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19 Dec 2024 07:00
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 Harry Chathli, Chairman | +44 (0)20 4582 3500 |
Allenby Capital Limited (Financial Adviser and Broker) | +44 (0) 20 3328 5656 |
Nick Harriss/Nick Naylor/Lauren Wright (Corporate Finance)Kelly Gardiner (Equity Sales) |
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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
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