Porsgrunn, 28th ofNovember 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 about15 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
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