Aqua Bio Technology — Audit Report / Information 2024

Apr 28, 2025

AQUA BIO TECHNOLOGY ASA - The Board of ABTEC ASA Informs the Market About Significant Findings in the 2024 Audit Process

AQUA BIO TECHNOLOGY ASA - The Board of ABTEC ASA Informs the Market About Significant Findings in the 2024 Audit Process

28.4.2025 08:56:24 CEST | Aqua Bio Technology ASA | Additional regulated

information required to be disclosed under the laws of a member state

The Board of Aqua Bio Technology ASA ("ABTEC" or "the Company") informs that in

connection with the audit process for the fiscal year 2024, issues have been

identified in three of the Company's subsidiaries: Coverbrands AS, 3D Innovation

Nordic AS, and Ovalen AS. Transactions with related parties have been identified

that, as of today, do not appear to be sufficiently documented or commercially

justified. These issues may have an impact on the assessment of certain income

and balance sheet items in the consolidated financial statements, and the Board

currently does not have sufficient information to make a determination. The

Company's group auditor has informed the Board that no conclusion for the

consolidated financial statements can be made as long as the documentation and

information on the above-mentioned transactions stand.

The Board has initiated a process to review the matters in collaboration with

external legal and financial advisors. The purpose of the review is to assess

the assumptions behind the acquisitions of the affected subsidiaries, related

party transactions, as well as potential consequences for the three subsidiaries

and ABT ASA. The Board will also consider any legal actions to safeguard the

Company's rights and interests. For the subsidiary Coverbrands AS, the Board of

ABT ASA is aware that legal steps have been taken by Norwegian tax and customs

authorities that may lead to a bankruptcy of this company in the near future.

The Board emphasizes that, at this point, no final conclusions can be drawn

regarding the consequences of the identified issues. For the above-mentioned

reasons, the annual financial statements will not be able to be published on

April 29 and are expected to be made public as soon as possible, earliest on

April 30 and no later than May 7. The Company will keep the market continuously

informed in accordance with applicable regulations.

DISCLOSURE REGULATION

This information is subject of the disclosure requirements pursuant to section

of 5-12 of the Norwegian Securities Trading Act.

CONTACTS

* Fredrik Henriksen, CEO, Aqua Bio Technology ASA, +47 90 02 00 78,

fredrik.henriksen@aquabiotech.no

* Roger Sedal, Chair of the Board of Directors, +4740002002, roger@sedal.no

ABOUT AQUA BIO TECHNOLOGY ASA

Aqua Bio Technology ASA (ABTEC) is a distribution group in skincare and nonfood.

The group has distribution towards B2C, B2B, B2B2, and freight, customs, and

logistics services. The group also develops sustainable biotechnology for use in

skincare products. Aqua Bio Technology is listed on the Euronext Expand market

of the Oslo Stock Exchange.

ATTACHMENTS

Download announcement as PDF.pdf -

https://kommunikasjon.ntb.no/ir-files/17847556/18505986/5989/Download%20announce

ment%20as%20PDF.pdf