OSLO, NORWAY - 16 January 2024 - Zwipe AS today announces a company
restructuring and new strategic direction, increasing its focus on Zwipe Access
and accelerating the commercialization of its biometric authentication
technology in the access control market. As a result of the change in strategic
focus, the company has initiated a restructuring process that is expected to
reduce operational costs, particularly related to Zwipe Pay.  On a directly
comparable basis excluding one-off costs, the Group expects to reduce operating
costs in 2024 by approximately NOK 40 million compared to 2023, combining the
effects of Zwipe's new strategy and the streamlining plan previously announced
on 21 June 2023.

"Zwipe has seen considerable traction and progress in the access control market
in 2023, with more than 30 partnerships signed or in progress in the USA and
Europe. The market is in its early stages but we believe biometric cards can
represent a substantial share of the nearly 500 million smart access cards
expected to be shipped annually in coming years. Our value proposition is clear,
with partners and end-users alike recognizing the substantial benefits of
biometric access control technology in terms of security, convenience, and GDPR
compliance," says Zwipe CEO Robert Puskaric.

In addition, in recent months compliance with the EU NIS2 Directive on
cybersecurity requirements in critical infrastructure sectors - required by
October 2024 and which Zwipe Access provides - has emerged as a critical
catalyst for end customers, encouraging them to consider the adoption of
biometric access control solutions.

Zwipe has more than 60 proofs of concept in progress with end users, including a
Top 3 global cloud service provider, a well-known Swedish consumer technology
company, Berkshire Hathaway Energy Group, Fortune 100 companies, and entities
including government agencies, airports, critical infrastructure operators, data
centers, and healthcare facilities.

"Our new strategic direction will mean laser focus on the singular objective to
rapidly achieve commercial success with Zwipe Access, while operating in as lean
a manner as possible to maximize our financial flexibility," says Puskaric.

Zwipe has historically focused primarily on the development and application of
its biometric authentication technology in the payments market. Over the last
two years, Zwipe completed the development of Zwipe Pay including mobile
enrollment solutions, achieved full certification of the technology by both Visa
and Mastercard, and spent significant time lining up the biometric payment card
("BPC") value chain players to launch quickly once banks decided to move forward
with biometric payment cards. However, neither market adoption nor the pace of
commercial launches has materialized in the manner Zwipe or other players had
expected, particularly towards the end of 2023.

"The decision to focus on Zwipe Access is a natural outcome of the traction seen
in 2023. However, all the effort that went into developing and certifying Zwipe
Pay is what laid the foundation for success with Zwipe Access.  Our Access
partners and end customers tell us they gain confidence using technology
subjected to the rigorous testing required for certification in the payments
market," states Puskaric. Zwipe will continue to serve and fulfill purchase
orders from Zwipe Pay customers that have already been certified.

Cost reduction initiatives will begin immediately, with full impact from the
middle of the second quarter of 2024. On a net basis, five employees will leave
Zwipe, with departures linked to Zwipe Pay, while the Zwipe Access sales team
will increase slightly as the company ramps up commercialization efforts here.

Total cash flow over the coming two years is anticipated to be more than NOK 40
million better than if Zwipe had continued to focus on both payments and access
control, giving Zwipe significantly longer runway and greater financial
flexibility.

"While it is heartbreaking to let highly valued employees go and transition away
from Zwipe Pay, we fully believe this is the right course of action for our
shareholders. Zwipe Access is a higher margin business with visible commercial
inroads, and our objective is for Zwipe to approach breakeven in H2 2025 as a
result of higher margins, lower operational costs, and lower supply chain
costs," says CEO Robert Puskaric.

The recently completed rights issue, which includes a possible exercise of
warrants in December 2024, should enable this path to profitability.

The Company will host a webcast today, 16 January at 15:00 CET, about our new
strategic focus. After the presentation, the webcast will be opened up for
questions from the audience.

Webcast details

Date: 16 January 2024

Time: 15:00 CET

Format: Webcast and Q&A

Language: English

Link: https://app.webinar.net/4bmE8YkDrNQ

For further information, please contact:

Robert Puskaric, CEO

ir@zwipe.com

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This information is subject to the disclosure requirements in the Market Abuse
Regulation (EU 596/2014) and the Norwegian Securities Trading Act section 5-12,
and is information that Zwipe AS is obligated to make public pursuant to the
continuing obligations of companies admitted to trading on Euronext Growth Oslo
(Euronext Growth Oslo Rule Book - Part II) and on Nasdaq First North Growth
Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se.
The information was submitted for publication, through the agency of the contact
person set out below, at 08:00 on 16 January 2024.

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About Zwipe

Zwipe believes the inherent uniqueness of every person is the key to a safer
future. We work with great passion across networks of international
organizations, industries and cultures to make convenience safe and secure. We
are pioneering next-generation biometric card for payment and physical & logical
access control and identification solutions. We promise our customers and
partners deep insight and frictionless solutions, ensuring a seamless user
experience with our innovative biometric products and services. Zwipe is
headquartered in Oslo, Norway, with a global presence.  To learn more, visit
http://www.zwipe.com.