Interim Results

RNS Number:6891E
Jumpit ASA
28 September 2007


                                   JUMPIT ASA

                          ("Jumpit" or the "Company")


               INTERIM RESULTS FOR SIX MONTHS ENDED 30 JUNE 2007


Jumpit ASA and its subsidiary, Jumpit Manufacturing AS, develops, and
distributes disposable and rechargeable batteries for handheld electronic
devices.


Jumpit ASA is headquartered at Snaroya outside Oslo, Norway.


Introduction

The six months ended 30 June 2007 have been challenging. Two legal disputes, one
with our US distributor ESI and one with the US based company Why ASAP regarding
patent issues were ongoing throughout the period and have occupied much of the
Board's time. I am pleased to report that both disputes have now been resolved.

The settlement with ESI amounts to US$300,000 with US$100,000 payable by 1 April
2008, the remainder having been paid. The settlement with Why ASAP amounts to
US$105,000 with US$40,000 payable by 1 April 2008, the remainder having been
paid.

The Board took the decision to settle the disputes as prolonging them would
result in UK and US legal expenses in excess of the settlement. The total cost
of lawyer's expenses and settlement fees represent more than 20% of the
operating costs during the period to 30 June 2007 and has influenced the
Company's liquidity significantly. The early settlement of these two disputes
means that the Board is now able to focus its attention fully on the operation
of the business while reducing costs.

The reexamination of the patent disclosed on 10 August 2007 continues and the
Board will update shareholders when it receives further information.

As announced on 11 June 2007, it was resolved at the AGM to conduct a review of
the Board's work. This review was estimated cost NOK 250 000 (Approximately # 21
 000). The review board comprising an independent auditor and accountant has
concluded that they are not able to conduct a review of this magnitude within
the above budget. The Board will inform shareholders regarding further progress.


Financial overview

Jumpit's revenue increased by NOK 0.8 million to NOK 1.5 million (2006: NOK 0.7
million). This generated a loss of NOK 4.0 million (2006: NOK 10.2 million).
However, the Company has reduced operating costs by more than 50% compared to
same period last year.

This result has led to a loss per share of  NOK 0.079 (2006: NOK 0.205)

The Company has cash balances of NOK 3.8 million (2006: NOK 13.0 million) and is
not confident it has sufficient cash to support its longer trading objectives.
The Board is considering its financing options which may include a placing
amongst existing shareholders.


Sales and Marketing

During the first half there were no sales through ESI. Since the dispute with
ESI started, the Company has been making efforts compensate for the loss of this
revenue through other avenues.

We are today represented in the following regions:


Norway, Sweden and Denmark.

In June the Company signed an agreement with Conrad Langaard in Norway to
maintain and increase the sales in Norway and Sweden. Conrad Langaard is one of
the largest tobacco distributors in the region. Our disposable batteries will be
sold in all their stores and the plan is that our product will compensate for
the decline in tobacco revenue. Conrad Langaard has 40 salespersons in Norway
and 17 in Sweden.


UK

Kondor is still our distributor and the sales in the UK have increased during
2007. We are, in addition to Kondor, actively searching for additional new
partners especially in the hotel industry.


Russia (including former Soviet Union)

Our distributor Mobile Energy has dedicated 3 persons full time to our products.
They have signed several small/medium chains, but are behind budget. We still
see the potential in Russia as very promising and with the dedication our
distributor has, we believe volumes will gradually increase.


Middle East

I2, our Middle East distributor, cancelled the distribution agreement with the
Company due to poor quality in one of our shipments which resulted from a
problem with our supplier. This has, temporarily, been a set back in the region
but the Company has now signed up a new distributor in the same region in order
to sustain the volumes. Furthermore we have received assurances from the
supplier that this was an isolated incident and they have guaranteed that Jumpit
will only have to pay 50% for any batch of batteries where the fault rate is
above 1 per cent.


Japan

In June this year we signed a new marketing agreement with Itochu. Since then we
have developed a new product specialized for the Japanese market. The plan is to
release our product in Japan in December 2007 in 30% of the Family mart stores,
increasing the presence through 2008. The Japanese market is a very mature
market for disposable or replaceable mobile phone batteries with the estimated
total sales of over 20 million batteries during 2007.


Outlook

We still have challenges to reach critical mass and present positive operating
result in 2007. Besides increasing representation in our existing markets, the
most important focus is to sign the final agreement with Itochu in Japan where
we by far have the biggest potential. We will also continue to have focus on the
operating expenses and look for further savings to bring the cost base even
further down on a monthly basis.


