Hofseth Biocare ASA

JON OLAV ØDEGÅRD APPOINTED NEW CEO OF HBC

Following years of strong growth in Hofseth International AS ("Hofseth International") and the expected further positive development in Hofseth BioCare ASA's ("HBC") revenues and sales activities, it has been decided to strengthen management focus in both companies. Roger Hofseth will therefore continue to serve as CEO of Hofseth International but has decided to step back as CEO of HBC and change his involvement in the company to a director of the Board, as the nomination committee has asked the General Assembly to appoint him.

Jon Olav Ødegård, Chief Financial Officer will, with effect from 1 August, assume the role of CEO. Ødegård has over nine years of executive experience in the biotechnology industry. Before joining Hofseth BioCare in 2013, Ødegård was a Managing Director in Sparebank 1 Finans. Previously, he has held executive positions in Banking and Advisory services. Further he holds several board positions within the Group of companies that Hofseth BioCare is a part of and externally in companies such as Aqua Bio Technology ASA.

Kristin Fjellby Grung, Chair of Hofseth BioCare, commented: "Jon brings vast experience as a leader in the industry with a proven track record. He knows the company from within and is definitively the right person to continue our mission to explore the medical and pharmaceutical potential in our products. Hofseth BioCare has reached a critical phase, demonstrating progress in markets and development of its enzymatic hydrolysis process, that requires 100% focus on these activities. The Board is confident that Jon will be the right person to lead and continue to develop Hofseth BioCare into this phase and the recent share capital increase secures the necessary funding for continued development.

The Board would like to thank Roger Hofseth for his continued work to build the Company since the start in 2009. Roger has played a decisive role in establishing Hofseth BioCare as a supplier of high-value ingredients and finished products for the nutrition market and his strong involvement in Hofseth International has secured exclusive long-term access to fresh salmon off-cuts, providing a competitive edge for HBC."

Jon Olav Ødegård, CEO of Hofseth BioCare commented, "I am very excited to take on the role as CEO of the Company and look forward to working with the Board and team to continue the progression of developing our quality nutritional lipids, proteins and calcium from fresh salmon off-cuts, as well as the hydrolysis process through further clinical development and ultimately to the patients we believe will benefit from them."