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
"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,"
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
"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
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:
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Source: Aqua Bio Technology via GlobeNewswire
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