Porsgrunn, 28th of November 2023: Recreate ASA ("Recreate" or the "Company")
owns and controls 100% of the shares in Evolve Norge AS ("Evolve") through RCR
Flex AS ("Flex"). As stated in the financial report of the first half of 2023,
the financial situation in Evolve has been challenging despite significant
cost-cutting and other measures having been implemented during the year. Due to
these financial difficulties, lack of profitability going forward and
termination of rental agreements from landlords, the board of Evolve has today
resolved to wind-down their business activities. The aim is to wind-down on or
about 15 December 2023, and the time will be spent on arranging an orderly
wind-down to mitigate losses for the involved parties, including landlords,
customers, and suppliers. Flex will on this basis also wind-down at the same
time.
A proportion of Evolve's obligations is guaranteed by the Company. Recreate have
on this background commenced negotiations with the relevant creditors to find an
amicable solution for the guarantee claims by year end 2023.
For further information, please contact:
Emil Eriksrød, CEO
emil.eriksrod@recreate.no
+47 415 22 463