Announcement of private placement

Dolphin Interconnect Solutions announced today that it has placed 5,800,000 shares in a private issue of shares subscribed for by existing shareholders, primary insiders and new investors. The shares were issued at NOK 2.30 per share and the capital increase will be executed under proxy given to the Board of Directors on May 28th 2008.

The total number of shares outstanding after the issue will be 22,671,111, each with the nominal value of NOK 0.20. The new registered share capital will be NOK 4,534,222.20. The new shares will be listed on Oslo Stock Exchange following approval of a listing prospectus and registration in the Norwegian Register of Business Enterprises.

The main purpose of the issue is to secure necessary funds to maintain the strong market momentum for the Dolphin Express product line as well as the development of NumaChip, a product that can give a vast cost advantage in the mainframe computer segment by use of standard clustered servers.

The private placement was managed by Orion Securities ASA.

The board has resolved that a repair issue should be directed to existing shareholders as soon as it is practical. Through this, dilution of ownership resulting from the above private placement may be recouped.


For further info please contact:
Alex Gundersen,
CFO, (+47) 41 47 41 07
Tim Miller, CEO, +1 508 740 5949
www.dolphinics.com