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Jan T. Jørgensen Appointed CEO Of Eltek ASA

Eltek ASA (Other OTC: EEKAF.PK) 27 June 2008 - Jan T. Jørgensen has been appointed CEO of Eltek ASA. Jørgensen has extensive management experience from leading Norwegian internationally oriented industry companies like Kitron, UMOE, Kværner and Kongsberg Gruppen.

"We are very pleased to introduce Jan T. Jørgensen as the new CEO of Eltek. With his international background, and broad industry and technology experience, Jan has a unique competence that will contribute to reinforce Eltek as a leader within the globally growing markets for energy and transmission systems for telecom infrastructure. I would also like to thank Jørgen Larsen who has led the company since January, and in a successful way contributed in bridging Eltek into a new and exciting phase.", says Erik Thorsen, Chairman of the Board of Eltek ASA.

Jan T. Jørgensen will assume his responsibilities as CEO 4 August, while acting CEO Jørgen Larsen will resume his position as EVP Business Development in Eltek ASA.

Jan T. Jørgensen has held top management positions in Norwegian industrial companies since the late 1980s. He holds a Master's degree from The Norwegian University of Science and Technology (NTNU) and additional education from The Norwegian School of Management (BI) and Harvard Business School. From 1987 till 1999 Jørgensen was CEO of the Norwegian Kongsberg Gruppen. Later he joined Kværner Group as CEO of Kværner Oil & Gas, and from 2002-2004 he was engaged by the industrial investment company UMOE Group. In 2004 Jørgensen became CEO of the Norwegian listed electronics company Kitron, a position he held until 2006 when he assumed the position as CEO of a renewable energy company.

"I'm pleased to have the opportunity to join Eltek - one of the most exciting Norwegian companies within the technology sector. The company has taken some exciting strategic initiatives during the past years, and I'm convinced that this has provided a unique foundation for realising the ambitious targets of retaining and further strengthening the company's leading position as supplier of power and transmission products and services to the telecom industry", says Jan T. Jørgensen.

Jan T. Jørgensen has been assigned 40,000 stock options in connection with his employment as the new CEO of Eltek ASA. The options have a strike price of NOK 36.00. The options will have a vesting period of 3 years and maturity of 2 years. The gain from the option program is capped at 300% of the strike price, and 25% of any additional gain above that level. For Group management the options are performance based and can be exercised in March 2011 - 2013, provided that specific targets for 2008 - 2010 are met.

For further information, please contact: Erik Thorsen, Chairman of the Board, +47 907 56 685 Jan T. Jørgensen, CEO, +47 918 37 759

Eltek ASA

http://www.eltek.com

ISIN: NO0003109407

Stock Identifier: XOSL.ELT

US: Other OTC: EEKAF.PK

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