Divestment from Skinteam Norge AS

14 Nov 2024 13:47 CET

14.11.2024 13:47:20 CET | Aqua Bio Technology ASA | Innsideinformasjon

Aqua Bio Technology ASA (ABT or the Company) has engaged in a series of
acquisitions in recent years. Following an analysis of the development
milestones and additional investments required for Skinteam Norge AS (Skinteam)
to achieve success, positive cash flow, and synergies for the rest of ABT's
companies, ABT has decided to cease further funding for Skinteam. Instead, ABT
will focus its liquidity on other group entities expected to generate positive
cash flow by 2025. Efforts to transition Skinteam to new ownership have not
resulted in a viable solution, and based on recent developments, it is
anticipated that Skinteam's board will now decide or accept to wind down
operations.



The divestment from Skinteam is projected to result in a significant non-cash
impairment charge due to the reduction of goodwill on the Group's balance sheet.
However, this decision will improve ABT's liquidity and substantially decrease
future capital requirements. Following the completion of the recent Private
Placement, the Jetcarrier AS transaction, and the closure of Skinteam, ABT is
positioned to emerge as a stronger entity. This strategic shift is expected to
enhance value for shareholders and improve the financial health of the Group's
remaining subsidiaries.



For further information, please contact Jan Varming, CFO, telephone +47 90 83 90
76.



About Aqua Bio Technology ASA



Aqua Bio Technology (ABT) is developing and commercializing sustainable
biotechnology for use in skincare products. ABT's cosmetics ingredients are
highly effective, and they provide the cosmetics industry with natural
alternatives to traditional ingredients. ABT is also marketing and distributing
natural skincare products developed by partners towards consumers and
professional users. ABT's focus on commercialization and development of natural
ingredients and natural skincare products has been, and will continue to be, an
important part of the Company's strategy going forward. ABT is listed on the
Euronext Expand market of the Oslo Stock Exchange.



This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

INFORMASJONSPLIKTIG OPPLYSNING

Denne opplysningen er informasjonspliktig etter verdipapirhandelloven § 5-12.

OM AQUA BIO TECHNOLOGY ASA

Aqua Bio Technology ASA (ABT) utvikler og kommersialiserer bærekraftig
bioteknologi for bruk i hudpleieprodukter. ABTs kosmetikkingredienser er svært
effektive og de representerer et naturlig alternativ til tradisjonelle
ingredienser for kosmetikkindustrien. ABT markedsfører og selger dessuten
naturlige hudpleieprodukter utviklet av partnere til konsumenter og
profesjonelle brukere. Aqua Bio Technology er notert på Euronext Expand.

VEDLEGG

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