Holista Colltech Limited provided the following update on its binding terms sheet signed with Skin Elements Limited 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.