FINLAND - Nexit Ventures exits Hantro Products to On2 Technologies

Under the terms of the agreement, On2 will acquire Hantro in a share exchange directly with the holders of all of Hantro’s equity securities (including all outstanding share options) for a combination of cash and shares of On2’s common stock, par value $.01 per share. Immediately after the closing, the Hantro stockholders would own approximately 12% of the combined company on a pro forma basis, based on On2’s closing share price of $3.38 on May 18, 2007.

The number of On2 shares to be issued at closing is subject to adjustment based on Hantro’s stockholders’ equity as of the date of the closing. The acquisition by share exchange is expected to close before mid-August 2007 and is subject to approval by On2’s stockholders and to On2’s raising $20,000,000 through sales of On2’s equity securities prior to the closing of the acquisition of Hantro, as well as customary closing conditions. The purpose of the equity offering is to generate working capital for the combined companies. Nexit Ventures has worked actively to develop Hantro Products' business since 1998, and the company is a co-lead investor in Hantro since 2000.

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