Hofseth BioCare ASA has taken legal action against the insurance company If.. in connection with the steam boiler breakdown which the company announced on 20 August 2014. The insurance company If.. has argued that the damage is not considered to fall under HBCs insurance coverage and has therefore rejected HBCs claims for reimbursement.
The claims filed against If.. relate to compensation elements to the actual damage but also related to business interruption and operational loss. The claims HBC has filed are capped at NOK 79 million.
The insurance company argues that none of the compensation elements are covered in the insurance policy. A court is expected during Q4. The company will provide further details of the case in the quarterly report on 13 November 2015. The damaged steam boiler was replaced with a new steam boiler and the production started again on 18 February 2015.
For more information, please contact:
Jon Olav Ødegård, CEO Hofseth BioCare ASA
Mobile: +47 936 32 966
Email: joo@hofsethbiocare.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. Hofseth BioCare`s 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.
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. Hofseth BioCare`s 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.