The newly appointed Board of Directors (the "Board") of Otello Corporation ASA
(the "Company") is currently evaluating its options to maximize shareholder
value. The board has in this context decided to continue the buyback program
utilizing the authorization as granted by the 2024 Annual General Meeting (AGM).
Transactions will be carried out by market purchases in accordance with
applicable laws and be executed based on the market price on the Oslo Stock
Exchange. The maximum consideration to be paid for shares acquired under the
buyback program is NOK 15 per share and the maximum number of shares that can be
purchased is 866 690 (being the maximum remaining number of outstanding shares
that can be purchased under the existing authorization). The program will be
initiated as from today and expire no later than at the 2025 AGM.
Otello is entering into a non-discretionary agreement with a third party who
will make its trading decisions independently of, and uninfluenced by, Otello.
Transactions will be conducted in accordance with the Market Abuse Regulation
(EU) No 596/2014 ("MAR") and Commission Delegated Regulation (EU) No 2016/1052
("Safe Harbour Regulation") as further set out i.a. in the Norwegian Securities
Trading Act of 2007 and the Oslo Stock Exchange's Guidelines for buy-back
programs and price stabilization dated February 2021. Transactions will be
reported on a weekly basis.