Arribatec Group ASA — M&A Activity 2019

Mar 25, 2019

HIDDN: Enters into a LOI for a potential business combination with Energos Group, to diversify business to include renewable energy technology.

HIDDN: Enters into a LOI for a potential business combination with Energos Group, to diversify business to include renewable energy technology.

(Oslo, 25 March 2019) Hiddn Solutions ASA (Hiddn, OSE: HIDDN) has entered into a

Letter of Intent (LOI) for a potential business combination with Energos Group

AS (Energos) to add new business lines providing technology and solutions to the

global renewable energy production industry.

"We are pleased to announce the ambition to join forces with Energos to further

develop and fuel the growth of an already strong and profitable business line

within supplying technology and solutions for renewable energy production.

Energos has a solid platform in this global industry and we look forward to

developing our joint value creation opportunities" says Carl Espen Wollebekk,

CEO of Hiddn.

The transaction

Reference is made to Hiddn's stock exchange notice on 18 March 2019, announcing

that the company had entered into discussions with a privately-owned technology

based, industrial group. Hiddn and Energos has on 24 March 2019 entered into a

LOI with the ambition to consolidate the two entities. Following the potential

transaction, the Energos shareholders are expected to hold 70% of Hiddn on a

fully diluted basis. Energos reports non-audited revenues in 2018 of

approximately NOK 165 million and an EBIT of NOK 20 million for continued

businesses.

Hiddn will prepare and publish an information document or a prospectus, as

applicable, as part of the business combination.

"By combing Hiddn and Energos, the company will have significant opportunities

to continue profitable growth and expansion within renewable energy production,

while at the same time leveraging on our position as a leading technology

provider in the global encryption market. With additional available resources,

we will be able to further increase our product offering and distribution

capabilities", Wollebekk concludes.

About Energos

Energos is a global provider of technology, equipment and services to energy

producers within energy recovery, hydropower and district heating. The company

also provides services to the offshore industry. Energos engages over 100 highly

qualified employees and contracted resources across offices and production

facilities in Eiken, Arendal, Risør and Trondheim. The group operates through

several entities, among others Energos Contract, Energos Installation, Energos

Technology, Energos Equipment, and Enerquip.

"Energos has an ambitious growth strategy and a combination with Hiddn will

provide the company with increased flexibility to enhance organic growth and

pursue M&A opportunities. Energos has built a strong platform in the global and

growing renewable energy production industry and we see significant

opportunities for international growth and value creation" says Jan Erik

Hadland, CEO of Energos.

The completion of the proposed transaction is subject to, among other things,

due diligence, final transaction agreements being entered into, approval by the

shareholders of Energos and the approval by the Hiddn shareholders at an

extraordinary general meeting. Subject to the completion conditions being

fulfilled, the transaction is expected to close during the second quarter of

The process with Tactilis Pte Limited (Tactilis) continues as informed in the

stock exchange notice on 18 March 2019.

ENDS

For further information, please contact:

Carl Espen Wollebekk, CEO of Hiddn, telephone: + 47 930 55 505 /e-mail:

cew@hiddn.no

About Hiddn Solutions ASA

Hiddn Solutions ASA is listed on the Oslo Stock Exchange under the ticker HIDDN.

The company is offering impenetrable proprietary hardware-based authentication

and encryption products with a superior level of security as well as a wider

product suite addressing all market segments looking for solutions to ensure

that sensitive information stays confidential and unavailable to unauthorised

access. Based on Hiddn's unrivalled and proven position in the high-end

encryption market, the company is implementing a strategy of adapting the

proprietary technology to the high-volume markets to take advantage of the

growing global security challenges and the arising regulatory requirements.

Hiddn has established a product offering that addresses all market segments from

the high-end security clients to the retail market, as well as established

partnerships with some of the most important sales and distribution partners in

Europe. Hiddn sees significant growth opportunities and rising demand from

customers and is well on its way to solidify its leading position in the growing

market for secure data storage.

For more information, please visit: www.hiddn.no