FIFAX Plc's ("Fifax" or the "Company") significant customer, which currently receives all of Fifax's fish deliveries, has recently failed to meet agreed payment obligations resulting in an accumulation of significant overdue receivables and the material weakening of Fifax's liquidity position. The Company is continuing negotiations with the customer to receive payment on the overdue receivables.

The Company also continues to explore options for strengthening the Company's liquidity and financial position, including additional financing arrangements and cash management measures, to enable the Company to meet its short-term financial obligations and to continue its business operations. If the Company does not receive payments from its significant customer and is unable to obtain additional financing shortly, the Company's ability to continue its operations may be jeopardized and it may have to file for corporate restructuring, bankruptcy, or other insolvency proceedings.

For more information:

Samppa Ruohtula
CEO, FIFAX Plc
+358 40 559 8812
samppa.ruohtula@fifax.ax

Certified Advisor:
Aktia Alexander Corporate Finance Oy
+358 50 520 4098

Fifax in brief

Fifax’s vision is to be a forerunner in large-scale sustainable fish farming with a minimal impact on the environment, so that locally and sustainably produced fish can be enjoyed by its customers all year round.

Established in 2012, Fifax utilizes ultra-intensive Recirculating Aquaculture Systems (RAS) technology based on the principle of an almost completely closed water circulation within the facility, where the fish live in large land-based indoor tanks. Indoor tanks better safeguard against external factors, and the environmental impact and pollution from the facility is significantly lower when compared to traditional fish farming in water bodies.

Fifax Plc’s shares have been listed in Nasdaq First North Growth Market Finland.