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Ragasco AS new agreement for cylinder supply in France

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Hexagon Composites ASA announced today that its fully owned subsidiary Ragasco AS have signed a three year agreement for the sale of Ragasco's Liquefied Petroleum Gas (LPG) cylinders with a major French LPG distributor, Antargaz.
 
The agreement will initially run for three years and is scheduled to begin at the end of 2008. The product will be sold under a dedicated brand name belonging to the LPG distributor. The size of this agreement represents a significant contribution regarding fulfilling the growth strategy of Ragasco AS in the coming years.
 
"Our new partner has a strong position in the large French market and is a perfect partner for Hexagon given their faith in composites and their established distribution network. We look forward to a lengthy and mutually profitable relationship" says Erik Espeset, Hexagon Group President.
 
As a part of the agreement no more details can be revealed at present.
 
For further information please contact:
Erik Espeset
Group President
Hexagon Composites ASA
Tel: +47 70 11 64 45
 
Further information about Ragasco's LPG containers can be found on the company's web site at www.ragasco.com
 
Ragasco AS is the world's leading manufacturer of composite pressure containers, namely lightweight, but strong LPG cylinders. The company is also now producing high-pressure compressed natural gas (CNG) containers for the car market. All production currently takes place at the company's plant in Raufoss, Norway.
 
Hexagon Composites ASA is a publicly traded corporation, listed on the Oslo Stock Exchange (HEX). The corporation is a global niche producer of pressure vessels and other composite products. In addition to Ragasco AS, the Hexagon family of companies includes three other subsidiaries: Lincoln Composites Inc., Raufoss Fuel Systems AS and Devold AMT AS. The Hexagon companies maintain market leadership positions due to the enabling technologies, the efficient manufacturing, and the value-added, quality products provided by each subsidiary. The Hexagon companies' products are used in a variety of applications.
 
This press release includes forward-looking statements regarding the present intentions and expectations of management of Hexagon Composites. Certain factors beyond Hexagon's control could cause results to differ materially from those in these forward looking statements. Risk factors include general market conditions and competition in the markets for Hexagon's products and testing/type approval processes in different jurisdictions.

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