Aqua Bio Technology ASA (Oslo Axess: ABT) today provided an update on the
complaint filed with a New York court by ABT's customer and exclusivity partner
Restorsea.
A pre-motion conference with the parties' legal counsel was held on 7 May 2014
for a preview of ABT's request for dismissal of Restorsea's complaint. On the
initiative of the judge, ABT has agreed to a court-supervised mediation, in an
attempt to solve the issue without full court proceedings. The date for the
mediation has not yet been scheduled.
The court-supervised mediation is without court fees for the parties, is
facilitated by a magistral judge and puts the legal process on hold until this
attempt at finding a solution has been explored. Each of the parties can
terminate the mediation at any time, if they so wish.
As previously noted, Aqua Bio Technology's position is that Restorsea's
complaint is substantively and procedurally deficient.
ABT will update the market in accordance with its obligations as a listed
company.
For further information, please call 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.
[HUG#1783740]
Recent Comments