OSLO, Norway, Nov. 29, 2002 (PRIMEZONE) -- Teknisk Analyse Invest AS has made a specific offer to a number of CAMO ASA's shareholders in a letter dated November 22, 2002 and signed by Harald Tverfjell. The specific offer is to exchange shares in CAMO ASA for shares in Teknisk Analyse Invest AS in a relationship 1:1.
The rationale given in the letter sent to a number of CAMO ASA's shareholder is as follows:
"TA Invest AS is an investment company using advanced technology for analysis. We believe the company, based upon its strategy and track-record described in the enclosed segments from the prospect, has substantial potential. The reason for this offer is that the company's Board of Directors wants to increase the company's capital in order to achieve economics of scale and increased flexibility."
Several of CAMO ASA's shareholders have contacted the company today and asked if the Board of Directors of CAMO ASA or management is involved in this offer in any way and if we will recommend it to our shareholders.
CAMO ASA received a copy of the offer yesterday, November 28, 2002. After reviewing the offer, I could not find enough relevant information in order to make a fact based evaluation of the offer as I have never heard of Teknisk Analyse Invest AS or the people involved. I contacted the Chairman of the Board of Teknisk Analyse AS, OEivind Hasseloe Meisingset, and asked for an immediate meeting to learn more about the company, it's strategy, track record and other relevant information like the number of shares outstanding in Teknisk Analyse AS, par value, get a copy of their financial statement etc.. The Chairman of the Board of Teknisk Analyse AS, OEivind Hasseloe Meisingset, informed me that Teknisk Analyse Invest AS was unable to meet with me until December 4, 2002. I informed him that this is the same date as his offer expires and it will not be possible for me, as CEO of CAMO ASA, to get sufficient information in order to make a recommendation to the Board of Directors of CAMO ASA so we can respond to our shareholders inquires in this matter prior to the expiration of their deadline to accept the offer. Despite strong insistence for more information, Teknisk Analyse Invest AS refused to meet with us prior to December 4, 2002.
CAMO ASA cannot make any reasonable evaluation of this offer as we do not have any relevant information to base any evaluation on. We have elected to inform all our shareholders of this offer, and suggest that our shareholders get a hold of the relevant information from Teknisk Analyse AS prior to making any decision. We have learned that the company was founded on April 2 and has a share capital of NOK 150,000.
Neither the Board of Directors, executive management or any employee of CAMO ASA or related companies has had any involvement with Teknisk Analyse Invest AS. Teknisk Analyse Invest AS has never met with CAMO's Board of Directors or executive management. Since Teknisk Analyse Invest AS has never met with CAMO, I would like to know how they have been able to determine a fair market value of CAMO ASA. Since Teknisk Analyse Invest AS refused to meet with me prior to the expiration of the offer deadline, it is impossible for me to make any rational evaluation of Teknisk Analyse Invest AS.
As a result of the lack of willingness of Teknisk Analyse Invest AS to provide the necessary information in order for CAMO to evaluate their offer, we can not make a recommendation to accept their offer.
Yours sincerely, CAMO ASA
Bjoern Skare CEO, 22 39 63 00
About CAMO
CAMO helps smart people get smarter. Founded in 1984, CAMO provides product lifecycle management software, realtime decision support software and online market research technology. The company has 120 employees and more than 1,800 customers in 46 countries in the food, chemical, pharmaceutical and manufacturing industries. Headquarters are in Woodbridge, NJ with additional offices in the United States, India, and Norway. For further information, please visit our Website at www.camo.com.
Forward-Looking Statements
This press release contains statements that are forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995. These include statements regarding market opportunity, benefits for customers, product availability and engineering and design activities. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from the statements made, including: 1) in regard to revenues, gross margins and earnings uncertainties associated with market acceptance of and demand for the Company's products, impact of competitive products and pricing and dependence on third party suppliers; and 2) in regard to new product introductions, uncertainties associated with the development of technology and intellectual property rights. CAMO does not undertake any obligation to publicly release the result of any revisions to forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.