J. Chr. Borchgrevink, Chairman of the Board
Petter Sorlie
Karin Juel Teige
Sissel Edvardsen
Morten Hansson, CEO



Condensed consolidated interim income statement

                            Note    (Unaudited)   (Unaudited)     (Audited)
                                     Six months    Six months    Year ended
                                 ended 30. June     ended 30.  31. December
                                           2007     June 2006          2006
Revenues                                                                   
Sales                                 1 520 207       686 197     2 616 780
                                                                           
Operating Cost                                                             
Cost of goods sold                    1 063 804       972 406     2 350 407
Net other gains                                      (26 476)              
Salaries/social expenses                686 482     2 871 079     3 824 592
Depreciations                           496 611       747 913     1 520 713
Write down                                                       21 216 731
Other operating cost                  3 257 060     6 007 077    11 909 494
Total operating cost                  5 503 957    10 571 999    40 821 937
                                                                           
Operating/(loss)/profit            ( 3 983 750)  ( 9 885 802) ( 38 205 157)
                                                                           
Financial items                                                            
Net financial items                    (35 736)     (386 429)     (331 144)
                                                                           
Result before income tax            (4 019 486)  (10 272 231)  (38 536 301)
                                                                           
Income tax expense                                     56 000     1 087 615
                                                                           
(Loss)/profit for the               (4 019 486)  (10 216 231)  (37 448 686)
year                                                                       
                                                                           
(Loss)/earnings per share                                                                
basic                          4        (0,079)       (0,205)       (0,740)
(Loss)/earnings per share                                                                
diluted                        4        (0,079)       (0,176)       (0,719)
                                        


Condensed consolidated interim balance sheet

 
                              (Unaudited)    (Unaudited)            (Audited)
                             30. June 2007  30. June 2006    30. December 2006
Assets                                                                     
Non-current assets                                                         
Production equipment             1 049 371      1 691 940            1 148 812
Goodwill                         4 370 850     21 854 248            4 370 850
Other intangible assets            380 706      4 416 671              453 666
Long term receivables            1 056 901      2 176 957            1 056 901
Deposits                           278 862        278 862              278 862
Total non-current                7 136 690     30 418 678            7 309 091
assets                                                                     
                                                                           
Current assets                                                             
Inventory                          117 391                             581 475
Trade and other receivables      1 270 658      2 257 420              471 789
Cash and cash equivalents        3 750 151     12 977 781            9 235 152                                          
Total current assets             5 138 200     15 235 201           10 288 416
Total assets                    12 274 890     45 653 879           17 597 507

Equity                                                                     
Paid in capital                                                            
Share capital                    1 264 914      1 247 414            1 264 914
Share premium                   52 329 824     52 329 824           52 329 824
Other contributed equity        11 272 003     11 272 003           11 272 003
Total paid in equity            64 866 741     64 849 241           64 866 741
Other equity                  (53 470 538)   (22 218 600)         (49 451 054)
Sum other equity              (53 470 538)   (22 218 600)         (49 451 054)
                                                                           
Total Equity                    11 396 203     42 630 641           15 415 687
                                                                           
Liabilities                                                                
Non-current liabilities                                                    
Deferred tax liabilities                 -      1 031 615                    -
                                                                           
Current liabilities                                                        
Trade payables                     874 162        743 600            1 164 796
Public dues and taxes              123 938                     
Other current liabilities            4 525      1 124 085            1 017 024
Total liabilities                  878 687      3 023 238            2 181 820
Total equity and liabilities    12 274 890     45 653 879           17 597 507                                          
   

Condensed consolidated interim statement of changes in equity


                                           Share        Share        Other Other equity       Equity
                                         capital      premium  contributed                          
                                                                    equity                          
Equity at 01.01.2005                     242 766    4 444 338    9 504 058 (10 794 085)    3 397 077
Reduction share premium                             (810 049)                   810 049             
Share issue by contribution in kind      170 000   24 830 030                             25 000 030
Issue share capital                      619 148    (619 148)                                       
Increase of capital                         3000    1 448 200                              1 451 200
Issue of capital                         187 500   34 162 500                             34 350 000
Listing costs                                    (11 101 047)                           (11 101 047)
Option programme                                                   321 386                   321 386
Result for the period                                                       (2 018 332)  (2 018 332)
Equity at 31.12.2005                   1 222 414   52 354 824    9 825 444 (12 002 368)   51 400 314                    
                                                                                
Issue share capital                       25 000      (25000)                                       
Option program                                                   1 446 559                 1 446 559
Share issue - option                      17 500                                              17 500
Result for the period                                                      (37 448 686) (37 448 686)
                                                                                
Equity at 31.12.2006                   1 264 914   52 329 824   11 272 003 (49 451 054)   15 415 687
                                                                                
