Zona Nordic AB (ZN) has filed a complaint against Aqua Bio Technology ASA (ABT) in the Helsingborg District Court, claiming that ABT has not fulfilled its obligations under a settlement agreement from 2009. The claim is for damages valued at NOK 12 180 000 with the addition of interest, and has been calculated based on the assumed market value of the alleged remaining delivery obligation of ABT.
The settlement agreement stated that ABT had to pay MNOK 3 and supply ingredients for one of ZN's product lines as needed until 2017. ABT has paid any and all amounts due and fulfilled all orders from ZN during the term of this agreement.
The complaint appears to come as a result of ABT rejecting an offer to buy ZN's product line for a material cash payment. The purchase of the ZN product line was set as a condition by ZN, otherwise ZN would place a historically large order at the end of the term of the agreement. From a commercial perspective, ABT did not consider the product line to be interesting, and since ZN could not document their need for the ingredient, ABT chose to end the negotiations.
ZN's complaint is based on the fact that ZN placed an order, at the very end of the term, that corresponded to more than 8 times the accumulated volume during the 8-year term of the agreement. This order was placed at the same time as ABT delivered a volume of the ingredient equal to the accumulated orders over the past 8 years, while the ingredient's shelf life is only 2 years.
ABT rejects that there is a basis for any claim against the company.
For further information, please contact CEO Arvid Lindberg, telephone +47 9824 5410.
About Aqua Bio Technology ASA
Aqua Bio Technology (ABT) has launched several cosmetic ingredients being used in skin care products globally. Skin care is the fastest growing segment in the cosmetics industry, where ABTs ingredients have established a foothold. In addition to ingredients ABT also commercializes new technologies/skin care products through in-licensing agreements with third parties. Aqua Bio Technology is listed on Oslo Axess.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
