Private Placement completed

Reference is made to the stock exchange release dated 27 October 2009 regarding a contemplated Private Placement of new shares in the Company and a sale of shares from Hexagon Composites ASA and Flakk Holding AS.

The Private Placement has closed, and the Company is pleased to announce that the transaction is completed as planned.

The subscription price in the Private Placement and sale of shares is NOK 11,5 per share. Gross proceeds in the Private Placement amounts to NOK 30 million. The Private Placement was comfortably oversubscribed.

The private placement was managed by First securities AS.

A listing prospectus will be prepared in connection with the listing of the new shares on Oslo Børs, and is expected to be published on or about 20 November 2009. The new shares will not be tradable on Oslo Børs until the listing prospectus has been filed with and approved by Oslo Børs, the new shares have been fully paid and the share capital increase has been registered with the Norwegian Register of Business Enterprises and VPS which is expected to occur on or about 20 November 2009.

For further information, please contact:
Niklas Hermansson, CEO @ President , +47 9587 5555 or nh@Comrod.com