Ålesund,15 March 2023 . The board of directors of the mobile services providerNortel AS has resolved to conduct a strategic review of its business. The review is the result of inquiriesNortel has received from both Norwegian and international companies with an interest to buy the company.Nortel has appointed SpareBank 1 Markets and AGP Advokater as advisors. - Based on received inquires, the board has asked the management to carry out an accelerated and structured process to determine the best path forward for the company, saidArild Hustad , chairman ofNortel's board. There is no guarantee that the strategic review will result in a transaction, but the process will provide important clarifications concerning the company's future development. -Nortel's development has been noticed, and the interest in the company validates our position as a player with potential for future and profitable growth.Nortel has a strong and wide-ranging distribution through solid agents, a strong organization and a well-established brand. We have proven since the inception, that the company has succeeded with its entrant in the market as a challenger, saysChristian Pritchard , CEO. The results of the strategic review are expected by the end of the second quarter. For further information, please contact: Chairman of the board,Arild Hustad , arild.hustad@me.com CEOChristian Pritchard , cp@nortel.no AboutNortel : oNortel was established inSeptember 2019 as a challenger to Telia andTelenor in the Norwegian business market for mobile services. The company was listed on Euronext Growth the following year. o By the end of 2022,Nortel had 71,000 active SIM cards. The company's target for the coming years is to continue the growth and achieve around 170,000 active SIM cards by the end of 2025 (which equals a market share of approx. 10% of the Norwegian telecom business market). oNortel is the third largest supplier in the Norwegian telecom business market. o The company was the the novel supplier inNorway to offer customers limitless data traffic at a fixed low price, and has since created a new dynamic and fashioned further development in the Norwegian telecom business market through a number of innovations. o Earlier this month,Nortel launched its new solution through which customers will be able to gather different systems in a single cloud-based communications platform. This notice is deemed to constitute inside information under the EU Market Abuse Regulation and is subject to the rules on public disclosure pursuant set out in the continuing obligations of the rules of Euronext Growth. Thisstock exchange announcement was published byChristian Pritchard , on15 March 2023 at07:30 CET . Important notice It may be unlawful to distribute this announcement in certain jurisdictions. This announcement is not for distribution inAustralia ,Canada , theHong Kong special administrative region ofthe People's Republic of China ,Japan ,South Africa ,the United States or to any other jurisdiction where such distribution would be unlawful. The information in this announcement does not constitute an offer of securities for sale in such jurisdictions. Persons into whose possession this release comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "US Securities Act"). The securities may not be offered or sold inthe United States except pursuant to an exemption from the registration requirements of the US Securities Act. Any forward-looking statements contained in this press release, including assumptions, opinions and views, represent the sole opinions ofNortel AS and are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. NeitherNortel AS nor its affiliates, employees or advisors provide any assurance that the assumptions underlying such forward-looking statements are free from errors nor do any of them accept any responsibility for the future accuracy of the opinions expressed in this press release or the actual occurrence of the forecasted developments. NeitherNortel AS nor its affiliates, employees or advisors assume any obligation to update any forward-looking statements or to confirm these forward-looking statements to actual results.
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