2011.12.15

Acquisition of Flamingo Intervest Ltd

The acquisition of Flamingo Intervest Ltd has now been completed, and Nio has established a second business area alongside its sophisticated video surveillance business.

Flamingo is the owner of the ziinga.com Internet auction site, which is currently serving close to one million users in several countries around the world. Ziinga is an entertainment shopping website, with a concept different from traditional Internet auctions where the users buy pre-purchased bids in order to bid for consumer brand products. The successful bidder may end up paying a fraction of the product's retail price. The membership base is expanding rapidly.

The acquisition provides Nio with a strong cash flow that will strengthen Nio’s financial position, including the video surveillance business. Nio believes that acquisition will allow us to generate value for our shareholders.

Flamingo will continue its operations as a subsidiary of Nio. For more information, see the Company’s announcements on the Oslo Stock Exchange.

Links

• Investor Relation