ABT terminates distribution agreement for skincare series Čuvget

Reference is made to Aqua Bio Technology’s announcement on 26 November 2019 about the skincare series Čuvget, which has been part of the company’s product portfolio. As disclosed in the release, neither the feedback from the market regarding the Čuvget products in their current form nor the sales of the skincare series have met ABT’s expectations.

ABT has today decided to terminate the distribution agreement for Čuvget. However, ABT will continue to sell the products in an 18-months sell off period.

The main ingredient in the skincare series Čuvget is Arctic chaga, a fungus growing on birch trees in the Arctic. The substance has been known in Russian and Sami nature medicine for centuries. ABT has filed a patent application for the use of the chaga fungus in certain concentrations as an ingredient in new skincare products. ABT’s belief in chaga’s potential as an active ingredient in cosmetics remains strong. The termination of the distribution agreement for the skincare product entails that ABT holds the rights under the patent application for the use of chaga as an ingredient.

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.

This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act.