Oslo, 29 July 2024 - Observe Medical ASA ("the Company" or "Observe Medical")
today announces a non-binding Letter of Intent ("LOI") to explore a strategic
partnership with a leading American medical imaging company (the "Partner
Company"). The potential strategic partnership will contain a joint effort to
develop and market handheld ultrasound-based solutions for the dialysis market
and explore a potential distribution partnership within the EU.

The Partner Company specializes in portable medical imaging solutions, backed by
top-tier American Venture Capital and Investment Managers. Their portfolio
includes ultrasound devices, device-agnostic workflow software, and AI-based
 analysis tools for various medical applications. This partnership aims to
leverage these technologies with Observe Medical's Biim ultrasound technology,
with a particular focus on supporting the existing Fresenius contract
opportunity.

The LOI signifies a shared interest in leveraging both companies' expertise and
technologies. This involves joint development efforts in the dialysis market, a
revenue-sharing agreement based on net sales of solutions, and potential
exploration of a distribution partnership within the EU. Final terms of any
definitive agreement will be subject to due diligence and further negotiations.

"Observe Medical is enthusiastic about the potential of this collaboration to
deliver a powerful solution for Fresenius Medical Care and potentially expand
our reach to other dialysis providers. We believe that by combining Observe
Medical's and Biim's expertise with the Partner Company's innovative ultrasound
technology, we can create a best-in-class solution for the dialysis market,"
said Jørgen Mann, Interim CEO of Observe Medical.

For further information, please contact:

Jørgen Mann, Interim CEO Observe Medical
Mobile: +45 408 67 558
E-mail: jorgen.mann@observemedical.com

Rune Nystad, CDO Observe Medical
Mobile: +47 916 24 683
E-mail: rune.nystad@observemedical.com

About Observe 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 and ultrasound, in combination with targeted M&A and
distribution. Observe Medical is working with a network of leading distributors
to provide outstanding solutions for healthcare professionals globally.

The Company is headquartered in Oslo, Norway.

Further information is available at www.observemedical.com.