Access Business Group International LLC, a company affiliated with the Amway
direct sales group (Access), filed a complaint last week against Aqua Bio
Technology ASA (ABT) in the federal court in the Southern District of New York
(USA). Access claims that ABT breached a contractual obligation to deliver a
cosmetic ingredient. On Friday, March 25, the New York court denied Access'
motion for a Temporary Restraining Order against ABT.
ABT and Access entered into an agreement in February 2012 that granted Access
certain exclusivity rights to sell directly to consumers through the Amway
direct sales channel certain skin care products containing ABT's ingredient,
Aquabeautine XL®. 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.
ABT will defend these claims.
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#1997744]
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