Yet another good quarter from PSI Group

PSI Group ASA delivers another good quarterly result. Compared to 2nd
quarter 2008 operating revenues increase by 10 percent to NOK 148.1
million. At the same time EBITDA in the quarter increases by 17
percent to NOK 13.2 million. Operating revenues in first half of the
year increase by 27 percent to NOK 295.2 million whereas EBITDA
increases by as much as 79 percent to NOK 30.1 million in the same
period. PSI is experiencing a good demand within the Group's core
areas despite the financial turmoil and in 2nd quarter alone several
major framework agreements have been signed and this is expected to
have positive effects ahead. At the same time considerable resources
are invested in internationalisation of CashGuard.
* Operating revenues in 2nd quarter 2009 increase by 10 percent to
  NOK 148.1 million (NOK 135.2 million). In first half 2009 operating
  revenues increase by 27 percent to NOK 295.3 million (NOK 233.2
  million).
* EBITDA in 2nd quarter 2009 increases by 17 percent to NOK 13.2
  million (NOK 11.3 million). In first half 2009 EBITDA increases by
  79 percent to NOK 30.1 million (NOK 16.8 million).
* The EBITDA margin in 2nd quarter is 9.0 percent (8.4 percent) and
  in first half 2009 the EBITDA-margin is 10.2 percent (7.3 percent).
* Cash flow from operations in the quarter is NOK 0.8 million (NOK -
  8.3 million).
* Considerable resources are being invested into the
  internationalisation of CashGuard and deliveries outside Norway and
  Sweden are increasing.
* During the period several major agreements within all of the
  Group's business areas have been closed, including framework
  agreements with leading grocery chains in both Norway and Sweden
  related to CashGuard.

  - We are experiencing a good momentum and PSI is delivering another
  solid quarter. Backed by solid growth in turnover and profit in
  first half of the year PSI continues its dedicated efforts in
  established and new markets - with special focus on
  internationalisation of CashGuard and continued success with SQS.
  During 2nd quarter we have experienced a good return in both areas
  including the deployment of 595 CashGuard systems, of which 75
  systems were delivered outside Scandinavia, and with a very good
  level of activity related to deliveries of leading security
  solutions from SQS. At the same time several major agreements have
  been signed recently, providing a good foundation for positive
  prospects for the Group, says Jørgen Waaler, Group CEO of PSI.

  In 2nd quarter 2009 the Group generated operating revenues of NOK
  148.1 million, compared to NOK 135.2 million in 2nd quarter last
  year. Operating revenues increased to NOK 295.3 million in first
  half of the year from NOK 233.2 million in the same period of 2008.
  This represents an increase of 10 percent in the quarter and 27
  percent in the first half of the year based on consolidated figures
  from PSI Group and CashGuard for first half 2008. The increase is
  related to the merger with CashGuard. The delivery rate for
  CashGuard systems was good in the period, which resulted in a good
  quarterly performance for both Retail Solutions and Cash Management
  Retail. In addition Cash Management CIT/ATM delivers a good
  quarterly performance with good margins and profits.

  - One year after the merger with CashGuard we are experiencing good
  results in several areas. Not the least we experience solid
  development in profits. Generating profitable growth has been a
  crucial point for us. So far this year, the answer book shows that
  profit is increasing substantially more than the turnover, even
  though considerable resources are allocated in order to
  internationalize the Group, says Jørgen Waaler.

  Whilst operating revenues in 2nd quarter 2009 increases by 10
  percent, EBITDA increases by 17 percent to NOK 13.2 million
  compared to NOK 11.3 million in the same period last year. EBITDA
  in first half of the year show an even stronger growth of as much
  as 79 percent to NOK 30.1 million from NOK 16.8 million in first
  half of 2008. Profit after tax in 2nd quarter 2009 was NOK 3.1
  million, up from NOK -3.2 million in 2nd quarter last year. Profit
  after tax in first half of 2009 was NOK 8.7 million compared to NOK
  -7.7 million in the same period in 2008.
  Cash flow from operations in the quarter amounted to NOK 0.8
  million compared to NOK -8.3 million in the same period last year.

  - We are experiencing consistently high demand for CashGuard with
  good prospects ahead. Not the least, we have recently signed
  several important agreements among others with two of the largest
  retail and grocery chains in Norway and Sweden. The deliveries to
  Rema 1000 commence this month. Three of the four largest grocery
  chains in Norway have now chosen CashGuard and PSI, which confirms
  that our customers value reliability, capacity and transaction
  speed at the cash register as important. This provides a solid
  basis for our dedicated efforts going ahead, says Jørgen Waaler,
  Group CEO of PSI.

  The deployment rate for CashGuard systems in Norway and Sweden in
  the quarter was good, with delivery of 520 CashGuard systems
  compared to 406 in the same quarter last year, rep¬resenting an
  increase of 28 percent. At the same time, 75 systems are delivered
  outside Scandinavia - mainly to France, Spain and Germany. In
  addition, a high activity level within Cash Management CIT/ATM
  secured a good quarter throughout the Group's business areas.

  Within Retail Solutions the market for cash handling solutions is
  good, while weaker demand is experienced within certain product
  groups compared with the corresponding period last year.

  Within Cash Management Retail the delivery rate is as expected in
  Norway and Sweden in combination with an increased delivery ratio
  outside Scandinavia. The leading position within this business area
  is expected to increase going forward based upon the new framework
  agreements related to CashGuard. Based on the leading market
  position, the company seems well positioned to achieve a
  break-through in sales on markets outside Scandinavia.

  Within Cash Management CIT/ATM the level of activity and delivery
  rate is very good. Cash Management CIT/ATM delivers good results
  and mar¬gins in 2nd quarter. Several major agreements with large
  global security companies announced at the end of last year and
  during 1st and 2nd quarter this year contribute strongly to the
  good results. During the quar¬ter deliveries to customers in
  Scandinavia and the rest of Europe have been made - in addition
  efforts are being made with regard to new poten¬tial agreements
  with international security companies for future deliveries.

  POSITIVE OUTLOOK
  - The recession has affected PSI's business to a limited extent. In
  the past, the company's markets have been resistant to economic
  recessions, as investments in both grocery trade and the security
  markets only to a small extent have been affected by financial and
  economic cycles. Several major agreements have been signed recently
  at the same time as there is a good level of activity in the
  Group's main markets. This provides a good foundation for a
  positive outlook for the Group, concludes Jørgen Waaler, Group CEO
  of PSI.

  For additional information please contact:

  Jørgen Waaler
  CEO of PSI Group ASA
  Phone +4