Aqua Bio Technology ASA has
entered into an agreement with ScandiDerma of Tromsø, Norway for
the distribution and sales of the Cuvget
product family. The collaboration with ScandiDerma is ABT's first
step in implementing the Company's expanded business model as
announced on 11 January 2017.
ScandiDerma is the owner of a series of cosmetics
products under the brand name Cuvget. The main ingredient is Arctic
chaga, a fungus growing on birch trees in the Arctic region. The
substance has been known in Russian and indigenous nature medicine
for centuries. Trials have identified a potent combination of
vitamins and antioxidants, and the chaga based products have
demonstrated significant positive effects on human skin.
ABT has secured exclusive distribution rights for
Europe, the Middle East and Africa (EMEA), and will in the initial
phase focus on the Scandinavian markets. The first product, Cuvget
Instant Vitamine Ampoules, will be launched immediately with
additional three products to follow in the coming months.
"ScandiDerma is a small, Norwegian challenger in a
growing international market. We strongly believe in the technology
behind the Cuvget concept, which is well adapted to the increasing
demand for efficient and natural skin care products," said Arvid
Lindberg, CEO of Aqua Bio Technology.
"ScandiDerma is excited about entering into this
agreement with ABT. ABT's management have over the years proved
their outstanding capabilities within the high-end skin care
market. ScandiDerma is enthusiastic about working together with ABT
on bringing Cuvget to consumers throughout Europe and the
Middle-East", said Geir Håvard Kvalheim, CEO of ScandiDerma.
The agreement gives ABT an option to acquire all
shares in ScandiDerma AS at pre-agreed terms. The option expires on
31 December 2017. Based on performance in 2017, ABT will decide
whether to utilize the option or to continue the collaboration on
commercial terms beyond 2017.
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.