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NOTICE OF ORDINARY GENERAL MEETING

MultiPower ASA

('MultiPower' or the 'Company')

Notice of Ordinary General Meeting

The board of MultiPower posted to shareholders yesterday a notice of Ordinary General Meeting ('OGM') to be held Monday 30 June 2008 at 10.00 hours CET at the Company's offices at Martin Linges vei 15-25, 1367 Snarøya together with its annual report and accounts for the year ended 31 December 2007. 

Subject to the approval of the general assembly at the OGM, 87,500,000 new shares will be issued at a price of NOK 0.05 per share (approximately 0.49p). If approved the placing would raise a total of NOK 4,375,000 (approximately £430,000). 

The board have decided it is in the best interests of the Company to carry out a fundraising in order to strengthen the equity position of the Company. Due to timing and to avoid substantial costs (including the preparation of a prospectus in connection with a rights issue) and given the immediate requirement for working capital, the placing has been restricted to a number of institutions, directors and individuals connected with the Company. GladiNOK AS, which is owned by Eirik Ansnes, who is responsible for certain marketing and product development activities on behalf of the Company, is not currently a shareholder of MultiPower. 

Subject to shareholder approval, the new shares shall be subscribed as follows:

Name	Number of shares	Amount (NOK)	Set-off/ cash
Springfield AS	10,000,000	500,000	Set-off
R-Partners AS	5,500,000	275,000	Set-off
GladiNOK AS	7,500,000	375,000	Set-off
Maribu Holding AS	19,142,840	957,142	Cash
Soft City Holding AS	10,000,000	1,000,000	Cash
RAB Special Situations (Master) Fund Ltd.	18,739,968	936,998,40	Cash
RAB Innovations Ltd.	1,411,135	70,556,75	Cash
Philip Richards	686,458	34,322,90	Cash
Lillian Olsson	2,399,541	119,977,05	Cash
Alexander Olsson	287,844	14,392,20	Cash
Øyvind Resch	946,335	47,316,75	Cash
Xantin Invest AS	885,879	44,293,95	Cash
Total:	87,500,000	4,375,000	-

In the last month the Company has borrowed NOK 1,150,000 from Springfield AS, R-Partners AS and GladiNOK AS. In lieu of the repaymment of these borrowings these parties have all agreed to accept new shares at the same price as other participants in the placing.

If approved, following the placing, there will 188,096,570 shares in issue.

Enquiries:

MultiPower	Morten Hansson Chief Executive Officer	+ 47 67 82 70 40
Hanson Westhouse Limited	Bill Staple / Martin Davison	020 7601 6100

                

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