FARA ASA, the leading supplier of IT solutions to the public transport sector in the Nordic countries is broadening its portfolio in Hungary and has been asked to supply its self-developed technology platform to a further 246 buses. The company has already supplied corresponding solutions to 60 buses. - This contract will create new opportunities in Hungary and the rest of the Eastern European market, says Øivind Kirksæter, CEO of FARA.

The new delivery is worth around TEUR 600, with implementation due to start in May 2009 where the main delivery will be finalised during Q3 2009. In addition follows a service and maintenance agreement per year of around TEUR 63. Under the new contract FARA will provide the hardware and basic system for ticketing with a built-in interface which will house an application from the company's partner in Hungary. The partner application will be specially tailored to meet both the clients needs and specific formal requirements in Hungary.
The contract entails the delivery of FARA-PC and a driver's unit. The contract has come about through the company's partner in Hungary. Based on FARA's solutions, the Hungarian partner will customise new interfaces for the collective transportation company. FARA has an advantage in Hungary since all of its solutions have already been certified by the public authorities, a process that can take several years.

- It is our experience that our solutions are especially successful in a partnership, as opposed to the situation in some markets where we have no option but to operate on our own. Going alone requires considerable capital and resources, while a partnership limits the risk and leads to more effective distribution. And of course the fact that we have public certification helps to make us more attractive in Hungary, says Kirksæter. FARA considers the projects in Hungary to be a door-opener to the other markets in Eastern Europe, since around 300 buses are regarded as a good reference project.
- We operate in a niche where references are a major part of each tender, says Kirksæter. The core business also involves providing solutions related to electronic ticketing and solutions for passenger information, fleet management, traffic prioritizing and infotainment.

For further information please contact:
CEO Øivind Kirksæter, mob.: +47 9770 7990
CFO Ørjan Kirkefjord, mob.: +47 9508 4730

About FARA ASA
FARA ASA is a listed Norwegian IT company and a leading supplier of state-of-the-art technology and communications solutions to the public transport sector in the Nordiccountries. FARA is headquarted in Trondheim (Norway) - and with offices in Sandvika (Norway), Sweden, Denmark, Finland and the UK - the company's 80 employees are present in several markets. FARA has a leading position in the Nordic region and provides solutions for electronic ticketing and passenger information, infotainment, as well as traffic and fleet control systems. The company is well positioned for significant international growth.