Market Newsdesk

Special meeting of G
enesis Unicorn Capital
Corp. stockholders to approve the proposed business combination to be held on Ju
ly
2
6
,
2023,
at
1
1
:00
a.m. Eastern Daylight Time

New York, NY, July 07, 2023 (GLOBE NEWSWIRE) — Genesis Unicorn Capital Corp. (NASDAQ: GENQ) (“Genesis”), a special purpose acquisition company, and Environmental Solutions Group Holdings Limited (“ESGL” or the “Company”), a sustainable waste solutions provider whose mission is to recycle industrial waste into circular products using innovative technologies and renewable energy through its operating entity in Singapore, Environmental Solutions (Asia) Pte. Ltd. (“ESA”), today announced that Genesis has filed a definitive proxy statement (the “Proxy Statement”) with the U.S. Securities and Exchange Commission (“SEC”) in connection with its Special Meeting of Stockholders (the “Special Meeting”) to, among other things, approve the previously announced proposed business combination (the “Business Combination”) with ESGL.

The Special Meeting will be held at the offices of Loeb & Loeb LLP, 345 Park Avenue, New York, NY 10154, and virtually via live webcast at https://www.cstproxy.com/genesisunicorn/sm2023 on July 26, 2023 at 11:00 a.m. Eastern Daylight Time. Mailing of the Proxy Statement to Genesis’s stockholders of record as of the close of business on June 9, 2023 (the “Record Date”) commenced on July 5, 2023. Before making any voting or investment decision, investors and security holders of Genesis are urged to carefully read the entire Proxy Statement and related proxy materials, and other documents filed in connection with the Business Combination with the SEC, because they contain important information about the Business Combination and the related stockholder proposals.

The Business Combination is expected to close on or about July 31, 2023, subject to Genesis stockholder approval and the satisfaction of certain closing conditions. Following the completion of the Business Combination, the combined company will trade on the Nasdaq under the ticker symbol “ESGL.”

About Environmental Solutions Group Holdings Limited

Environmental Solutions Group Holdings Limited is a holding company incorporated as an exempted company under the laws of the Cayman Islands. ESGL conducts all its operations through its operating entity incorporated in Singapore, Environmental Solutions (Asia) Pte. Ltd.. ESA is a waste management, treatment and recycling company involved in the collection and recycling of hazardous and non-hazardous industrial waste from customers such as pharmaceutical, semiconductor, petrochemical and electroplating companies. ESA currently has two revenue streams, including 1) services income which is primarily comprised of the fees it charges its customers for its waste collection and disposal services, which fees are similar to those charged by ESA’s competitors, and 2) the sales and trading of ESA’s circular products made and processed from the recycled waste collected from its customers with respect to its waste collection and disposal services, which ESA believes makes it a unique and environmentally friendly offering in the marketplace.

On November 30, 2022, ESGL and Genesis entered into a definitive agreement for a business combination that would result in ESGL becoming a public company listed on the Nasdaq under the ticker symbol “ESGL.”

About Genesis Unicorn Capital Corp.

Genesis Unicorn Capital Corp. is a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. For more information, please visit www.genesisunicorn.com for company filings.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this press release may be considered contain certain “forward-looking statements” within the meaning of “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “target,” “believe,” “expect,” “will,” “shall,” “may,” “anticipate,” “estimate,” “would,” “positioned,” “future,” “forecast,” “intend,” “plan,” “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on Genesis’s and ESGL managements’ current beliefs, expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Actual results and outcomes may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause actual results and outcomes to differ materially from those indicated in the forward-looking statements include, among others, the following: (1) changes in domestic and foreign business, market, financial, political and legal conditions; (2) the outcome of any legal proceedings that are or may be instituted against Genesis, the combined company or others; (3) the inability of the parties to successfully or timely consummate the Business Combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the Business Combination or that the approval of the stockholders of Genesis is not obtained; (4) the failure to obtain financing to fund the combined company’s operations and growth following the closing of the Business Combination; (5) the amount of redemption requests made by Genesis’ stockholders; (6) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws; (7) the ability to meet Nasdaq listing standards following the consummation of the Business Combination; (8) the risk that the Business Combination disrupts current plans and operations of ESGL as a result of the announcement and consummation of the Business Combination; (9) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with third parties and partners and retain its management and key employees; (10) costs related to the Business Combination; (11) changes in applicable laws or regulations; (12) the possibility that ESGL or the combined company may be adversely affected by other economic, business, regulatory, and/or competitive factors; (13) the availability of capital and ESGL estimates of expenses; (14) changes in the assumptions underlying ESGL’s expectations regarding its future business or business model; and (15) and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Proxy Statement, and other documents filed or to be filed from time to time with the SEC by the Company.

