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Otello Corporation ASA

01/14/2021 | Press release | Distributed by Public on 01/14/2021 01:49

Update on Vewd litigation

Update on Vewd litigation

14.01.2021 08:45

We refer to the stock exchange announcement dated November 30, 2020. MFC has not yet made such purchase and it has applied to the Court for an extension for the time to do so to February 19, 2021. MFC has been ordered to pay Otello's costs of this part of the proceedings (having previously been ordered to pay and having paid the costs of the liability stage). MFC was required to make a payment to Otello in the amount of £1.25 million by December 31, 2020 on account of Otello's costs but has failed to make such payment. If the total costs are not agreed, they will be assessed and determined by the Court. Petter Lade, CFO Phone: +47 91143878 E-mail: [email protected] 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.