Continued negative development within Orrefors Kosta Boda

Continued negative development within Orrefors Kosta Boda

The negative development in Orrefors Kosta Boda, who is part of New Wave Group
of companies, has continued, mainly due to reduced sales at its main markets. 

Discussions with representatives of the government regarding support, loans and
guarantees are going on and internally Orrefors Kosta Boda is investigating
which further cost reduction measures that can be taken. The measures decided
upon and was briefed on September 19, 2008 will probably not be sufficient and
decision on further actions is expected to be taken in the middle of January
2009. "It is very sad with sales and earnings developments in the Orrefors Kosta Boda,
and we have no other choice than to take cost reduction measures and adapt
production to the lower sales volumes that exists on our market. With current
earnings trend is Orrefors Kosta Boda a heavy burden for New Wave Group and
significant measures must be implemented in order to not risk a bankruptcy for
Orrefors Kosta Boda. However, I want to emphasize that we remain positive for
Orrefors Kosta Boda, and we have a strong belief in the company and its
products, and the company should be able to become profitable again with the
right actions." says Göran Härstedt, president and CEO of New Wave Group. 

Gothenburg, Sweden 19 December 2008
New Wave Group AB (publ)
Göran Härstedt
President & CEO

For more information, please contact:
Göran Härstedt  CEO and President of New Wave Group, Tel: +46 31 712 89 02