THIS ANNOUNCEMENT CONTAINS
INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET
ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
19
December 2024
Chill Brands Group
plc
("Chill Brands" or the
"Company")
Corporate
update
Chill Brands, the consumer
packaged-goods distribution company, provides an update regarding
the legal action announced on 25 July 2024 against its former
directors and the status of its audit for the year ended 31 March
2024.
Update on US litigation
Chill Brands is pleased to announce
that it has reached an out-of-court settlement with its former
directors and that the Chill.com domain and related trademarks are
now under the Company's ownership and management.
The former directors will retain the
monies they received prior to the general meeting held on 4 June
2024. This resolution brings the matter to a close, avoiding
further expenditure on protracted US litigation and allows the
Company to focus its resources on its core operations and future
growth.
Status of the audit for the year ended 31 March
2024
Since its update of 9 December 2024,
the Company has continued to work with its auditors towards the
completion of its audit for the year ended 31 March 2024 (the "2024
financial report"). The Company still anticipates completing its
audit and publishing the 2024 financial report during the first
quarter of 2025.
The settlement of the US litigation
provides significant clarity in relation to the status of the
Company's balance sheet post year end.
The Company will provide further
updates clarifying a timetable for publication of the 2024
financial report as progress is made.
Callum Sommerton, Chief Executive Officer of Chill
Brands, said: "We are very pleased to have reached a
settlement with the Company's former directors that allows us to
move on and prioritise delivering value for shareholders. This is
an important milestone for the Company and for Chill.com, which is
a key pillar of the strategy to build our brand."
-ENDS-
Media enquiries:
|
Chill Brands Group plc
Harry Chathli, Chairman
|
+44 (0)20
4582 3500
|
|
Allenby Capital Limited (Financial Adviser and
Broker)
|
+44 (0) 20
3328 5656
|
|
Nick Harriss/Nick Naylor/Lauren
Wright (Corporate Finance)
Kelly Gardiner (Equity Sales)
|
|
About Chill Brands Group
Chill Brands Group plc (LSE: CHLL,
OTCQB: CHBRF) is an international consumer packaged goods company
focused on the development, marketing and distribution of wellness
and recreational products. The Company's proprietary nicotine-free
vapour products cater to the rapidly growing market for tobacco
alternatives and are distributed by some of leading retail stores
in the US and UK. Chill Brands also operates the chill.com
e-commerce website, on which it is building a marketplace of
products from third-party brands.
Publication on website
A copy of this announcement is also
available on the Group's website at http://www.chillbrandsgroup.com
