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Aqua Bio Technology: Sideways first quarter for Aqua Bio Technology

ua Bio Technology ASA (Oslo Axess: ABT) today announced the first quarter 2014
financial results. Revenues were in line with the previous two quarters, but
weaker than the record high beginning of last year.

Aqua Bio Technology had revenues of NOK 5.4 million in the first quarter, down
from NOK 7.2 million in the corresponding quarter last year. The EBITDA was
NOK 1.2 million, corresponding to an EBITDA margin of 22 per cent. Last
year's first quarter EBITDA was NOK 3.9 million. The net result ended at NOK
-0.4 million for the quarter, against NOK 2.7 million the previous year.

"Revenues from ABT's main product Aquabeautine XL(TM) were in line with
expectations and previously agreed contractual payments. However, we are
still in an early phase of our commercial development, and revenues will
therefore fluctuate from quarter to quarter," said CEO Arvid Lindberg.

Market interest in Dermaclarine(TM) continued to grow in the first quarter,
and the number of cosmetic manufacturers testing the ingredient for potential
inclusion in new skin care products reached a new high. Revenues from
Dermaclarine(TM) also saw a slight increase in the first quarter.

Over the recent months ABT has been growing its global network of
distributors, expanding the Company's reach towards cosmetics manufacturers
around the world. The network is now nearly complete, counting ten
distributors with a combined access to well above 80 per cent of the world's
relevant manufacturers of skin care products.

In the first quarter, ABT's exclusivity partner Restorsea filed a complaint
against the company with a New York court. Restorsea claims a breach of
contract on ABT's part, and has announced a monetary claim against the
Company. Aqua Bio Technology deems the claim substantively as well as
procedurally deficient, and has requested the court to dismiss the case.
After learning of the lawsuit, ABT has initiated a dialogue with Restorsea
and has also provided additional technical documentation. The legal process
is currently on hold, pending the outcome of a supervised mediation.

"A legal process represents uncertainty. The process requires management
attention as well as resources, taking priority over tasks we much rather
would spend our time on," Arvid Lindberg said.

Still, ABT predicts a continued positive development for the Company.
Contractual payments and a growing interest in Dermaclarine(TM) give cause
for optimism. ABT has a strong financial platform, with limited debt and a
good cash position.

For further information, please call Arvid Lindberg, CEO, telephone +47 9824

Aqua Bio Technology ASA (ABT) develops, produces and markets patented
ingredients and technologies to the international cosmetic and skin care
industry. ABT's ingredients Aquabeautine XL(TM), Dermaclarine(TM) and Beauty
Propelline(TM) are marine solutions with distinctly individual and unique
properties, derived from the hatching fluid of salmon. ABT is listed on the
Oslo Stock Exchange's Axess market.

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

ABT Q1 2014 presentation
ABT Q1 2014 press release
ABT Q1 2014 report


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Aqua Bio Technology via Globenewswire


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