Aqua Bio Technology ASA has entered into an agreement with ScandiDerma of
Tromsø, Norway for the distribution and sales of the Cuvget product family. The
collaboration with ScandiDerma is ABT's first step in implementing the Company's
expanded business model as announced on 11 January 2017.
ScandiDerma is the owner of a series of cosmetics products under the brand name
Cuvget. The main ingredient is Arctic chaga, a fungus growing on birch trees in
the Arctic region. The substance has been known in Russian and indigenous nature
medicine for centuries. Trials have identified a potent combination of vitamins
and antioxidants, and the chaga based products have demonstrated significant
positive effects on human skin.
ABT has secured exclusive distribution rights for Europe, the Middle East and
Africa (EMEA), and will in the initial phase focus on the Scandinavian markets.
The first product, Cuvget Instant Vitamine Ampoules, will be launched
immediately with additional three products to follow in the coming months.
"ScandiDerma is a small, Norwegian challenger in a growing international market.
We strongly believe in the technology behind the Cuvget concept, which is well
adapted to the increasing demand for efficient and natural skin care products,"
said Arvid Lindberg, CEO of Aqua Bio Technology.
"ScandiDerma is excited about entering into this agreement with ABT. ABT's
management have over the years proved their outstanding capabilities within the
high-end skin care market. ScandiDerma is enthusiastic about working together
with ABT on bringing Cuvget to consumers throughout Europe and the Middle-East",
said Geir Håvard Kvalheim, CEO of ScandiDerma.
The agreement gives ABT an option to acquire all shares in ScandiDerma AS at
pre-agreed terms. The option expires on 31 December 2017. Based on performance
in 2017, ABT will decide whether to utilize the option or to continue the
collaboration on commercial terms beyond 2017.
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.
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