ABT: Update on U.S. lawsuit
June 07 2016 - 9:16AM
Further to our announcement on 28 March, 2016,
Aqua Bio Technology ASA can provide the following update:
A preliminary injunction hearing on the complaint
brought against Aqua Bio Technology ASA has been held in the
federal court in the Southern District of New York. In the hearing
ABT defended itself against the claims made by Access Business
Group International LLC. Additional briefs will be submitted to the
court by the parties involved, and a ruling is expected later this
month.
Access filed a complaint against ABT in March of
this year, claiming that the Company is breaching a contractual
obligation to deliver a cosmetic ingredient. The New York
court has previously denied Access' motion for a Temporary
Restraining Order against ABT. The court will now rule on the
motion, based on testimonies given in the hearing and additional
documentation provided from the parties involved.
ABT and Access entered on February 2012 into an
agreement that granted Access certain exclusivity rights to sell
skin care products containing ABT's ingredient, Aquabeautine XL®,
in the direct sales channel. The agreement expired on 1 January
2016. Before the parties could agree on terms on which ABT would
continue to supply Aquabeautine XL®, Access commenced this action
claiming, among others, a breach of the agreement.
For further information, please
call Arvid Lindberg, CEO, telephone +47 9824 5410
Aqua Bio
Technology (ABT) has launched several cosmetic ingredients used in
skin care products globally. Skin care is the fastest growing
segment in the cosmetics industry, where ABT's ingredients have
established a foothold. In addition to ingredients from its own
technology, ABT also commercializes novel technologies/ingredients
for partners, for use in skin care products. 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 of the
Norwegian Securities Trading Act.
ABT US lawsuit press
release
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Aqua Bio Technology via Globenewswire
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