Fifax: Agreement on sanitation work at the Eckerö facility signed with the Finnish Food Authority – sanitation work according to the sanitation plan starts immediately

Fifax Plc, Company announcement, Inside information, 13 October 2022 at 18.00

Fifax and the Finnish Food Authority have on 13 October 2022 signed a service agreement regarding the sanitation work at the Eckerö facility according to the sanitation plan confirmed by the authorities. The plan has been prepared in close collaboration with Fifax, and its objective is to eliminate the IHN virus, which was discovered in June, from the facility.

The Finnish Food Authority will order a significant part of the sanitation work from Fifax, and the estimated total value of the contract is approximately 900 thousand euros. This includes work by Fifax that is invoiced on an hourly basis to the amount of approximately 600 thousand euros. The final amount will be specified according to the actual work completed, and the payments will be made in installments as the sanitation progresses. In addition, Fifax is entitled to seek compensation for equipment that has been destroyed as part of the sanitation or that has become unusable due to the measures.

The sanitation work starts on Monday 17 October 2022 and is estimated to take approximately ten weeks to complete. After the sanitation is complete, the facility is required to be kept empty for a minimum of 6 weeks, after which tests have to be conducted at the facility so that the authorities can determine that the facility is safe for a restar of fish farming operations.

While the sanitation work progresses, Fifax continues to prepare for the restart of production.

“If we can proceed with the sanitation according to the previously mentioned timeline, fish farming operations could be restarted at the facility earliest in the beginning of the second quarter of 2023”, estimates Fifax’ CEO Samppa Ruohtula.

The schedule for the restart will be verified later when Fifax announces the company’s updated short-term operative targets. Fifax is looking into several different alternatives for the restart, along with related financing solutions.

Earlier announcements related to the IHN virus outbreak:

• 15.8.2022 Fifax: The Rainbow Trout in the Eckerö facility has been culled due to the IHN outbreak – The Finnish Food Authority has ordered the sanitation of the facility
• 11.7.2022 Fifax: The Finnish Food Authority has ordered the harvesting of symptom-free fish and the culling of remaining fish at the Eckerö facility due to the IHN virus outbreak.
• 22.6.2022 IHN-disease discovered at Fifax Eckerö RAS facility – the short-term operative targets for the company are postponed
  

For more information:

Samppa Ruohtula
CEO, Fifax Plc
[phone]
[e-mail]

Certified Advisor:
Aktia Alexander Corporate Finance Oy
[phone]

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 indoors in large onshore pools.

Fish produced by Fifax is delivered around the year to customers in Åland, mainland Finland and Sweden.

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

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Fifax Agreement On Sanitation Work At The Eckerö Facility Signed With The Finnish Food Authority – Sanitation Work According To The Sanitation Plan Starts Immediately

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