Update on the offer

RNS Number:9602G
Jumpit ASA
02 November 2007


Jumpit ASA
2 November 2007

Jumpit ASA ("Jumpit" or the "Company")

On 29 October 2007 Jumpit ASA received an offer from Springfield AS for all of
the outstanding shares in the Company (the "Offer"). The offer price per share
is NOK 0.05. (0.45 pence) The bid is subject to a minimum acceptance level of
50.1% of all shares in the Company. Furthermore the Offer is subject to J. Chr.
Borchgrevink, Cabehefa AS and Motivator AS selling their shares (together 20.8%
of the Company) at the offer price and that these shares will be included in the
50,1% acceptance condition.

The date for acceptances will be 16 November 2007 and it is anticipated that
payment shall take place not later than 21 November 2007.

J. Chr. Borchgrevink,  Cabehefa AS and Motivator AS have  agreed to accept the
Offer conditional on  Springfield ASA receiving acceptances from shareholders
representing in total 50.1% of the share capital of the Company (including the
shareholdings of J. Chr. Borchgrevink,  Cabehefa AS and Motivator AS).

The offer price is equivalent to the closing share price of 0.45 pence per share
on Friday 26 October, the day before the announcement of the approach.

As disclosed in the Interim Result Report on 28 September 2007, the Company will
require additional financing to continue its operations. For some months,
Jumpit's Board and management have been in on-going discussions to consider
options available to the Company. A number of meetings have been held with
potential industrial partners together with discussions with several
shareholders and the Company's financial advisor HansonWesthouse, with the
purpose of reaching a solution in the best interests of shareholders.  The Offer
from Springfield AS, which was received on 29 October 2007, has resulted from
these discussions.

Information on the bidder, Springfield AS

Springfield AS ("Springfield") is a Norwegian investment company which owns 55%
of IT Venture which in turn owns Pinjata AS (85%), Telelink SA, You Holding AS
(53%) and 3G3Mobile AS (67%). Springfield through these companies already has
significant investments in the mobile phone industry.

Springfield believes that there are several synergies which can be utilized if
it were successfully to acquire the majority share in the Company. Springfield
also believes that Jumpit's products can be sold through its international
connections. Springfield recognises that Jumpit requires additional working
capital in order to rectify its financial situation and has undertaken to
contribute towards this.

Recommendation

The Board considers the Offer to be the best option currently available and it
is the only firm offer that the Company has received to date.  Should
alternative proposals materialize, the board reserves the right to evaluate
these proposals and will advise shareholders appropriately.

The Board believes that Jumpit requires approximately NOK 4-5 million to meet
its future working capital requirements and is of the opinion that it would not
be possible to place shares to meet this requirement at this time.

Shareholders who choose not to accept the offer, assuming that shareholders
representing over 50.1 per cent of the share capital of the Company do accept
the offer, may however be invited to subscribe for shares at a later stage.

The Board has therefore, after careful consideration, decided to recommend that
shareholders accept the Offer.  Springfield will send out a separate offer
document with the necessary information in due course.

Oslo, November 2. 2007

Board of Jumpit
Enquiries:

Jumpit                    Morten Hansson                    + 47 67 82 70 40
                          Chief Executive Officer

HansonWesthouse           Bill Staple                       0207 601 6100
                          Anita Ghanekar
                          Martin Davison



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