Press release from the annual general meeting of PartnerTech AB (publ), April 27, 2012

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Among the resolutions passed by the meeting were:

  • All of the company's unappropriated earnings of SEK 130, 578, 689 are to be carried over to new account, as the result of which no dividend will be payable for fiscal year 2011 (SEK 0/share for fiscal year 2010).
  • The members of the board and the CEO were discharged from liability for fiscal year 2011.
  • The income statement and balance sheet, as well as the consolidated income and consolidated balance sheet, were adopted.
  • The board fee was set to remain at SEK 320,000 for the chairman and SEK 160,000 for other members who are not employees of the company. Furthermore the chairman of the board of directors´ audit committee shall be paid remuneration until the end of the next annual general meeting, amounting to SEK 30,000.
  • Patrik Tigerschiöld, Petter Stillström, Thomas Thuresson, Henrik Lange and Lotta Stalin were re-elected as members of the board. Bengt Engström was new-elected as member of the board. Andreas Bladh declined re-election and was thanked for his services. Mr. Tigerschiöld was re-elected as Chairman of the Board. PricewaterhouseCoopers AB was new-elected as the company's accounting firm with Magnus Willfors as principal auditor. It was resolved that audit fees will be payable in accordance with approved invoices.
  • Proposed guidelines were adopted governing remuneration for management. For full terms and conditions, please go to www.partnertech.com
  • Whether with or without departure from the preferential rights of shareholders, the meeting authorized the board to reach decisions concerning one or more issues prior to the next annual general meeting totaling no more than 1,266,490 new shares, representing dilution of just under 10% of share capital and total number of votes. The purpose of the authorization is to enable acquisitions.

President and CEO Leif Thorwaldsson presented PartnerTech's sales and earnings figures for 2011 and the first quarter of 2012.He noted that sales in 2011 increased by ca. 9% in local currencies, compared to the previous year and operating profit improved sharply. The trend is attributed to internal efficiency measures and a strengthened sales organization, with a greater focus on strategically selected customers. The positive trend has continued into the first quarter of 2012 with an increase of 5% compared to first quarter 2011. Among the activities the company made in 2011, he mentioned the continuing structural change towards a larger share of production in low-cost countries, consolidation of the sourcing organization to Poland, China and Sweden, investments in new machinery and systems as well as development of the service offerings at the US Customer Center. The company has also announced several new contracts with both new and existing customers, and interest remains high for Partner Tech's broad offering that includes both technological development, production and aftermarket services.                                    .

Leif Thorwaldsson further noted that the company's primary focus during 2012 will be to further adapt and streamline the organization to achieve sustainable profitability in all markets. He concluded by noting that the progress made along with a competitive organizational structure and a broad, global offering provides a firm foundation for the future.

For more information, please contact:

Leif Thorwaldsson, President and CEO, Tel: +46 (0) 40 10 26 41

Åke Bengtsson, CFO, Tel: +46 (0) 40 10 26 42

PartnerTech

PartnerTech develops and manufactures products under contract for leading companies, primarily in Information Technology, Industry, CleanTech, MedTech and Instrumentation, Defense and Maritime and Point of Sale Applications. With approximately 1,300 employees at its plants in Sweden, Norway, Finland, Poland, the UK, the United States and China, PartnerTech reports annual sales of more than SEK 2,3 billion. PartnerTech AB (www.partnertech.com), the parent company, has its head office in Vellinge, Sweden, and is listed on the Nasdaq OMX Stockholm Exchange.

PartnerTech AB, corporate identity number 556251-3308

Box 103, Industrigatan 2, SE-235 22 Vellinge, Sweden

PartnerTech (publ) is  required to publicly disclose the information in this press release pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. The information was submitted for public disclosure at 4.30 pm on April  27th, 2012.

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