Medicult goes direct in Spain and gets new large industrial shareholder

Release No. 128

As of today MediCult A/S (MediCult) has signed and closed an agreement with Laboratorios LETI S.L. Unipersonal (LETI) – its long term distributor in Spain and a leading pharmaceutical company within the allergy field. According to the agreement MediCult, through its 100 per cent owned Spanish subsidiary, MediCult España S.L., acquires the assets, goodwill and distribution rights from LETI to market and sell ART media in Spain. The agreed purchase price is approx. € 2.65 mill. in cash.

LETI will, through its parent company, LETI Pharma S.L., acquire 2 mill. shares in MediCult at a price calculated as the average closing price of the MediCult shares on the Oslo stock exchange 20 days prior to the date hereof (NOK 14.23). LETI will be the biggest single shareholder in MediCult. LETI Pharma S.L. will at the next general meeting be proposed to be elected to the Board of MediCult a/s, represented by LETI Vice-Chairman Mr Jaime Grego Mayor (41).

MediCult CEO, Jesper Funding Andersen, comments: "I am very satisfied with this transaction which on the one side secures MediCult direct access to the big and growing Spanish market for ART media and on the other hand provides MediCult with a substantial long term industrial shareholder with extensive experience from the pharmaceutical industry".

LETI Vice-Chairman, Mr. Jaime Grego-Mayor, adds: "We have during more than 10 years of distributorship of the MediCult product range gained good experience of dealing in these products in our market. Our investment in MediCult is of long term in nature and is based on our general perspectives on the attractiveness of ART industry globally and MediCult’s ability to compete successfully within this area."

The above transactions will increase MediCult’s cash position by € 1.0 mill.

Questions relating to this press release can be directed to:

Jesper Funding Andersen, CEO
tel: +45 46790215
email: jfa@medicult.com