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Birdstep emits 3 million new shares to Vollvik Invest AS for additional funds of NOK 42 million


May 24, 2006

~ Birdstep Technology AS in agreement with Vollvik Invest to emit 3 million new shares for the price of 14 NOK per share~

Oslo/Stockholm/Seattle/Cambridge –Birdstep Technology ASA, the leading provider of seamless mobility and connectivity client software, today held an extraordinary shareholders meeting that approved the emission of 3 million new shares to Vollvik Invest AS for the price of NOK 14.00 per share. The same share issue also gives Vollvik the option to purchase additionally 1.5 million shares within twelve months from the date of the extraordinary shareholder meeting also at NOK 14.00 per share.

”Birdstep has great potential and we strongly believe in the growth potential of the company. Our investment is long term and we believe that Birdsteps’ product portfolio is well positioned to win a significant market share of the connectivity and mobility market”, said Idar Vollvik, Chairman of Vollvik Invest AS.

“Vollvik’s decision to make this investment in Birdstep is yet another proof that we have the right products in the growing market for mobile users of laptop, Pocket-PC and Smartphones. The fact that Vollvik Invest, with their true market knowledge in the mobility sector, understand the value and potential in our technology, make their decision to invest very encouraging for us”, said Petri Markkanen, CEO of Birdstep Technology AS.

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