NORBIT – Strengthening the North American presence with Seahorse Geomatics acquisition

Trondheim, 8 April 2023: NORBIT announces that it has completed the acquisition of the business and certain assets from Seahorse Geomatics Inc. Seahorse Geomatics has been Oceans’ distributor and reseller in the North American market for more than a decade. As part of the transaction, NORBIT welcomes five new colleagues with significant experience in the Oceans’ domain for tailored technology solutions to the maritime markets.

The purchase price is USD 1.5 million for the business and acquired assets, including all intellectual property. The acquisition will be financed by the issuance of consideration shares at a price equal to the five-day average share price of NORBIT ASA prior to closing of the asset purchase agreement with a total value of NOK 10.4 million, and NOK 5.2 million will be paid in cash.

“Seahorse Geomatics has been NORBIT’s distribution partner in North America for more than a decade. Their domain knowledge and market intelligence have been vital to our success in this region. By integrating the Seahorse team into our North American setup, we further strengthen and develop our sales and distribution platform to realise the full potential for our sonar business in this very important region. We see multiple opportunities and solid potential in the North American market”, says Per Jørgen Weisethaunet, CEO of NORBIT.

At completion, the board has resolved to issue 265,670 consideration shares to the sellers at a price of NOK 39.22 per share as partial settlement of the transaction. The resolution is based on the 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 5,946,486.80 divided into 59,464,868 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 company providing tailored technology to selected applications by 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 provides tailored wireless solutions for identification, monitoring and tracking. The PIR segment offers R&D services, proprietary products, and contract manufacturing to key customers. NORBIT has around 450 employees, with headquarter in Trondheim, R&D and manufacturing in Norway and Hungary, 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.