NORBIT - Acquisition of the IoT start-up CPS AS and issuance of new shares

01 Feb 2023 07:00 CET

Trondheim, 1 February 2023: NORBIT announces that it has completed acquisition
of the IoT start-up CPS AS ("CPS"). CPS will be included in the Connectivity
segment.

The transaction values CPS at an enterprise value of NOK 13 million, implying an
equity value of NOK 12.6 million. The acquisition will be financed by the
issuance of consideration shares at a price equal to the five-day volume
weighted share price of NORBIT ASA prior to signing of the share purchase price
agreement with a total value of NOK 9.0 million, and NOK 3.6 million will be
paid in cash.

"We are excited to welcome a highly skilled IoT team to the NORBIT family. Their
expertise in IoT technology aligns perfectly with our Connectivity segment,
where we enable our customers and partners to solve demanding challenges through
tailored connectivity solutions and reliable monitoring of relevant physical
parameters. This add-on further bolsters our capability to deliver value to our
partners by supporting their digitalization efforts. A tailored IoT platform and
first clients in the recycling industry, ready for commercialization is one of
the interesting elements of this acquisition", says Per Jørgen Weisethaunet, CEO
of NORBIT.

At completion, the board has resolved to issue 298,059 consideration shares to
the sellers at a price of NOK 30.25107 per share as partial settlement of the
transaction. The resolution is based authorisation to increase the share capital
granted by the Company's general meeting on 4 May 2022.

Following registration of the share capital increase in the Norwegian Register
of Business Enterprises, the Company's share capital will be NOK 5,919,919.80
divided into 59,199,198 shares each with a par value of NOK 0.10.

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

About NORBIT ASA
NORBIT is a global provider of tailored technology to selected niches, solving
challenges and promoting sustainability 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 provides 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
450 employees, and a worldwide sales and distribution platform.

For more information: www.norbit.com

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

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