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ABT’s skincare ingredient enters new U.S. market
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ABT’s skincare ingredient enters new U.S. market
Aquabeutine XL, the skincare ingredient developed in Norway by Aqua Bio Technology, will shortly enter a new and fast growing U.S. market. ABT’s American partner Restorsea has entered into a licensing agreement for Aquabeautine XL with Conversion Labs, a company offering telemedicine and electronic consultations on the Internet.Conversion Labs is preparing a first quarter 2021 launch of its new service Nava MD, where the skincare products offered will be Aquabeautine XL based.Conversion Labs offers electronic consultations, where consumers engage directly with skincare experts on the Internet. The skincare expert reviews the consumer’s individual needs and relevant skincare products are sold there and then.Electronic consultations are experiencing strong growth and it is expected that more than one billion such consultations will be made in the United States during 2020. Skincare advice and sales is the fastest growing segment within electronic consultations. An annual sales growth of more than 20 per cent is forecasted and the US market is expected to grow beyond NOK 400 billion by 2027.Conversion Labs with, a market cap of approx 86MUSD, is today traded in the U.S. on the OTC Markets and has recently announced an application to uplist the company's common stock to the NASDAQ Capital Market (NASDAQ). For further information see 2012, Aqua Bio Technology’s U.S. partner Restorsea secured global rights for ABT’s proprietary technology on certain commercial terms until 2032. As announced in ABT’s stock exchange release on 17 August 2020, the company has seen a positive development in Restorsea’s commercialization of the technology. Restorsea is preparing launches outside the United States as well as licensing agreements with partners within the cosmetics industry. The agreement with Conversion Labs demonstrates that Restorsea’s strategy is proving successful. Hence, ABT’s future revenue potential from the ingredient Aquabeautine XL is strengthened.For further information, please contact Espen Kvale, CEO, telephone +47 916 28 092 – Bio Technology (ABT) is developing and commercializing sustainable biotechnology for use in skin care products. ABT's cosmetics ingredients are effective and they provide the cosmetics industry with natural alternatives to traditional ingredients. ABT is also marketing and distributing natural skin care products developed by partners towards consumers and professional users.  ABT's focus on commercialization and development of natural ingredients and natural skin care products has been, and will continue to be, an important part of the company's strategy going forward. Aqua Bio Technology is listed on the Axess market of the Oslo Stock Exchange. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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