REG - Chill Brands Group - Corporate update

Chill BrandsAnnouncement

19/12/2024 07:00

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RNS Number : 6624Q  Chill Brands Group PLC  19 December 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

 

19 December 2024

Chill Brands Group plc

("Chill Brands" or the "Company")

 

Corporate update

 

Chill Brands, the consumer packaged-goods distribution company, provides an
update regarding the legal action announced on 25 July 2024 against its former
directors and the status of its audit for the year ended 31 March 2024.

 

Update on US litigation

Chill Brands is pleased to announce that it has reached an out-of-court
settlement with its former directors and that the Chill.com domain and related
trademarks are now under the Company's ownership and management.

The former directors will retain the monies they received prior to the general
meeting held on 4 June 2024. This resolution brings the matter to a close,
avoiding further expenditure on protracted US litigation and allows the
Company to focus its resources on its core operations and future growth.

Status of the audit for the year ended 31 March 2024

Since its update of 9 December 2024, the Company has continued to work with
its auditors towards the completion of its audit for the year ended 31 March
2024 (the "2024 financial report"). The Company still anticipates completing
its audit and publishing the 2024 financial report during the first quarter of
2025.

The settlement of the US litigation provides significant clarity in relation
to the status of the Company's balance sheet post year end.

The Company will provide further updates clarifying a timetable for
publication of the 2024 financial report as progress is made.

Callum Sommerton, Chief Executive Officer of Chill Brands, said: "We are very
pleased to have reached a settlement with the Company's former directors that
allows us to move on and prioritise delivering value for shareholders. This is
an important milestone for the Company and for Chill.com, which is a key
pillar of the strategy to build our brand."

-ENDS-

 

Media enquiries:

 Chill Brands Group plc                                      +44 (0)20 4582 3500

 Harry Chathli, Chairman
 Allenby Capital Limited (Financial Adviser and Broker)      +44 (0) 20 3328 5656
 Nick Harriss/Nick Naylor/Lauren Wright (Corporate Finance)

Kelly Gardiner (Equity Sales)

 

About Chill Brands Group

Chill Brands Group plc (LSE: CHLL, OTCQB: CHBRF) is an international consumer
packaged goods company focused on the development, marketing and distribution
of wellness and recreational products. The Company's proprietary nicotine-free
vapour products cater to the rapidly growing market for tobacco alternatives
and are distributed by some of leading retail stores in the US and UK. Chill
Brands also operates the chill.com e-commerce website, on which it is building
a marketplace of products from third-party brands.

 

Publication on website

A copy of this announcement is also available on the Group's website at
(http://www.chillbrandsgroup.com/) http://www.chillbrandsgroup.com
(http://www.chillbrandsgroup.com/)

 

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