NORBIT withdraws from transaction process

Trondheim, 1 May 2022: Reference is made to the stock exchange notice dated 1 March 2022, where NORBIT announced to be in exclusive negotiations regarding a minor add-on acquisition of an undisclosed international maritime technology company. Completion of the transaction was subject to a number of conditions, of which some were not fulfilled satisfactorily as considered by NORBIT. Accordingly, NORBIT has decided to rescind the share purchase agreement and withdraw from the process.

NORBIT will continue to explore value-accretive acquisitions through its defined criteria to accelerate growth beyond its organic revenue target of NOK 1.5 billion in 2024.

For more information, please contact:
Per Jørgen Weisethaunet, CEO, +47 959 62 915
Per Kristian Reppe, CFO, +47 900 33 203

About NORBIT

NORBIT is a global provider of tailored technology to selected niches, solving challenges through innovative solutions, in line with its mission to Explore More. The company is structured in three business segments to address its key markets; Oceans, Connectivity and Product Innovation & Realization (PIR). The Oceans segment delivers tailored technology solutions to global maritime markets. The Connectivity segment providing wireless solutions for identification, monitoring and tracking. The PIR segment offers R&D services, proprietary products and contract manufacturing to key customers.

NORBIT is headquartered in Trondheim with manufacturing in Norway, has around 400 employees and a worldwide sales and distribution platform.

For more information: www.norbit.com

The information is such that NORBIT is required to disclose in accordance with the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

The information was submitted for publication by Elise Heidenreich, Investor Relations at NORBIT ASA, on 1 May 2022 at 22:30 CEST.