AQUA BIO TECHNOLOGY ASA – The Board of ABTEC ASA Informs the Market About Significant Findings in the 2024 Audit Process

28.4.2025 08:56:24 CEST | Aqua Bio Technology ASA | Additional regulated
information required to be disclosed under the laws of a member state

The Board of Aqua Bio Technology ASA ("ABTEC" or "the Company") informs that in
connection with the audit process for the fiscal year 2024, issues have been
identified in three of the Company's subsidiaries: Coverbrands AS, 3D Innovation
Nordic AS, and Ovalen AS. Transactions with related parties have been identified
that, as of today, do not appear to be sufficiently documented or commercially
justified. These issues may have an impact on the assessment of certain income
and balance sheet items in the consolidated financial statements, and the Board
currently does not have sufficient information to make a determination. The
Company's group auditor has informed the Board that no conclusion for the
consolidated financial statements can be made as long as the documentation and
information on the above-mentioned transactions stand.

The Board has initiated a process to review the matters in collaboration with
external legal and financial advisors. The purpose of the review is to assess
the assumptions behind the acquisitions of the affected subsidiaries, related
party transactions, as well as potential consequences for the three subsidiaries
and ABT ASA. The Board will also consider any legal actions to safeguard the
Company's rights and interests. For the subsidiary Coverbrands AS, the Board of
ABT ASA is aware that legal steps have been taken by Norwegian tax and customs
authorities that may lead to a bankruptcy of this company in the near future.

The Board emphasizes that, at this point, no final conclusions can be drawn
regarding the consequences of the identified issues. For the above-mentioned
reasons, the annual financial statements will not be able to be published on
April 29 and are expected to be made public as soon as possible, earliest on
April 30 and no later than May 7. The Company will keep the market continuously
informed in accordance with applicable regulations.

 

DISCLOSURE REGULATION

This information is subject of the disclosure requirements pursuant to section
of 5-12 of the Norwegian Securities Trading Act.

CONTACTS

 * Fredrik Henriksen, CEO, Aqua Bio Technology ASA, +47 90 02 00 78,
   fredrik.henriksen@aquabiotech.no 
 * Roger Sedal, Chair of the Board of Directors, +4740002002, roger@sedal.no 

ABOUT AQUA BIO TECHNOLOGY ASA

Aqua Bio Technology ASA (ABTEC) is a distribution group in skincare and nonfood.
The group has distribution towards B2C, B2B, B2B2, and freight, customs, and
logistics services. The group also develops sustainable biotechnology for use in
skincare products. Aqua Bio Technology is listed on the Euronext Expand market
of the Oslo Stock Exchange.

ATTACHMENTS

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