Incap - Company Announcement

THE BOARD OF DIRECTORS OF INCAP CORPORATION DECIDED ON OFFERING OF CONVERTIBLE PROMISSORY NOTES

INCAP CORPORATION                       STOCK EXCHANGE RELEASE
                                                          21 May 2007
at 3 p.m.


The Board of Directors of Incap Corporation has decided to offer
convertible promissory notes for subscription by a limited group of
professional investors (Private Placement). The convertible
promissory notes will be used for financing of acquisitions in
accordance with Incap's strategy.

The maximum principal of the convertible promissory notes is EUR
6,750,000. The issue rate of the convertible promissory notes is
100%, and the annual fixed interest to be paid on the principal of
the convertible promissory notes is 7.0%. The maturity is five years.
The subscription period for the convertible promissory notes is 21
and 22 May 2007.

A right to subscribe for a maximum of 2,500,000 new shares in the
company is attached to the convertible promissory notes. Each note
unit in the amount of EUR 5,400 entitles the note unit holder to
convert the note unit into 2,000 new shares. The conversion rate is
EUR 2.70. The conversion period for the note units will commence on
the date of the trade register entry concerning the issue of stock
options attached to the convertible promissory notes and will end on
30 April 2012. Stock options cannot be detached from the note units.
The conversion rate will be recorded in the invested non-restricted
equity fund.


INCAP CORPORATION
The Board of Directors

Juhani Hanninen
President and CEO


For additional information, contact:
Juhani Hanninen, President and CEO, tel. +358 50 556 7199
Anne Sointu, Chief Financial Officer, tel. +358 40 347 2059
Hannele Pöllä, Director, Communications and Investor Relations, tel.
+358 40 504 8296

DISTRIBUTION
Helsinki Stock Exchange
Principal media


INCAP IN BRIEF
Incap Corporation is a fast-growing electronics contract manufacturer
whose comprehensive service covers the entire product life cycle from
design and manufacture to repair and maintenance services. The
company's main customer sectors are leading equipment suppliers in
telecommunications, electrical power technology, the automation and
process industries as well as measurement technology, safety
electronics and health care. The Incap Group's revenue amounted 2006
of EUR 89 million and the company currently employs approx. 540
persons. Incap's share is listed on the Helsinki Stock Exchange and
it is a component of the Nordic Small Cap list within the information
technology sector. For additional information, please visit
www.incap.fi