Oslo, December 14, 2022 - Observe Medical ASA ("Observe Medical" or "the
Company") has entered into an exclusivity agreement to negotiate an acquisition
of  Ferrari L. di Ferrari Pietro S.r.l. and Ferrari Luigina S.r.l. (together
"Ferrari L."), which owns and operates a production facility for medical and
surgical equipment located in Verona, Italy.

Ferrari L. has been active in producing and supplying single-use medical devices
since 1960 and manufactures various products, including urology sets and
catheters. The production facility delivers products to companies worldwide and
generated annual revenues of around EUR 2.7 million in the financial year 2021.


The contemplated acquisition of this production facility is, if completed,
expected to improve Observe Medical's value chain control and minimize risks
associated with the production of the Company's products. Additionally, the
potential acquisition is expected to significantly reduce the Company's cost of
goods (cogs) for existing and new products. A reduction in cogs would be driven
by centralized in-house production, which would lead to an uplift in gross
margin.

This production facility is highly complementary to Observe Medical's current
operations, as it has the capacity to produce existing products, Observe
Medical's current portfolio of products and the UnometerT range of urine
measurement products. It would also enable Observe Medical to initiate the
development and production of new products.

"Looking back at the recent exclusivity agreement to acquire the UnometerT range
of urine measurement products, the potential acquisition of Ferrari L. is
expected to significantly strengthen our growing medtech platform. With access
to hundreds of distributors worldwide and production capabilities, these
agreements support our growth strategy and demonstrate our ability to execute.
Assuming completion of these transactions we will be ideally placed to become a
leading urine measurement system provider with production capabilities," said
Rune Nystad, CEO of Observe Medical.

With an exclusivity agreement in place, Observe Medical will aim to close the
final acquisition agreement for Ferrari L. in the first quarter of 2023. The
completion of the acquisition of Ferrari L. is amongst other conditional upon
agreement between the parties on a final transaction agreement and completion of
such agreement. Consequently, no assurance can at this stage be given that the
acquisition of Ferrari L. is completed.

For further information, please contact:
Rune Nystad, CEO Observe Medical
Mobile: +47 916 24 683
E-mail: rune.nystad@observemedical.com

Per Arne Nygård, CFO of Observe Medical
Mobile: +47 411 04 345
E-mail: perarne.nygard@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, ultrasound, anesthesiology/ICUs, surgery and wound care,
in combination with targeted M&A.

The Company is headquartered in Oslo, Norway, with additional offices in Narvik,
Norway and Gothenburg, Sweden, and subsidiaries in Finland 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.