For consistency purposes, the abbreviations and definitions used throughout this announcement shall have the same meanings as those previously defined in the announcements dated 12 October 2021, 14 October 2021, 10 January 2022 and 8 April 2022 in relation to the Memorandum of Agreement ("MOA") with Poly China United Capital Holdings Limited [Registration no. 1642823] with the intention to enter into a collaboration to explore opportunities in the poly green energy and drones technology (the “Collaboration”) to achieve the objectives of the MOA.

The Board of Directors of the Company wishes to announce that there is no material development as announced previously except the parties are still in the process of developing a feasible business model for the Collaboration. Further announcement will be released should there be any new development to the MOA.

This announcement is dated 6 July 2022.