Canopy Holdings AS - Announcement of strategic plan to accelerate path towards profitability in 2023/2024

02 Dec 2022 14:00 CET

2.12.2022 14:00:00 CET | Canopy Holdings AS | Non-regulatory press releases

(Oslo, 2 December 2022), Canopy Holdings AS (OSE:CAN) today announces a
strategic plan to accelerate a path towards profitability in 2023/2024 with cost
rationalization initiatives delivering savings in excess of NOK 15 million on an
annualized basis.

In an effort to ensure long-term sustainable growth, the company has provided
layoff notices, effective immediately, to employees across the organization
representing around 16% of the total workforce. The company firmly believes this
plan can be executed while still growing its market presence and maintaining a
best-in-class customer experience.

"We have a clear plan to continue to pursue our growth objectives, while at the
same time enhancing our margins and reducing our overhead costs. While it is
never easy to let employees go, we believe this decision is required as we
position ourselves for growth in the years ahead" says Christian Erlandson, CEO
of Canopy Holdings AS.

Canopy Holdings continues to hold a strong position in the market. The company
has a diversified business that distinguishes it from the competition.

"We will continue to prioritize investments as we become a more agile and
efficient company to ensure long-term sustainable growth" added Christian
Erlandson.

Further information to follow in the upcoming second quarter 2022/2023 financial
results presentation.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

CONTACTS

* Christian Erlandson, CEO, christian.erlandson@canopyholdingsas.com
* James Price, CFO, james@canopyholdingsas.com

ABOUT CANOPY HOLDINGS AS

Canopy Holdings AS is a multi-national technology company listed on Euronext
Growth Oslo. The company owns a leading portfolio of brands and companies that
provides digitalization solutions to ski resorts, destinations, parks and
attractions in key markets. Canopy Holdings AS currently consists of Catalate,
Liftopia.com - http://liftopia.com, Skitude and Spotlio.

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