Aqua Bio Technology ASA (Oslo Axess: ABT) and Restorsea Inc. today announced
that their previously announced dispute has been resolved. The parties have
agreed to continue and strengthen their relationship.
Restorsea filed a complaint by a New York court in February, claiming violation
of its exclusivity rights for ABT's skin care ingredient Aquabeautine XL(TM).
Restorsea has agreed to withdraw the complaint and the legal proceedings have
been irrevocably settled. An amended supply, license, and exclusivity agreement
has been signed to strengthen the partnership between Restorsea and ABT. All
financial elements are unchanged and both parties will cover their own expenses
related to the complaint filed.
The new agreement between the parties grants Restorsea exclusivity rights not
just for Aquabeautine XL(TM), but also for the ABT ingredients Dermaclarine(TM)
and Beauty Propelline(TM), as well as rights for non-medical uses to any future
ingredients that may be developed from fish hatching fluids and certain future
ingredients that may be developed from the hatching fluids of other animals.
Further sales of these ingredients by ABT to other customers have been
terminated.
In a joint comment on the new agreement, ABT's Chairman John Afseth and
Restorsea's Chairman Muneer Satter, said: "We are extremely pleased that we have
been able to settle our disagreement in such a positive way. Both companies look
forward to further expanding the commercial success of Restorsea and ABT's
hatching fluid technology together in a more extensive partnership."
For further information, please call John Afseth, Chairman, telephone
+47 9220 1850 or 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.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
[HUG#1813614]
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