Arribatec Group ASA

Legal Proceedings Report • May 20, 2020

HIDDN – Finn Clausen Sikkerhetssystemer AS resolved to file for bankruptcy

HIDDN – Finn Clausen Sikkerhetssystemer AS resolved to file for bankruptcy

(Oslo, 20 May 2020) Hiddn Solutions ASA ("Hiddn") announces today that the board of directors of Hiddn's subsidiary Finn Clausen Sikkerhetssystemer AS ("FCS") has resolved to file for FCS' bankruptcy.

FCS constitutes a small investment for Hiddn, and has been loss-making for several years. FCS reported revenues of NOK 8,6 Million in 2019, with a negative result of NOK 2,6 Million. Its performance has worsened significantly in 2020. The board of directors of FCS has evaluated the alternatives available under the current circumstances, and has concluded that there are no realistic alternatives to a bankruptcy.

FCS's operational losses have been funded by Hiddn. While the bankruptcy of FCN as such is unfortunate, its effect on Hiddn's liquidity situation will be positive going forward.

Hiddn's board of directors continues to focus on new business opportunities going forward, pursuant to which Hiddn can capitalise on its broad shareholder base, strong cash position and listing on the Oslo Stock Exchange. Hiddn completed new equity financings of NOK 88.5 million in Q1 2020, leaving it with a solid balance sheet.

ENDS

For further information, please contact:

Lars Christian Stugaard, interim CEO: +47 476 30 522 / e-mail: larschristian@ferncliff.no, or

Martin Nes, chairman: + 47 920 14 814 / e-mail: martin@ferncliff.no

About Hiddn Solutions ASA Hiddn Solutions ASA is listed on the Oslo Stock Exchange under the ticker HIDDN. The company has completed a business restructuring and currently evaluates value-creating M&A initiatives. Following the restructuring, Hiddn holds no interest-bearing debt and has solid financial flexibility. The new Board of Directors consists of Martin Nes (chairman), Yvonne L. Sandvold and Øystein Stray Spetalen. For more information, please visit: www.hiddnsolutions.no

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