Simris Group AB (publ) confirms that it has appointed Reviate LLC as its exclusive distributor of Simris branded Omega-3 products in North America. The distribution agreement is for an initial period of 12 months and continues thereafter for successive periods of 12 months. The switch to a distributor model is part of Simris' ongoing transformation to drive operational efficiency and allows the Company to focus more of its resources on its core business activities.

The switch to a distributor model enables Simris Group to close its USA subsidiary, Simris Inc., resulting in annual savings of approximately 200,000 previously associated with the administration of Simris Inc. and the management of its direct sales operations via Amazon.com. All stock currently held by Simris Inc. in the USA will be sold to the Distributor, generating revenue of approximately 60,000.