Oslo, Norway, July 1, 2019 - Thin Film Electronics ASA, (“Thinfilm”), the global leader in near field communications (NFC) solutions, is making a change to its senior leadership team.   As part of the restructuring of the company to support its new strategy, Thinfilm has become increasingly based in San Jose, CA. As part of these changes, Chief Financial Officer, Ole R. Thornes, will step down as CFO and transition into an advisory role.  "I would like, along with the Board, to extend our appreciation to Ole for his leadership contributions to our Company since becoming CFO.  We wish him all of the best in his future endeavors", said Kevin Barber, CEO of Thinfilm.

Thinfilm has appointed Mallorie Burak as Chief Financial Officer (“CFO”) with effect from 1 July 2019.   Ms. Burak is an experienced financial executive, bringing over 25 years of expertise across a broad spectrum of industries ranging from early stage software start-ups to multi-national, public corporations. Over the span of her career, she has negotiated and managed over five hundred million dollars of successful financing and M&A deals, having spent the last 12 years focused on turn-arounds of both public and venture backed companies.  Prior to joining the Thinfilm team, she served as CFO at Alta Devices, a GaAs thin-film solar technology start-up, where she secured over $56 million in funding to facilitate the build out of its pilot manufacturing line.  Prior to Alta Devices Ms. Burak served as CFO at FriendFinder Networks, Rainmaker Systems, FoodLink, and Southwall Technologies. She has a proven track record of creating a high-performance culture with a strong focus on operational excellence and maximizing shareholder value, as evidenced by the successful acquisition of Southwall Technologies, after having repositioned, restructured, and grown the company. Ms. Burak has significant experience working with a variety of financing sources, both public and private, as well as significant experience leading and managing M&A related activities. She holds a BSBA and MBA from San Jose State University.  She will be based at Thinfilm’s San Jose, CA office. 

Kevin Barber, CEO of Thinfilm comments: “I am delighted to welcome Mallorie to Thinfilm.  In addition to her extensive experience repositioning companies for success, she brings a proven track record of driving results throughout her career as a financial executive in both private and public companies.  I look forward to working with Mallorie and know she make significant contributions as we pursue our new business strategy.”

For further information contact:
Kevin Barber, CEO
E-mail: kevin.barber@thinfilmnfc.com
Tel: +1 408 503 7306

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act