Saab and Simrad Optronics Create Joint Venture

Business Wire, Oct 28, 2008

Saab AB and Simrad Optronics ASA forms a joint venture under the name Vingtech Saab AS. The company is owned 51 % by Simrad Optronics and 49 % by Saab.

STOCKHOLM, Sweden -- Regulatory News:

The plans for a joint venture was first announced in April this year, provided Norway decides to purchase Gripen. Since both Simrad Optronics and Saab anticipate stronger Nordic defence cooperation in the future, it was agreed not to wait for the aircraft purchase decision. The market potential for the projects that will be started at Vingtech Saab is estimated to reach a value above NOK 1 billion over the next five to ten years.

If Norway decides to purchase the Gripen system, Saab and Simrad Optronics have identified possible programmes for the first ten years to more than NOK 7 billion. The company will develop and market various products, mainly in the area of high tech optronics.

The company will be based in Norway.

The information is that which Saab AB is required to declare by the Securities Business Act and/or the Financial instruments Trading Act. The information was submitted for publication on October 28 at 22.00.

Saab serves the global market with world-leading products, services and solutions ranging from military defence to civil security. Saab has operations and employees on all continents and constantly develops, adopts and improves new technology to meet customers' changing needs.

This information was brought to you by Cision http://www.cisionwire.com