Resqunit AB: Update on Operational and Strategic Developments

Stockholm, Sweden, February 12, 2024: Resqunit AB (Nasdaq First North GM: RESQ) provides an update on recent developments and ongoing strategic considerations in regards to the company’s financial situation. The Company’s Board of Directors and administration are working on several solutions to solve the criticial cash liquidity situation, currently lasting until the end of February 2024.

Reduced Burn Rate, Improved Sales, Azures delivery

• Through cost-cutting initiatives we have achieved a 25-30% reduction in our monthly burn rate.
   
• The change in sales strategy focusing on direct-to-consumer and retail has led to increased sales, nearly doubling monthly volumes in January and February compared to the 2nd half of 2023.
   
• Theres an increase in incoming leads and requests, demonstrating a growing reputation and interest in the market, especially from scientific organizations such as marine institutes and universities. This is considered very important and positive, as scientific verification is required to make significant progress towards regulatory implementation.
   
• As previously communicated to the market, a significant delivery of products to Azures, the first region fully implementing RESQUNIT in the regions fisheries, has been delayed due to unforeseen changes in the political administration. This delivery is of great importance of the company as it stands as a lowcost effort for fishing nations to mitigate ghost fishing. We are pleased to report favorable progress in this delivery and overall process.

Delisting Considerations

The Board of Directors continues to explore strategic options for the Company, including a potential delisting from Nasdaq First North Growth Market. We are also in early negotiations regarding a beneficial transaction that could offer an alternative path forward.

Management Commentary

"We are encouraged by the recent steps to improve our financial position and sales performance," says Helge Trettø Olsen, CEO of Resqunit AB. "Our cost-cutting measures are improving the immediate future outlooks, and our new sales strategy is proving effective. We remain confident in the long-term potential of our technology and are committed to exploring all options that maximize shareholder value. The product is finished, in mass production, and the company’s next stage of growth lies in increased sales and marketing efforts."

Certified Advisor 

Svensk Kapitalmarknadsgranskning AB (SKMG).

For more information, please contact: 

Helge Trettø Olsen, CEO, Resqunit AB 
Email: helge@resqunit.com 
Telefon: +47 901 68 908 

About Resqunit AB 

Resqunit is an ocean technology company that develops innovative equipment to disarm and retrieve lost fishing gear. Through the collection of sensor data and software, the company wants to increase knowledge about the ocean and increase catch predictability. Every year, between 500 000 and 1 000 000 tons of fishing gear disappear at sea, including 25 million fishing pots. A significant part of this consists of plastic, which over time dissolves in microplastic particles and enters the food chain. Lost gear harms fisheries, animal populations and the environment. Resqunit AB (publ) was founded in 2021 as a parent company (listco) with 100% of the shares in the Norwegian subsidiary Resqunit AS, founded in 2017.