The administrator appointed for the corporate restructuring proceedings of FIFAX Plc ("Fifax" or the "Company") has filed for the termination of the restructuring proceedings. According to the administrator, there are no conditions to continue the restructuring proceedings, since the Company has not succeeded in securing sufficient funding to implement the restructuring proceedings. The Company’s Board of Directors concurs with the administrator's assessment.

The Board of Directors of Fifax has decided to place the Company's assets into bankruptcy and will file for bankruptcy with the District Court of Åland without delay. The majority of the creditors of the company support the proceedings.

It is in the interest of Fifax, its creditors, and its owners to safeguard the fish stock that has been built up, and the Company co-operates with authorities and the receiver to find the best possible solution.

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.