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2014-05-27

Hofseth Biocare ASA : First Quarter Financial Report for Hofseth BioCare

Hofseth BioCare had operating revenues of MNOK 1.6 (MNOK 1.5) in the first quarter of 2014.
Total operating expenses amounted to MNOK 9.7 in the period compared to MNOK 22.7 in the first quarter 2013.
Operating profit (EBIT) for the first quarter 2014 is negative MNOK 11.6 (MNOK minus 24.1).
Cash flow from operations during first quarter was positive by MNOK 3.2 compared to MNOK negative 15.1 in the same quarter last year.
Total assets for the Company were MNOK 211.1 at the end of first quarter of 2014 (MNOK 203.4). Total equity amounted to MNOK 48.4 (MNOK 67.3) giving an equity ratio of 22.9 % (33.1 %).
On May 2, the EOGM approved a private placement announced April 11 of MNOK 90. This will significantly improve the equity with MNOK 84 and the liquidity with MNOK 61.4.
Please see HBC's Q1 2014 report attached.
For further information, please contact:

Jon Olav Ødegård, CEO Hofseth BioCare ASA
Tel +47 936 32 966
E-mail:joo@h-bc.no
Øystein Omvik, CFO Hofseth BioCare ASA

Tel: +47 936 99 400
E-mail:oystein.omvik@h-bc.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. HBCs 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.

Hofseth BioCare ASA - First Quarter 2014 Financial Report
http://hugin.info/149237/R/1788819/614693.pdf

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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: Hofseth Biocare ASA via Globenewswire

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