Divestment from Skinteam Norge AS

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.