Aqua Bio Technology ASA ("ABT" or the "Company") has today, 5 June 2019, held its annual general meeting. The signed minutes from the annual general meeting is enclosed hereto.
One of the agenda items in the annual general meeting was election of a new auditor. The reason for this agenda item has been an ongoing disagreement between the Company and its current auditor, EY, regarding the valuation of the inventory in Kilda Biolink AS (the Company's subsidiary), intellectual property rights relating to patents held by the Aqua Bio Technology group and shares in Kilda Biolink AS and a claim towards the same company. EY has therefore requested that the value of said assets were set to zero in the Company's accounts. For further information related to EY's view on the valuation, please refer to the auditor's statements included in the annual accounts of 2017 and 2018. Due to this disagreement, EY has withdrawn from the position as the Company's auditor with effect from the annual general meeting held today.
Based on the positive development and recognition of Restorsea's products in US markets, as illustrated by the Company's stock exchange notice 13 February 2019, independent reviews and press articles as well as Restorsea's blog and newsletters, and ABT's ongoing discussions with Restorsea regarding further commercial development, the board of directors is of the opinion that ABT's sale of products to Restorsea will increase so that there is no basis for the requested write-downs.
The Company's Board of Directors has held discussions with potential candidates for the auditor position, but these discussions had not yet concluded at the time of the general meeting.
The general meeting therefore resolved to summon a new extraordinary general meeting on 27 June 2019 with election of new auditor on the agenda. The formal notice of the extraordinary general meeting will be distributed tomorrow, 6 June 2019.
The Board of Directors considers it likely that the Company will have a candidate for the position as auditor in place within the end of June 2019, and will inform of its proposal for the new auditor as soon as possible.
For further information, please contact Edvard Cock, chairman, telephone +47 415 04 004 or eco@clp.no.
Aqua Bio Technology (ABT) is developing and commercializing sustainable biotechnology for use in skin care products. ABT's cosmetics ingredients are highly effective and they provide the cosmetics industry with natural alternatives to traditional ingredients. ABT is also marketing and distributing natural skin care products developed by partners towards consumers and professional users. 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.
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