Atlantic Sapphire

Board/Management Information • Jun 26, 2023

Atlantic Sapphire ASA: Appointment of Johan Andreassen as Managing Director

Atlantic Sapphire ASA: Appointment of Johan Andreassen as Managing Director

Miami, FL, June 26, 2023

As described in the recommendations from the Nomination Committee to the Annual General Meeting of Atlantic Sapphire ASA (the "Company"), the Company has intended to appoint Johan Andreassen as formal managing director of the Company in addition to his role as CEO of Atlantic Sapphire USA LLC.

Following the resignation of Johan Andreassen from the Board of Directors and following approval from the Norwegian Ministry of Trade, Industry and Fisheries pursuant to the Norwegian Public Limited Liability Companies Act section 6-11, Johan Andreassen has today been formally appointed as managing director of the Company.

An approval from the Norwegian Ministry of Trade, Industry and Fisheries was required as Johan Andreassen is resident in Miami, Florida and as Norwegian public limited liability companies may only appoint managing directors that are resident outside of Norway and the EEA area upon approval by the Ministry.

The change will be registered with the Norwegian Register of Business Enterprises as soon as possible.

For further information, please contact:

Johan E. Andreassen

CEO

or

Karl Øystein Øyehaug

CFO

investorrelations@atlanticsapphire.com

This information is subject to the disclosure requirements pursuant to the Norwegian Securities Trading Act section 5-12.

About Atlantic Sapphire ASA

Atlantic Sapphire is pioneering Bluehouse® (land-raised) salmon farming, locally, and transforming protein production, globally. Atlantic Sapphire has been operating its innovation center in Denmark since 2011 with a strong focus on R&D and innovation to equip the Company with the technology and procedures that enable the Company to commercially scale up production in end markets close to the consumer. 

In the US, the Company has identified and obtained the requisite permits to construct its Bluehouse® in the ideal location in Homestead, Florida, just south of Miami. The Company has completed Phase 1 construction, which provides the capacity to harvest approximately 10,000 tons (HOG) of salmon annually. The Company completed its first commercial harvest in the US in September 2020. Atlantic Sapphire is currently constructing its Phase 2 expansion, which will bring total annual production capacity to 25,000 tons, and has a long-term targeted harvest volume of 220,000 tons.