Expanded stock exchange announcement – ODIM ASA acquires Numet Engineering Ltd.

(Hareid, 6 May 2008): Reference is made to the ODIM`s stock exchange announcement of 1 May 2008 in respect of the acquisition of Numet Engineering Ltd. ODIM ASA has prepared this announcement in accordance with the requirements of the Oslo Børs rules on Continuing Obligations, Sections 3.4.1 to 3.4.3 (acquisitions that exceed 5% of assets, operating revenue or annual profit). The announcement does not represent any change to the content of the 1 May 2008 announcement, but provides somewhat more detailed information.

About the transaction:
ODIM Inc.,(Canadian business number 839762325) a wholly owned subsidiary of ODIM ASA company registration number 868 251 662 (“ODIM” or the Company) entered into an agreement on 1 May 2008 with R.H. Beckett Investment Corp., Hardknott Investments Ltd., Dr. Harry Lowe and Mr. Robert Beckett, and their respective spouses, for the purchase of all issued and outstanding shares of 993662 Ontario Limited (the “Shares”). 993662 Ontario Limited owned all of the issued and outstanding shares of Numet Engineering Ltd in addition to all the real estate (“Real Estate”) used in connection with the operations of Numet Engineering Ltd.

ODIM will pay CAD$ 22 million for the Shares (the “Acquisition Price”). On 1 May 2008 the Shares were transferred against a payment of CAD$ 19.8 million in cash. The remaining portion of the Acquisition Price will be held back until audited figures for 2008 (fiscal year-end 30 April 2008) are finalized. The audited figures are required within 90 days of closing, and the Acquisition Price is conditional upon a minimum of CAD$ 4.9 million in equity. The acquisition will be financed by ODIM`s liquid assets.

The previous Board of Directors of 993662 Ontario Limited was as follows:
Mr. Robert Beckett
Dr. Harry Lowe

Subsequent to closing, 993662 was amalgamated with ODIM Inc. As a result of this amalgamation, ODIM Inc owns shares of ODIM Spectrum Ltd. ODIM Brooke Ocean Ltd. BOT USA, Numet Engineering Ltd. as well as real estate located at two locations in Peterborough, On and one location in Dartmouth, NS.

The Board of Directors of ODIM Inc as follows:
Jogeir Romestrand,
Arild Hatløy
Andrew Roy
Arnold Furlong
Nancy Herr

Key figures for the fiscal year ending 30 April 2007 for 993662 Ontario Limited in CAD$ millions:
Revenue: 0.4
Net income: 0.3
Total assets: 4.2

The revenue comprises rental income of CAD$ 0.1 million and dividends of CAD$ 0.3 million from Numet Engineering Ltd. The figures for 993662 Ontario Limited are based on audited non-consolidated figures. Consolidated figures for 993662 Ontario Limited and Numet Engineering Ltd have not been produced. Further financial information for Numet Engineering can be found below.

993662 Ontario Limited does not have any material assets or liabilities that are not included in its balance sheet.


About Numet Engineering Ltd, Board of Directors and Management:
Numet Engineering Ltd. is located in Peterborough, Ontario, and is a well known company in the Canadian power generation industry. The Company has over 25 years experience in the nuclear power industry, and currently has approximately 100 employees specializing in the design, development and manufacture of engineered systems and equipment. Areas of focus for the company include: Automated tooling and handling systems for facility maintenance and refurbishing, and the supply of replacement OEM equipment (Original equipment manufacturer). Numet equipment is designed to allow facility operators to safely and efficiently perform reactor maintenance operations.

The board of directors of Numet Engineering Ltd is as follows:
Andrew Roy, President
Nancy Herr, Secretary Treasurer

The executive management is as follows:
Keith Furevick, Managing Director
Robert Beckett, Executive Director

Dr. Harry Lowe, the former President and CEO of Numet Engineering, has agreed to provide consulting services to the Company under a three month contract on an “as required” basis.

Mr. Robert Beckett, formerly Vice President of Numet Engineering, has agreed to continue working in the company in the position of Executive Director, and has signed a two-year employment contract which can be terminated with 3 months written notice from either party.

Mr. Keith Furevick has been appointed as Managing Director of Numet Engineering. Mr. Furevick has been the Director of Business Development at ODIM Spectrum Ltd. for the past two and one-half years. He has been instrumental in the acquisition of Numet Engineering Ltd. and ODIM Brooke Ocean Ltd.

Key figures for the fiscal year ending 30 April 2007 for Numet Engineering Limited in CAD$ millions:
Revenue: 30.4
Normalized Net after tax income: 7.9 *
Normalized EBITDA: 10.7 *
Total assets: 20.9

* In FY 2007 the previous owners had taken bonus in excess of regular salary in the amount of CAD$ 2.5 million.

Numet Engineering Limited does not have any material assets or liabilities that are not included in its balance sheet.

Other than the agreements with Dr. Harry Lowe and Mr. Robert Beckett no agreements have been entered into in connection with the acquisition for the benefit of the executive management or members of the board of directors of either ODIM, 993662 Ontario Limited or Numet Engineering Ltd.

Significance of the acquisition of 993662 Ontario Limited and Numet Engineering Ltd for ODIM:
Through the Numet acquisition, ODIM`s objective of establishing a strong foothold in the very promising nuclear power industry in Canada will be enhanced. The opportunity to expand Numet`s activities outside of Canada will also be a major source of future growth for the North American business. Numet represents an excellent platform for further growth in the sector, and strategically positions ODIM to participate in major anticipated project opportunities. It represents an important step towards ODIM`s goal of growing this business to become a leading provider of automated handling solutions for the nuclear power industry.

Following the acquisition ODIM Inc. in North America will now comprise these companies: ODIM Spectrum Ltd. (Peterborough, Canada), ODIM Brooke Ocean (Halifax,Canada), ODIM Defence Systems (Massachusetts, USA) and Numet Engineering Ltd.(Peterborough, Canada).

ODIM will hold a more detailed presentation about Numet under the Q1 presentation in Oslo on Wednesday 21 May. The presentation will be web casted via www.odim.com.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)