Bemobi makes preliminary filing for IPO in Brazil & 3Q20 update

OSLO, Norway, Oct. 22, 2020 /PRNewswire/ -- Otello Corporation today announced that its subsidiary Bemobi has made a preliminary filing for a listing of the Bemobi business in Brazil.

The preliminary filing consists of draft documentation which will be subject to review by the Brazilian Securities Commission (the "CVM"). The filing does not mean that a listing of Bemobi will definitely take place and any initial public offer of shares ("IPO") and listing are subject to the fulfillment of several outstanding items and matters being concluded to Otello's satisfaction, including the valuation of the Bemobi business. Consequently, no assurances can be or are given that the IPO and listing process will proceed and be completed.  

Should a Brazilian IPO and listing process be undertaken by Bemobi, it will consist of the registration of the issuer and the securities with CVM and an offering made to Brazilian investors based on the documentation registered with the CVM with a concurrent placement to non-Brazilian investors based on disclosure documentation relying on the exemptions from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act") available under Rule 144A under the Securities Act and Regulation S under the Securities Act.

Bemobi has developed as expected in 3Q20 and delivered revenue of $11.6m and adjusted EBITDA of $4.7m.

Otello will report 3Q20 numbers on 27^th October.

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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SOURCE Otello Corporation ASA