COPENHAGEN, Denmark, June 11, 2001 (PRIMEZONE) -- Olicom A/S (OTCBB:OLCMF) ("Olicom" or "the Company") announced today that it has acquired a 50 percent holding in Danish game producer, Interactive Television Entertainment ApS ("ITE") through subscription of new shares in the amount of DKK 10 million (USD 1.1 million).

ITE, which in 2000 had net sales of DKK 66 million (USD 7.5 million), is especially known for its Hugo game character. Hugo games are today present in more than 30 geographical markets where ITE's world-leading interactive TV concept supports the sale of its games. More than four million copies of Hugo games have been sold to multiple game platforms, including PC, Sony Playstation, Nintendo Gameboy, Set Top Boxes, based on the Open TV standard, and Internet portals.

The game market is expected to experience substantial growth as new and more powerful versions of existing game platforms are released and new platforms such as mobile phones and handheld computers gain popularity. ITE is one of the few companies that possess the know-how and technology for developing multi-platform games and ITE expects to be able to capitalize on this advantage by forging strategic partnerships with other game vendors who are focused on a single platform.

"ITE has proven its technical and creative skills on every well-known game platform for a number of years, but Olicom also sees great potential in ITE entering the market for entertainment on mobile phones and other handheld devices. Already now, you can find a number of successful entertainment concepts that combine the TV and the mobile phone media," says Boje Rinhart, President and Chief Executive Officer of Olicom, who will join ITE's Board of Directors as Chairman.

"For some time, ITE has been looking for a professional capital partner who can actively help ITE take advantage of the many, new opportunities emerging as a consequence of the development within both broadband and the mobile internet," says Ivan Solvason, ITE's founder and sole shareholder up till now, "Olicom's technical and market-oriented knowledge and its business network makes the company a very attractive partner for ITE."

About Olicom

Olicom initiates or participates in the development of new products and services that leverage leading-edge communications technologies, primarily with a focus on satisfying the needs of mobile data communication users. Business opportunities are identified both through Olicom's internal research and through the solicitation of ventures with start-up companies, which are offered seed and venture financing and access to the Company's established business network and infrastructure. More information about Olicom is available from the Company's SEC filings or by contacting the Company directly. Information is also available on the Company's Web site at www.olicom.com.

Olicom is a registered trademark.

About ITE ApS

ITE ApS was founded in 1988 and in 1990 the interactive TV show, "Hugo the TV Troll", appeared for the first time in Danish television. Since then, the company has been the pioneer of interactive television entertainment. In 1998, ITE founded the company ITE Media ApS, which develops games based on the known characters from ITE's interactive TV shows. Today, the games are sold on PC, Playstation, Nintendo Gameboy, Set Top Boxes, based on the Open TV standard, and Internet portals. In 2000, ITE had net sales of DKK 66 million. For more information about ITE, please visit www.ite.dk.

Except for historical information contained herein, the matters discussed in this news release may contain forward-looking statements that reflect the Company's current expectations and projections about its future results, performance, prospects and opportunities. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause its actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Among the risks, uncertainties and other factors that could cause results to differ are uncertain market conditions, the successful implementation of the Company's new strategic direction; the Company's need to continue to identify and acquire interests in suitable portfolio companies; intense competition among capital providers to acquire interests in technology companies; the dependence of the Company on the financial and operating success of the enterprises in which it invests or participates; and existing and future regulations affecting the Company's business, the businesses of its portfolio companies or technology generally. Further information may be found in Olicom's periodic filings with the U.S. Securities and Exchange Commission (SEC), including the most recent reports on Form 20-F and 6-K, which identify important risk factors related to the Company's business that could cause actual results, performance, prospects or opportunities to materially differ from those contained in the forward-looking statements.