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January 2011 – Active Capital Company invests in Smit Ovens

Son/Amsterdam, The Netherlands, 31 December 2010 – Active Capital Company, an independent hands-on investment company, has invested in Smit Ovens with a capital injection in exchange for a majority of the shares. The investment supports the aggressive growth plans of Smit Ovens, a leading supplier of customized thermal equipment and processes in the photovoltaics (PV) industries. Smit ovens employs around 50 people and currently has around 3000 installations operating, including some 80 in the solar industry, many at global leaders in the thin film segment. It has passed the 2.8 gigawatt peak (GWp) milestone equivalent for sales of its customized systems in the solar energy industry in 2010. This transaction fits Active Capital Company’s profile to invest in companies with a strong core in growing markets. N.V. Brabantse Ontwikkelings Maatschappij and Management have invested alongside with Active Capital Company.

Wiro Zijlmans, CEO of Smit Ovens, stated: “Smit Ovens is delighted to partner with Active Capital Company, which has relevant expertise and a network in the solar industry. It was important to us that they quickly grasped the required detail and showed their added value already during the transaction process. I am confident their expertise will bring greater opportunities, both operational as well as strategic, as we continue to grow. We look forward to working together to continue our successful business strategy.”

René van der Velden and Dick Zeldenthuis, Managing Directors of Active Capital Company, stated: “With an entrepreneurial, passionate, results-oriented management team and leading market position in thermal equipment for thin film PV, Smit Ovens is an attractive investment for us. The market for PV manufacturing equipment, after the credit crisis in 2009, is expected to show annual double digit growth in the next few years driven by capacity expansion and replacement. The thin film segment, Smit Ovens’ focus, will grow above market average. Current clients and prospects confirm Smit Ovens is well positioned to benefit from this development. Together with existing management, we will continue to develop the business and pursue growth opportunities.”

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