OBSERVE MEDICAL ASA Oslo ,19 June 2023 -Observe Medical ASA ("the Company" or "Observe Medical ") has signed a first contract with aUK customer for delivery of Unometer[TM] products[*]. This marks the first entry into theUK market, which historically has accounted for a large share of Unometer[TM] sales. In parallel,Observe Medical has attained CE certification for Unometer[TM] 500, a high-quality urine measurement product, under the EU's Medical Device Regulation. The certification signifies that the product has been assessed to meet high safety, health and environmental protection requirements. "We are pleased with the progress we have made to strengthen our product portfolio, and the recently achieved CE certification for Unometer[TM] 500 is a significant milestone that will enable sales in the EU and other countries. "At the same time, we are excited to have signed our first contract with a largeUK customer for delivery of Unometer[TM] products. This represents substantial opportunities forObserve Medical as we accelerate our commercial efforts for the urine measurement portfolio. Moving forward, we are confident that we will continue to see more signed contracts materializing as a result of our work to secure letter of intents, LOIs," saidRune Nystad , CEO ofObserve Medical . TheUK market has historically been one ofConvatec's most significant markets. Today´s market is estimated to be aboutEURO 8-9 mill. This agreement also demonstrates the market demand for the urine measurement portfolio thatObserve Medical is in the process of acquiring fromConvatec . To prepare for increased commercial activity inEurope and theUK ,Observe Medical recently hiredSteve Taylor as Sales DirectorUK &Ireland . He joinedObserve Medical , having spent some 15 years atConvatec , most recently as the company's National Sales Manager in theUK andIreland . "We are happy to welcomeSteve Taylor as our new Sales Director for one of our most high-potential markets. He brings invaluable experience and knowledge toObserve Medical and will be responsible for executing our sales strategy in theUK andIreland ," addedRune Nystad , CEO ofObserve Medical . *Observe Medical continues the process withConvatec to conclude the contemplated acquisition of the UnoMeter[TM] and Abdo-Pressure[TM] products, which was announced inOctober 2022 . The delivery of the products described herein is conditional upon the agreement withConvatec being entered into and thatObserve Medical secures the required financing to execute and complete the contemplated agreement withConvatec and to roll-out the products. The agreement withConvatec is expected to be signed relatively soon, but no assurance can at this stage be given that this agreement will be signed and that the other conditions for the roll-out of the products will be fulfilled nor the timing thereof. For further information, please contact:Rune Nystad , CEOObserve Medical Mobile: +47 916 24 683 E-mail: rune.nystad@observemedical.com Per Arne Nygård, CFO ofObserve Medical Mobile: +47 411 04 345 E-mail: perarne.nygard@observemedical.com AboutObserve Medical Observe Medical is a Nordic medtech company that develops, markets and sells innovative medtech products for the global market. The Company is committed to improving patient welfare and patient outcomes, improving clinical data accuracy and promoting positive health economics. The Company seeks to drive growth by leveraging its expertise in sales and commercialization of its broad portfolio of medical technology products, mainly in urine measurement, ultrasound, anesthesiology/ICUs, surgery and wound care, in combination with targeted M&A. The Company is headquartered inOslo, Norway , with additional offices in Narvik, Norway andGothenburg, Sweden , and subsidiaries inFinland and the US. In addition,Observe Medical has a direct sale organization in the Nordics and a distributor network internationally. Further information is available at www.observemedical.com.
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