June 2011:

Through a private placement to the family owned investment company Jotobico Holding AS,Prosessventiler has increased its share capital by NOK 7.5 million. This is in addition to a private placement to existing shareholders a short time ago raising NOK 2 million. This latest private placement makes Jotobico Holding AS the largest shareholder in Prosessventiler, but all existing shareholders will continue to hold shares.

As well as having minor interests in various companies within the shipping and offshore market, Jotobico Holding wholly owns the valve and instrument supplier J.S. Cock AS, which has a history of over 110 years’ experience in the sector.

Prosessventiler is a recognized supplier of valves and associated materials to operators and package suppliers within the offshore, oil and gas industries and also has extensive experience with valves for LNG (Liquefied Natural Gas), a market showing strong growth today.

Asked why Jotobico Holding has chosen to invest in Prosessventiler AS, Chairman and Managing Director Ivar S. Cock responds: “Currently activity in these markets is high and Prosessventiler is well prepared and equipped to compete within its discipline both nationally and internationally”.

“Although Jotobico Holding is the majority shareholder in both Prosessventiler and J.S. Cock, the two companies will continue to compete. But with its sound experience and solid capital base, Jotobico will undoubtedly use its ownership to develop and streamline both companies in line with market development, and customers’ needs for suppliers with proven knowledge, not just about the products the companies are supplying, but also about the process the products will serve,” Mr. Cock adds.