Birdstep Issues New Shares to Raise NOK 22.325 Million

11/7/2003 - Birdstep Technology announced that it has raised NOK 22.325 million (USD 3.1 million) in a new share issue. Old and new shareholders participated in the private placement of 2,350,000 shares at NOK 9.50 per share. The placement was oversubscribed by 19%. All subscribers excluding those that received minimum allocation, were allocated 82-83% of the number of shares subscribed. This proves that the listing on the Oslo Stock Exchange represents a continuous source of funding for the company.

The funding provided will be used in market development and in the deployment of projects with large customers in the wireless internet arena and others. "It is important in todayís marketplace that there is no doubt about a vendorís financial strength and flexibility" says Jorgen Bredesen, CEO of Birdstep Technology ASA, and continues "We want to be accepted as a leading and long term player in the industry, and this enables us to step up the activities needed to penetrate the rapidly growing wireless market". The shares have been placed by Carnegie ASA and Terra Fonds ASA.

About Birdstep Technology
Birdstep Technology is traded on the Oslo Stock Exchange (OSE) under ticker "BIRD". The company has headquarters in Oslo and Seattle in addition to offices in London, Boston and San Francisco. Birdstep's small footprint, high performance database technologies combined with its wireless roaming and access software enables companies to build innovative solutions for embedded systems and the Mobile Internet. Birdstep makes your information accessible anytime, anywhere, on any device and on any infrastructure. Birdstep's global customers include 3Com (COMS), VERITAS (VRTS), Harman Becker Automotive Systems, HP (HPQ), Accenture (ACN), Telenor (TELN), PCTel (PCTI), Connect One and the National Stock Exchange of India.

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