Reference is made to the stock exchange notice dated 8 March 2021 where NORBIT announced an agreement for acquisition of business and assets from the Norwegian IoT company StalkIT and associated companies. Completion of the transaction was subject to a satisfactory outcome of a due diligence and shareholder approval in StalkIT and associated companies. Based on the results of the due diligence, NORBIT has decided to terminate the process and agreement.
As communicated in January, NORBIT is currently in advanced and exclusive negotiations regarding an add-on acquisition of an undisclosed European company which is operating in the asset and vehicle tracking domain, offering a substantial share of recurring subscription-based revenues. This process is progressing, although closing is expected to be delayed into second quarter.
For further queries, please contact:
Per Jørgen Weisethaunet, CEO, +47 959 62 915
About NORBIT ASA
NORBIT is a global provider of tailored technology to carefully selected niches. The company’s business is structured to address its key markets; Oceans is offering tailored technology solutions to global maritime markets, Intelligent Traffic Systems (ITS) is offering connectivity solutions for vehicle identification and tracking, and Product Innovation and Realization (PIR) is offering R&D services and contract manufacturing to key customers.
NORBIT is headquartered in Trondheim, Norway, with manufacturing facilities in Selbu and Røros, Norway and 14 offices and subsidiaries around the world.
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 from the contact persons set out above.