08. March 2012: As communicated in previous stock exchange notifications [...]

As communicated in previous stock exchange notifications, NorDiag ASA ("NorDiag" or the "Company") has been conducting a strategic process with the aim to either offer the shareholders an exit opportunity, or to secure the Company's long-term capital need by attracting strategic investors.
 
The Company has had dialogue and negotiations with several interested strategic investors and/or potential acquirers, but has not been successful in reaching an agreement with any such party. At this point, it is the view of the Board of Directors, that it is unlikely that any such agreement can be concluded within the period for which the current cash situation is sufficient to support the operations of the Company.
 
The Company will continue to explore strategic options but will in all likelihood need to obtain additional financing during April 2012. The Company is currently assessing its financing alternatives, but the Board expects that the Company shortly will call for an extraordinary general meeting and propose a resolution to conduct a share issue. The transaction structure of such share issue is currently under consideration. The Board and management will implement further cost-cutting measures to reduce the Company's negative cash flow.
 
The Company may enter into liquidation if a solution to the Company's financing need is not obtained in the near term. The Company is in an ongoing dialogue with its lenders to secure the necessary flexibility to be able to complete the contemplated financing and secure continued operations.
 
For further information, please contact:
CEO Mårten Wigstøl, Phone: +47 911 65775
CFO Tone Kvåle,  Phone: +47 915 19576
 
About NorDiag:
NorDiag is a biotechnology company developing, manufacturing and marketing automated solutions (instruments and reagents) for sample preparation of DNAfrom difficult biological samples. DNA diagnostics give more rapid and precise answers, and are the fastest growing field within diagnostics. The Company's sample preparation solutions are today used in connection with STI, tuberculosis, MRSA, respiratory pathogens and viruses on instruments for large and small laboratories. NorDiag was founded in 2003 and has its headquarters in
Oslo, Norway. The Company has offices and laboratories in Stockholm, Sweden and in Atlanta (GA), USA. The group has today 29.15 man-labour years. NorDiag is listed on the Oslo Stock Exchange with ticker NORD.
 
Read the notice in Norwegian here.