PAYNOVA REINFORCES ITS POSITION WITH A NEW SALES DIRECTOR FROM GOOGLE

(NGM: PAY)

Paynova has recruited Tomas Nörgaard as sales director, with responsibility for the company’s sales both within Sweden and internationally. This recruitment constitutes an important element of Paynova’s intensified efforts within sales and marketing. Tomas comes most recently from Google Enterprise, where he was responsible for building up that company’s sales organisation in Scandinavia.

The recruitment of Tomas Nörgaard is part of Paynova’s increased investment and focus on sales and marketing of the company’s payment services within the priority market segments of travel, retail, online gaming and mobile payments. The proactive endeavours now being introduced following the completion of the restructuring process are based on strengthened financing and a new strategic plan for the company.

Tomas has extensive experience of building up and developing international sales, most recently at Google Enterprise. He has also occupied leading positions at a number of companies, including Panasonic, Adobe Systems and Dell, and has entrepreneurial experience as the founder of an IT company. Tomas will join Paynova’s management team from August 2007 onwards.

“Now that the restructuring is complete, Paynova stands on the brink of a period of growth, in which the company will grow in terms of both new and existing customers. We are currently setting up a separate sales organisation led by Tomas Nörgaard. This, in combination with the company’s strengthened financing, will give Paynova access to greatly increased resources within sales. Tomas has the perfect background for this, and he will have a key position in the proactive stage Paynova is now entering,” says Per Sunnemark, CEO and Group President of Paynova.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Per Sunnemark, CEO and Group President

+46 (0)70-147 67 55

ABOUT PAYNOVA

Paynova offers an international, account-based payment service via the Internet. With Paynova as the only counterpart, e-retailers can get a payment guarantee for around twenty payment options in 10 languages with 8 currencies in a security-certified interface (PCI). Consumers can open an account, a Paynova Wallet, for free on the Internet to make purchases simpler and more secure, as well as look after transfers between family members, friends and acquaintances. Paynova has agreements with around 1,400 e-retailers. Most are found in the following prioritised segments: travel, retailing and media/network games. The company has been listed on NGM Equity since February 2004. For more information: www.paynova.com