Aqua Bio Technology ASA (ABT) has signed a letter of intent with the Russian company Limited Liability Company Management Company AB Group (LLCMC) for distribution of Moana Skincare in Russia. The goal is to establish a partnership where LLCMC markets Moana Skincare to clinics and beauty salons in the Russian market. ABT acquired its first commercial rights for Moana Skincare in 2017. Moana is produced in New Zealand and the main active ingredients in the products are extracted from seaweed from the South Pacific. ABT was originally granted commercial rights for Europe, the Middle East and Africa (EMEA), and is now selling the Moana products through partners in Germany, Austria, Switzerland and Kuwait. ABT recently expanded its market to include India, Hong Kong and Indonesia. - We are very pleased to announce that we have entered into a letter of intent with Limited Liability Company Management Company AB GROUP. Their expertise in the Russian market will be important for the commercialization of Moana Skincare in Russia, says Arvid Lindberg. Limited Liability Company Management Company AB GROUP markets and distributes third-party beauty and personal care products in Russia and has been active for more than 20 years. They own and operate 15 beauty salons and are also distributors for Dessange and Phytodess products in 37 salons in the Russian market. The letter of intent includes a test launch of Moana Skincare in the Russian market and if the parties are satisfied with the result of the test launch, ABT will grant AB Group exclusive distribution rights for Moana Skincare for the Russian market. - We believe Moana Skicnare represents a unique opportunity for us in building and strengthening our position in the Russian market. Moana Skincare is unique and well positioned for growth in our market, says Alexei Tsarevsky, President of AB Group (LLCMC). The Russian skin care market is estimated to have a value of about 11 bn. EUR annually. For further information, please contact Arvid Lindberg, Head of global sales and marketing, telephone +47 9824 5410. Aqua Bio Technology (ABT) is developing and commercializing sustainable biotechnology for use in skin care products. ABT's cosmetics ingredients are highly effective and they provide the cosmetics industry with natural alternatives to traditional ingredients. ABT is also marketing and distributing natural skin care products developed by partners towards consumers and professional users. 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 the Norwegian Securities Trading Act
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