ABT provides business update

Aqua Bio Technology ASA is currently in the process of registering the product series Moana Skincare in large markets such as India and Egypt. The company established partnerships with local distributors in these markets in June and October of last year. In 2019, the company also entered into distributor agreements for the three Baltic countries, where the sales of Moana are already ongoing, and Russia.

ABT’s marketing capabilities have been further strengthened through the employment of Vigdis Tuft Heinimann, who from January this year has served as Business Development Manager. Ms Heinimann has a broad background from the skincare business. She is a skincare therapist by training and has previously established and developed both her own and third-party skincare clinics and spa salons domestically and internationally. Her main area of responsibility will be Moana Skincare but she will also contribute within ABT’s other areas.

ABT's portfolio of skin care products has to date included two skincare brands. The company has decided not to continue the marketing and sales of Cuvget as the market development has not been considered satisfactory. The company is in dialogue with additional manufacturers and brand owners to expand the product portfolio. ABT believes that this will strengthen the market position and the revenue potential of the company.

ABT now enjoys a network of distributors covering markets with a total of 1.7 billion people. The ongoing corona pandemic will restrain the market developments and the sales of Moana in the near future, however, the initial reception of the Moana products has been positive.

Restorsea, which has the exclusive rights to the company's proprietary technology, saw a 26 percent increase in net sales in 2019. The company is continuously pursuing new growth areas and is also considering markets outside the US, which have led to the establishment of sales in Brazil.

Espen Kvale has been acting as the company's CEO for the past year. He has been hired by the company and has had his base in the US. In the near future, Kvale plans to move back to Norway and it is expected that Kvale will step in as permanent CEO of Aqua Bio Technology.

Former CEO Arvid Lindberg has left the company but will continue to support ABT as an advisor within the area of international sales. Hence, continuity in the skincare sales efforts is secured. These activities today cover markets on three continents.

For further information, please contact acting CEO Espen Kvale, telephone .

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.