2004-02-19

Birdstep Raises USD 10.9 million in private placement

Oslo – February 20th, 2004 – Birdstep Technology ASA today announced that it has raised NOK 75.5 million (USD 10.9 million) in a new share issue. The private placement consisted of 2,650,000 shares at NOK 28.50 per share. The placement was oversubscribed by 10%. All subscribers excluding those that received minimum allocation were allocated 90% of the number of shares subscribed. The share capital will increase by NOK 2,650,000 from NOK 27,274,624 to NOK 29,924,624. The listing on the Oslo Stock Exchange represents a strong source of funding for the company.

The funding provided will be used for increased market development and in deployment of projects with large customers in the wireless Internet arena. “The current market offers several interesting possibilities”, says CEO Jørgen Bredesen “The strong support from the financial market gives Birdstep Technology the flexibility and strength to build the company at a higher pace and take advantage of structural opportunities”.

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. For more information, visit www.birdstep.com.

Contact Information:
Jorgen Bredesen
Birdstep Technology ASA
+47 24134700
hello.birdstep.com

Hans Petter Hauge
Birdstep Technology ASA
+47 24134700
hans.petter.hauge@birdstep.com