Aqua Bio Technology ASA (ABT) has received notice of decision by the Financial Supervisory Authority of Norway (Finanstilsynet) dated 17 January, 2019, related to the valuation of the Company’s inventory and patents.

Finanstilsynet has notified ABT that it will order the Company to write down the inventory to NOK 0 per 31 December, 2018 as per the regulations in IAS 2, and also to rectify the valuation of the inventory in accordance with IAS 8. Furthermore, Finanstilsynet orders ABT to estimate the recoverable value of its patents per 31 December, 2018, in accordance with IAS 38 and IAS 36.

ABT acknowledges receipt of the notice and will within the reply deadline set by Finanstilsynet to 7 February 2020 revert to Finanstilsynet with the Company’s view on the announced order to write down the inventory to NOK 0 per 31 December, 2018.

The Company has decided to write down the inventory to NOK 0 per 31 December, 2019. It is the Company’s opinion that the value is potentially higher but as sales volumes are low, the value will be set to NOK 0 in accordance with good accounting practice.

For further information, please contact Espen Kvale, acting CEO, telephone +47 91 62 80 92.