves more than 200 publishers in the U.S., provides a technologically advanced Web-based software platform to syndicate and publish its media partners’ print and online classified ads. Unlike traditional aggregator systems, Kaango websites do not send users clicking away to unknown sites to view and interact with ads, regardless of the ad’s origin.  This allows Kaango’s media partners to provide large ad volumes and a consistent user experience within each partner’s branded marketplace.

“This is an exciting time for Atex,” said David Montgomery, Atex Head of Global Product Development. “Product internationalisation and the use of high-availability cloud computing services will enable Atex to extend the Kaango advertising network into new markets around the globe. Self-service advertising in the Atex cloud environment will enable publishers to generate new revenues, drive new website traffic, reduce costs, and expand hyperlocal and community initiatives.”

Kaango boasts the industry’s most advanced ad search and ad placement tools, which cater equally well to online-only and print-only customers. Kaango’s national and affiliate marketplace environments offer a more advanced alternative to list-based markets.  Kaango also supports social networking sites such as Twitter and Facebook as well as cross-posting to multiple Twitter accounts to support individual publishers.

Atex plans to leverage the Kaango platform to expand its reach to both existing and new customers with an effective, simple-to-deploy and proven product. With its global sales and deployment resources, Atex will offer the Kaango service and brand to non-Atex sites as well as Atex’s current client base. Plus, integrating Kaango technology with Atex’s world-class advertising and Web content management systems will give media companies a complete advertising solution that makes it easier to monetise content and compete against other news aggregators.

In addition to the sales and customer support boost that Atex will provide, the company also aims to strengthen Kaango’s development resources and has started work on internationalizing Kaango for deployment in other regions of the world.

Michael Kranitz, the  founder and former CEO of Kaango, will continue to work closely with Atex, to expand Kaango’s international presence, utilising the existing Atex worldwide sales, support and service capabilities in 54 countries. Kaango’s product development team will remain based in Denver, CO as part of Atex’s well funded global development resources. Joe Conti will act as Kaango’s COO and he will continue to manage the day-to-day operations in Denver.