HCT announcement on 16/10/2020 Holista Terminates Term Sheet...

HCT announcement on 16/10/2020

Holista Terminates Term Sheet with Skin Elements16 October 2020 ASX AnnouncementHolista Colltech Limited (ASX: HCT, “Holista” or “the Company”) wishes to provide the following update on its binding terms sheet signed with Skin Elements Limited (ASX: SKN) (‘Skin Elements’) that was announced to the market on 2 April 2020.Holista has issued a letter of termination on 15 October 2020 following breaches by Skin Elements of several key conditions of the binding term sheet.Skin Elements has only fulfilled its weekly order and payment obligations until the end of May 2020. Sales by Holista to Skin Elements to date total AUD 111,159, or 18% of the agreed annualised purchase commitment of AUD 600,000. Skin Elements has defaulted since the month of June.Holista is currently in a trading halt at the request of the Company and will remain in a trading halt pending the release of an announcement relating to the combined NatShield/Path-Away product test results in the USA. The trading halt will remain in place until the earlier of the commencement of normal trading on Monday, 19 October 2020, or the release of an announcement by the Company of these test results.This announcement has been approved for release by the Board of Directors.