Mamut ASA (OSL:MAMUT) Victory On All Counts For Active 24 In The Dispute With 24SevenOffice

Mamut ASA (OSL:MAMUT) The judgment in the dispute between Mamut ASA's (Mamut) wholly-owned subsidiary, Active 24 AS (Active 24), and 24SevenOffice AS (24SevenOffice) has now been made by the Court of Appeal (Borgarting Lagmannsrett). 24SevenOffice has lost on all counts, and 24SevenOffice has been ordered to cover the costs incurred by Active 24 in connection with the dispute. Active 24 did bring a cross action against 24SevenOffice for damages suffered. Active 24 won the cross action in both the District Court and the Court of Appeal, but the amount of the damages still has to be decided.

"We are very pleased with winning on all counts in the Court of Appeal as we also did in the District Court. The Court concluded that "24SevenOffice can be criticised for its incorrect interpretation of the law" and we question the prioritisations from the Board of Directors and advisors of 24SevenOffice in this two year process. We now hope that they will finally come to their senses and will not further burden the court with this case" said Eilert Hanoa, CEO of Mamut.

24SevenOffice must pay the costs incurred by Active 24 in connection wit the dispute in both the District Court and the Court of Appeal. 24SevenOffice has reported NOK 4 553 917.93 as its own costs, while Active 24 has reported NOK 2 355 405. In the unanimous ruling it is stated that all costs, including court fees and fees for expert lay judges, are to be paid by 24SevenOffice.

Background Mamut's wholly-owned subsidiary, Active 24, received a writ from 24SevenOffice in March 2007. Active 24 has all the time disputed that there was any basis for termination of the cooperation agreement between the parties and have argued that 24SevenOffice had no grounds to claim compensation from Active 24. Active 24 instead requested a ruling confirming that 24SevenOffice was liable for Active 24's losses resulting from 24SevenOffice's unlawful termination of the cooperation.

In order for the matter to be resolved as quickly as possible, Mamut and Active 24 made a settlement offer to 24SevenOffice in January 2007 that reflected Active 24's view on the case. The settlement offer entailed no payments from Active 24 or Mamut. The offer was turned down and the case ended up in the courts.

24SevenOffice lost the case on all counts in the Oslo District Court in December 2007, and it was ruled by both the District Court and the Court of Appeal that 24SevenOffice was liable for the loss suffered by Active 24 in connection with the unlawful termination. The amount of the loss has not been determined.

24 SevenOffice appealed the unanimous decision by the Oslo District Court and the case was brought before the Borgarting Court of Appeal. 24SevenOffice once again lost on all counts in the Court of Appeal and 24 SevenOffice was ordered to cover Active 24's costs in connection with the disputes in the District Court and as well as in the Court of Appeal.

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Mamut ASA

http://www.mamut.com

ISIN: NO0003105405

Stock Identifier: XOSL.MAMUT