Aqua Bio Technology - Annual Report 2017 and Interim report 2017
April 24 2018 - 1:00AM
Aqua Bio Technology ASA (ABT) reports an operating
loss of NOK -14.9 million in 2017, against a profit of NOK 2.9
million in 2016. The financial results were significantly affected
by the dispute with a former US customer which is now resolved.
Total costs related to the dispute were approximately NOK 12
million in 2017.
"2017 was a challenging year for us predominantly
as a result of major costs incurred in connection with the dispute
which had a significant negative impact on our financial results.
On the positive side, however, we signed commercial agreements
during 2017 which, amongst other things, gave the company exclusive
rights for the Moana and Cuvget brands in the EMEA region (Europe,
Middle East, Africa). We have already established commercial
operations in the region and look forward to extending the
commercial reach throughout 2018, says Arvid Lindberg," CEO of Aqua
Bio Technology.
In parallel to the efforts needed to handle the
dispute in 2017, the company has implemented a more diversified
business model with the addition of the Moana and Cuvget brands
that gives ABT new opportunities going forward.
"During 2017 we have completed the third phase of
the revised ABT business model which means that we now also market
and sell end products directly to the consumer market. In addition
to develop and market ingredients for the cosmetics industry, the
expansion of the business model with finished goods gives us
another leg in the industry and we feel optimistic about future
opportunities," said Lindberg.
By 2018, Aqua Bio Technology has a broader
platform than before. Four new cosmetic ingredients are ready or in
the development phase for the industry as well as two branded
cosmetic lines that are being commercialized directly to the
consumers. A common denominator for ABT's business proposition is
to be natural and sustainable.
"Traditional active substances, which may have
adverse effects on both consumer health and the environment, are
being abandoned by the industry. This applies both from a
regulatory point of view and not the least in terms of consumer
attitudes and awareness. Thus, ABT is in the midst of this "green
shift»," says Arvid Lindberg.
For further information, please contact CEO of
Aqua Bio Technology, Arvid Lindberg, tel. +47 982 45 410.
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.
BM_Annual Report 2017 and Interim
Report 2017
Annual Report 2017 and Interim Report 2017
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq 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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