Result for the period                                                       (4 019 484)  (4 019 484)
                                                                                
Equity at 30.06.2007                   1 264 914   52 329 824   11 272 003 (53 470 538)   11 396 203


Condensed consolidated interim cash flow statement

                                                                                          
                                                           Six months          Six months      Year ended 31.
                                                        30. June 2007       30. June 2006       December 2006
Cash outflow from operating activities
Result before tax                                         (4 019 486)        (10 272 231)        (38 536 301)
Ordinary depreciation                                         496 611             747 913           1 520 713
Write down                                                                                         21 216 731
Expensed options                                                                1 446 559             449 535
Change in trade receivables                                                                         4 641 852
Changes in trade payables                                   (290 634)         (1 412 705)           (991 509)
Other changes                                             (1 347 282)             405 846         (1 145 768)
Net cash outflow from operating activities                (5 160 791)         (9 084 618)        (12 844 747)

Cash flow from investing activities
Purchase of property, plant and equipment                   (324 210)           (791 202)           (791 202)
Net cash outflow from investing activities                  (324 210)           (791 202)           (791 202)

Cash flow from financing activities
Proceeds from issuance of ordinary shares                                                              17 500
Net inflow from financing activities                                                                   17 500

Net change in cash and cash equivalents                   (5 485 001)         (9 875 820)        (13 618 449)

Cash and cash equivalent at the beginning of the            9 235 152          22 853 601          22 853 601
period
Cash and cash equivalent at the end of the                  3 750 151          12 977 781           9 235 152
period


Notes to consolidated financial information


1   General information

Jumpit ASA ('the Company') and its subsidiary, Jumpit Manufacturing AS (together
"the Group"), develops, and distributes disposable and rechargeable batteries to
handheld electronic devices. The market for the company is world wide.

The company has a production agreement with Dunggan Pacific Cheery Electronics
LTD in China.

The Company is a limited liability company incorporated and domiciled in Norway
with it's headquartering at Snaroya, outside Oslo.

The Company has its listing on AIM at the London Stock Exchange.

These group consolidated financial statements were authorised for issue by the
Board of Directors on 25 September 2007.


2       Summary of significant accounting policies

The principal accounting policies applied in the preparation of these
consolidated financial statements are set out below. These policies have been
consistently applied to all the years presented, unless otherwise stated.


Basis for preparation:

The consolidated financial statements of Jumpit ASA have been prepared in
accordance with International Financial Reporting Standards (IFRS). The
consolidated financial statements have been prepared under the historical cost
convention, as modified by  financial assets and financial liabilities that is
recognised at fair value

The preparation of financial statements in conformity with IFRS requires the use
of certain critical accounting estimates. It also requires management to
exercise its judgment in the process of applying the accounting policies. The
areas involving a higher degree of judgment or complexity, or areas where
assumptions and estimates are significant to the consolidated financial
statements are disclosed in the report.


3. Cash and cash equivalents

Cash and cash equivalent consist of bank deposits. Restricted bank deposits
amounts to NOK 431.152.


4. Loss per share

The company's share capital consisted at 30.06.2007 of  50.596.570 shares.
Outstanding options at the end of the period were 500.000.


Earnings per share basic             Result divided by no of shares       Loss per share (NOK)

Six months ended 30. June 2007       NOK (4 019 486)/ 50 596 570                        (0.079)
Six months ended 30. June 2006       NOK (10 216 231)/ 49 896 560                       (0.205)
Year end 31. December 2006           NOK (37 448 686)/ 50 596 570                       (0.740)


Earnings per share diluted           Result divided by no of shares       Loss per share (NOK)

Six months ended 30. June 2007       NOK (4 019 486)/ 51 096 570                        (0.079)
Six months ended 30. June 2006       NOK (10 216 231)/ 58 130 390                       (0.176)
Year end 31. December 2006           NOK (37 448 686)/ 52 109 330                       (0.719)


5. Events occurring after the balance sheet date

We have had  two ongoing legal disputes, one with our US distributor ESI and one
with the US based company Why ASAP regarding patent issues. Even if the
conflicts were not solved by the end of June 2007, both cases are now settled
(August 2007).  We have paid ESI US$ 200 000 and further US$ 100 000 to be paid
by April 1st. 2008. The settlement with Why ASAP, the company paid US$ 65 000
and further US$ 40 000 to be paid by April 1st. 2008.

As earlier announced, the AGM decided to conduct a review of the Boards work.
This review was estimated to cost NOK 250 000 (Approximately # 21 000). The
review board has concluded that they are not able to conduct a review of this
magnitude with the above budget. The Board will revert to the shareholders
regarding the next step.



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