Navamedic concentrates key resources on the development of its Vitaflo business. The company will initiate a process to move main head office functions to Gothenburg. Change in top management.

Mon, Nov 10, 2008 12:50 CET

(Lysaker, Norway, 10 November 2008) The Board of Directors of Navamedic ASA has decided to focus the company's further development on its Direct Sales and Marketing business, through the subsidiary Vitaflo Scandinavia AB. The company will initiate a process to move the main management functions currently conducted at the Navamedic office in Oslo to Gothenburg. As the Glucomed product is no longer a core asset, the product may be sold off given a fair price and under the right conditions.

Following the Board's decisions and the structural changes to be implemented, CEO Øyvind W. Brekke has decided to resign from his position as of today. He will assist the company for some time focusing on Glucomed issues. The recruitment process for a new CEO starts immediately. The current CFO, Bernt-Olav Røttingsnes, will hold both CEO and CFO positions in the interim period.

For further information, please contact:
Johan Reinsli, Chairman of the Board, Navamedic ASA
Mobile: +47 916 04 145

Bernt-Olav Røttingsnes, CFO/IRO Navamedic ASA
E-mail: bor@navamedic.com
Office: +47 67 11 25 44
Mobile: +47 91 34 70 21

Navamedic concentrates key resources on the development of its Vitaflo business. The company will initiate a process to move main head office functions to Gothenburg. Change in top management.

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