IceBear Steenwijk B.V. – Company update

17 Apr 2023 14:57 CEST

Steenwijk, Netherlands, April 17, 2023

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Reference is made to previous reports by IceBear Steenwijk B.V. (the "Company"),
latest during the March 10th Investor Update, where the Company expressed
concerns about the success of the turnaround plan, especially due to continued
challenges in the ramp-up of production.

We regret to inform that the Company continues to face challenges in the
production ramp-up, despite best efforts from management and employees. The
Company is still far behind the turnaround plan, with production standing at
~60% of design capacity, despite an increase from ~50% in recent weeks.

Furthermore, the composite block market, which had shown signs of improvement
with a 5% price increase in March, is now softening again. To maintain sales
volumes and prevent a build-up of stock, the Company has had to reduce sales
prices in April and is considering further reductions. These developments are
putting pressure on the Company’s finances and compromising liquidity in the
short term.

The Company is assessing short-term liquidity needs and evaluating alternatives
to address these challenges. We understand the gravity of the situation and the
impact it may have. The Company will provide updates with additional information
on actions and alternatives as soon as possible.


For further information, please contact Christian Den Doelder at cdd@icebear.eu.

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