Further to our announcement on 28 March, 2016, Aqua Bio Technology ASA can
provide the following update:
A preliminary injunction hearing on the complaint brought against Aqua Bio
Technology ASA has been held in the federal court in the Southern District of
New York. In the hearing ABT defended itself against the claims made by Access
Business Group International LLC. Additional briefs will be submitted to the
court by the parties involved, and a ruling is expected later this month.
Access filed a complaint against ABT in March of this year, claiming that the
Company is breaching a contractual obligation to deliver a cosmetic ingredient.
The New York court has previously denied Access' motion for a Temporary
Restraining Order against ABT. The court will now rule on the motion, based on
testimonies given in the hearing and additional documentation provided from the
parties involved.
ABT and Access entered on February 2012 into an agreement that granted Access
certain exclusivity rights to sell skin care products containing ABT's
ingredient, Aquabeautine XL®, in the direct sales channel. The agreement expired
on 1 January 2016. Before the parties could agree on terms on which ABT would
continue to supply Aquabeautine XL®, Access commenced this action claiming,
among others, a breach of the agreement.
For further information, please call Arvid Lindberg, CEO, telephone
+47 9824 5410
Aqua Bio Technology (ABT) has launched several cosmetic ingredients used in skin
care products globally. Skin care is the fastest growing segment in the
cosmetics industry, where ABT's ingredients have established a foothold. In
addition to ingredients from its own technology, ABT also commercializes novel
technologies/ingredients for partners, for use in skin care products. Aqua Bio
Technology is listed on the Axess market of the Oslo Stock Exchange.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
[HUG#2018698]
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