Aqua Bio Technology ASA (Oslo Axess: ABT) today provided an update on the
complaint filed with a New York court by ABT's customer and exclusivity partner
Restorsea.
The court has scheduled a conference with the parties' legal counsel on 7 May
2014 for a preview of ABT's request for dismissal of Restorsea's complaint. No
court decision is expected in this conference. As previously noted, Aqua Bio
Technology's position is that the complaint is substantively and procedurally
deficient, and the Company has submitted a request for dismissal.
After learning of the complaint, further dialogue between the parties has been
initiated, in an effort to reach a solution outside the court. ABT has recently
met with Restorsea, and has provided the exclusivity partner with additional
technical documentation. ABT's intention is to clarify and resolve potential
misunderstandings.
The legal process moves forward in parallel with the dialogue between the
parties.
ABT will update the market in accordance with its obligations as a company
listed on the Oslo Stock Exchange.
For further information, please call Arvid Lindberg, CEO, telephone
+47 9824 5410
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(TM), Dermaclarine(TM) and Beauty
Propelline(TM) are marine solutions with distinctly individual and unique
properties, derived from the hatching fluid of salmon. ABT is listed on the Oslo
Stock Exchange's Axess market.
[HUG#1780076]
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