Vewd litigation update

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Further to our announcement of January 14, 2021, following agreement between MFC and Otello to postpone the hearing listed for January 21, 2021 until on or after 22 February 2021 to allow further time for MFC to seek refinancing to raise funds to enable it to pay in full the sums due to Otello, the English High Court has ordered that the appointment of a receiver should be postponed until after 19 February 2021. The hearing listed for 21 January 2021 is therefore adjourned until on or after 22 February 2021.

Petter Lade, CFO

Phone: +47 91143878

E-mail: petterl@otellocorp.com

About Otello:

Otello holds shares in several different businesses, including (i) AdColony which helps publishers monetize their content through advertising and advertisers reach the audiences that build value for their businesses, capitalizing on a global consumer audience reach that exceeds 2 billion; (ii) Bemobi, a Mobile Media and Entertainment company which integrate people and mobile content through technology and offers a leading subscription-based discovery service for mobile apps in Latin America and beyond; (iii) Skyfire which offers cloud-based network solutions for mobile operators and (iv) Vewd which offers OTT services in the Connected TV space.

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