Nordic Unmanned announces review of strategic alternatives, updates on financing and reiterates FY outlook

27 Mar 2023 23:18 CEST

27.3.2023 23:18:07 CEST | Nordic Unmanned | Inside information

Nordic Unmanned ASA (the "Company") has engaged Pareto Securities AS to advise
on and evaluate certain strategic options, including partnerships, in order to
support the next growth phase of the Company and unlock shareholder value.
Nordic Unmanned's Nordun drone flight services, as well as its technology
businesses, AirRobot GmbH (military-grade lightweight drone systems) and
DroneMatrix NV (drone-in-a-box solutions), are currently European leaders in
their categories and set to experience significant growth in the years ahead. No
further public comments regarding the review will be made until it has been
completed, or the Company determines that disclosure is required or appropriate.
There is no certainty whether (or when) any transaction, initiative or event
will materialize.

Agreement with SR-Bank on new financing facility

The Company has today signed a financing package from SpareBank 1 SR-Bank ASA
("SR-Bank") of up to EUR 16 million (the "New Financing"). The new financing
facility includes i) a EUR 12.4 million term loan facility for the refinancing
of the existing EUR 9.6 million term loan facility of the Company, to inter
alia, finance new equipment to be used in multi-site campaigns for EMSA under
the OP/46 and OP/5 contracts, and for general corporate purposes, ii) a renewal
of the existing EUR 3 million working capital facility, and iii) a EUR 0.6
million facility covering the Company's need for contractual performance
guarantees related to its operations. The new financing facility is partially
guaranteed by Export Finance Norway (Eksfin). The initial drawdown on the new
financing facility is expected within Q1 2023 and remains subject to precedent
documentation and customary conditions. The new financing facility is provided
under the condition that the Company will raise EUR 13 million through disposal
of assets and/or equity issue by year end 2023.

Full year revenue guidance reiterated
The Company is reiterating its guidance of revenue to exceed EUR 30 million for
the full year 2023. The Nordun drone flight service business is expected to
generate revenues of EUR 12-16 million in 2023 (EUR 9.7 million in 2022),
AirRobot EUR 10-12 million (EUR 2.6 million), DroneMatrix EUR 1-2 million (EUR
0.4 million) and other businesses (incl. Ecoxy) EUR 4-5 million (EUR 4.0
million).

DISCLOSURE REGULATION

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

CONTACTS

* Arne Roland, CEO, +47 911 94 667
* Nils Johan Holte, Chair of the Board, +47 930 43 872

ABOUT NORDIC UNMANNED

Nordic Unmanned is a leading provider of high-end drone and data capture
products and flight services. Its NUTech business unit is an Original Equipment
Manufacturer (OEM) for the drone and sensor product lines AirRobot and
DroneMatrix, serving primarily defense, security, and productivity improvement
markets. The Nordun business unit holds industry-leading expertise as an
operator of rotary and fixed-wing drone systems, providing pollution monitoring,
fishery control, surveillance, and logistics services. Clients include coast
guards, intelligence services, and government agencies.

Nordic Unmanned has one of the world's most comprehensive permits to fly beyond
visual line of sight (BVLOS), through its EASA-approved Light UAS operator
Certificate (LUC). The company is ISO 9001-2015 and AS9100 certified for
operating, maintaining, selling, developing, developing, and producing unmanned
systems and sensor technology.

Founded in Norway in 2014, Nordic Unmanned has offices in Sandnes (NO), Molde
(NO), Odense (DK), Cranfield (UK), Hasselt (BE), Arnsberg (GER) and Baltimore
(US).

For more information visit - https://nordicunmanned.com/

ATTACHMENTS

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https://kommunikasjon.ntb.no/ir-files/17847587/2208/2989/Download%20announcement
%20as%20PDF.pdf

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