REFINANCING OF SIMTRONICS ASA

Simtronics ASA has agreed to a term sheet for a loan agreement with United Technologies Corporation (UTC), the Company’s largest shareholder. The loan will be a convertible loan and amounts to NOK 71.575 million. The loan will both be used as down payment of existing bank debt and for strengthening Simtronics’ working capital and general corporate purposes. The loan matures three years after issuance. Simtronics ASA and UTC have agreed to a "term sheet" which provides the framework for a loan agreement, subject to negotiation and execution of a definitive loan agreement. This term sheet has been approved by the company's main bank, DnB NOR Bank ASA. The main terms which are set out in the term sheet are inter alia the term of the loan which is set to three years, the conversion price of minimum NOK 2.19 and maximum NOK 2.39, the interest rate at 7 % per annum and the loan shall be unsecured and subordinated debt currently owed to DnB NOR. The issuance of the convertible loan requires a resolution by the company’s shareholders at an Extraordinary General Meeting. Notice of an Extraordinary General Meeting in Simtronics ASA to be held on 18 November 2009 is enclosed. For further information please contact: Mr. Rune Martini, CEO, Simtronics ASA Phone +47 48 07 80 80 Mr. Frode Arnesen, CFO, Simtronics ASA Phone +47 92 01 53 21 Simtronics ASA (Oslo Stock Exchange: SIMTRO) works to prevent disasters from happening. The company is an international supplier of fire and gas safety systems, active fire fighting solutions and fire prevention systems. Simtronics' flame and gas detectors represent the most accurate, reliable and robust safety technology available. The Company's products, solutions and systems are used by the oil and gas industry as well as in shipping, petrochemical and other process industries and in mining. Simtronics has a well established market base in Europe with Norway, France, UK and Germany as the single most important markets. Simtronics' heritage goes back to 1948.