Reference is made to the announcement dated 6 November 2015 where Hofseth Biocare ASA (HBC) announced that the company had taken legal action against the insurance company If .. in connection with a steam boiler breakdown 20 August, 2014.
The parties have reached an amicable settlement where If .. will compensate HBC an amount of NOK 23,000,000. The amount will be paid to HBC by no later than November 21th. Each party will cover their own costs related to the case.
As a consequence of the amicable settlement the case will be withdrawn in a joint pleading to the District Court.
The settlement will entail full profit and loss impact as the company is in non-taxpaying position at the moment. Similarly, the company's equity will be strengthened by NOK 23 million. The profit and equity impact will be registered in the Q4 accounts to be presented in February 2016.
For more information, please contact:
Jon Olav Ødegård, CEO Hofseth BioCare ASA
Mobile: +47 936 32 966
Email: joo@hofsethbiocare.no
Øystein Omvik, CFO Hofseth BioCare ASA
Mobile: +47 936 99 400
Email: oo@hofsethbiocare.no
About Hofseth BioCare:
Hofseth BioCare is a Norwegian biotech company that offers high-value ingredients and finished products for humans and pets. The company is founded on the core values of sustainability, traceability and optimal utilization of natural resources. Through an innovative hydrolysis technology, Hofseth BioCare is able to preserve the quality of salmon oil, proteins and calcium, prepared of fresh salmon off-cuts. Hofseth BioCare`s objective is to contribute to the efficient use of marine resources and deliver quality products for ingredients and finished consumer products in the nutrition market.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.