Oslo, February 11, 2014
Reference is made to the stock exchange notification by Aqua Bio Technology ASA
("ABT" or the "Company") and implementation of a matching halt by the Oslo Stock
Exchange on February 10, 2014.
After end of trading on February 10, 2014, ABT has been informed that Restorsea
LLC ("Restorsea") has filed a civil complaint initiating a lawsuit (the
"Complaint") against the Company. The Complaint was filed in the United States
District Court for the Southern District of New York on Friday, February
7, 2014. The Company has obtained access to a copy of the Complaint, but
Restorsea has not yet formally served the Complaint on the Company as is
required under United States law.
The Complaint asserts a single claim against ABT, breach of contract. In
particular, Restorsea alleges that ABT violated the terms of a September
8, 2012 Exclusivity Agreement (the "Exclusivity Agreement") by supplying certain
products to unauthorized third-parties. The Complaint alleges compensatory
damages in excess of $5.9 million (U.S.) and requests that the Court requires
ABT to honor its contractual obligations under the Exclusivity Agreement.
ABT believes the Complaint is procedurally and substantively deficient and it
intends to vigorously defend against Restorsea's allegations.
ABT will inform the market on further developments in the case in accordance
with its obligations as a listed company.
For further information, please contact:
Arvid Lindberg, CEO
E-mail: arvid@aquabiotech.no
Phone: +47 9824 5410
John Afseth, Chairman of the Board
Phone: +47 92 20 18 50
About Aqua Bio Technology ASA (www.aquabiotech.no)
Aqua Bio Technology ASA (ABT) develops, produces and markets patented
ingredients and technologies to the international cosmetic and skin care
industry. ABT's ingredients Aquabeautine XL, Dermaclarine and Beauty Propelline
are marine solutions derived from the hatching fluid of salmon, while Oceanx Oil
in Serum is based on extract from seaweed. ABT is listed on the Oslo Stock
Exchange's Axess market.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
[HUG#1760735]
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