A further list and description of risks and uncertainties can be found in Genesis’s most recent Annual Report on Form 10-K for the year ended December 31, 2022, and the Proxy Statement, in each case, under the heading “Risk Factors,” and other documents of Genesis filed, or to be filed, from time to time with the SEC. If any of these risks materialize or Genesis’s and ESGL’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither ESGL nor Genesis presently know or that ESGL and Genesis currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect ESGL’s and Genesis’s expectations, plans or forecasts of future events and views as of the date of this press release. ESGL and Genesis anticipate that subsequent events and developments will cause ESGL’s and Genesis’s assessments to change. However, while ESGL and Genesis may elect to update these forward-looking statements at some point in the future, ESGL and Genesis specifically disclaim any obligation to do so except as otherwise required by applicable law. These forward-looking statements should not be relied upon as representing ESGL’s and Genesis’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Additional
Information
about the
Business
Combination
and
Where to Find It

The Business Combination will be submitted to stockholders of Genesis for their consideration. Copies of the Proxy Statement (a filing of which has been made with the SEC) were mailed to all Genesis stockholders of record as of the Record Date. Genesis plans to file other documents with the SEC and mail other relevant documents to its stockholders of record as of the Record Date regarding the Business Combination. Genesis’s stockholders and other interested persons are advised to read the Proxy Statement and any amendments or supplements thereto, as well as all other relevant materials filed or that will be filed with the SEC, in connection with Genesis’s solicitation of proxies for the Special Meeting to approve, among other things, the Business Combination, because these documents will contain important information about Genesis, ESGL and the Business Combination. Stockholders may also obtain a copy of the Proxy Statement, as well as other documents filed with the SEC regarding the Business Combination and other documents filed with the SEC by Genesis, without charge, at the SEC’s website located at www.sec.gov or by writing to Genesis Unicorn Capital Corp., 281 Witherspoon Street, Suite 120, Princeton, New Jersey.

Participants in the Solicitation

Genesis, ESGL and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitations of proxies from Genesis’s stockholders in connection with the Business Combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation Genesis’s stockholders in connection with the Business Combination is set forth in the Proxy Statement. You can find more information about Genesis’s directors and executive officers in Genesis’s most recent Annual Report on Form 10-K for the year ended December 31, 2022. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests is included in the Proxy Statement and other relevant materials filed or that will be filed with the SEC when they become available. Stockholders, potential investors and other interested persons should read the Proxy Statement carefully before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.

Not an Offer
or S
olicitation

This communication is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities in connection with the Business Combination or otherwise, or a solicitation of a proxy, consent or authorization in any jurisdiction or any vote or approval in any jurisdiction pursuant to the Business Combination or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction or otherwise in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or an exemption therefrom, and otherwise in accordance with applicable law.

Investor / Media Contact:

Crocker Coulson
CEO, AUM Media, Inc.
(646) 652 7185
[email protected]

ESGL
Contact:

Lawrence Law
Chief Sustainability and Growth Officer
Environmental Solutions Group Holdings Limited
(65) 6653 2299
[email protected]

Genesis Unicorn Capital Corp. Contact:

Samuel Lui
President & CFO
(609) 466-0792
[email protected]

Hauppauge, NY, July 07, 2023 (GLOBE NEWSWIRE) —  –Cemtrex Inc. (NASDAQ: CETX, CETXP), an advanced security technology and industrial services company, today announced that on July 1, 2023, it closed the acquisition of Heisey Mechanical Ltd., a leading service contractor and steel fabricator that specializes in industrial and water treatment markets.

Located in Columbia, Pennsylvania, Heisey Mechanical is focused on steel fabrication and contracting primarily to the commercial and industrial water treatment industry, as well as other service industries. Heisey provides the water treatment industry with a variety of fabricated vessels and equipment including ASME pressure vessels, heat exchangers, mix tanks, reactors, and other specialized fabricated equipment. Additionally, the contracting team assists with installation and service of fabricated items. The company has over 33,000 square feet of manufacturing floor space in its facility and an experienced staff of fabricators, welders, and field mechanics.

“This first acquisition of an established contractor in a growth market is highly synergistic with our Advanced Industrial Services (“AIS”) subsidiary’s expansion strategy,” said Saagar Govil, Cemtrex Chairman and CEO. “We will build on Heisey Mechanical ’s achievements, enabling us to expand our fabrication capabilities into new markets. Our customer base also broadens into new government and industrial verticals, as well as geographies we are not servicing today.

“The acquisition brings over $11.6 million in immediately accretive annual revenue and approximately $775K in adjusted EBITDA, when averaged over the last four years, with its client list of commercial and industrial facilities, a seasoned team and extensive manufacturing equipment. As a result of aging infrastructure, increased water scarcity, and stringent EPA rules, the demand for water treatment systems and service is expected to continue to grow. We continue to capitalize on opportunities in our pipeline that drive expanded cash flow from operations, and expect more opportunities down the road,” concluded Govil.

Cemtrex acquired Heisey Mechanical for $2.4 million, with $2,160,000 in cash and a $240,000 seller’s note and the real estate the business occupies is expected to be purchased later in July for $1.5 million. Cemtrex funded the transaction with a $2,160,000 term loan from Fulton Bank, no new shares were issued in connection with this acquisition. The acquisition closed on July 1, 2023, and is expected to be accretive beginning in Q4 FY2023.

A Non-GAAP Reconciliation of the company’s Adjusted EBITDA is below:

Non-GAAP Reconciliation	Last 4 Calendar Year Avg.
Revenue	$	11,612,199
Operating Income	$	356,958
+ Depreciation	$	237,402
+ Seller’s Expenses	$	183,046
= Adjusted EBITDA	$	777,405

About Heisey Mechanical

Heisey Mechanical was founded in 1988 and is focused on steel fabrication and contracting primarily to the commercial and industrial water treatment industry, as well as other service industries. Heisey provides the water treatment industry with a variety of fabricated vessels and equipment including ASME pressure vessels, heat exchangers, mix tanks, reactors, and other specialized fabricated equipment. The company has over 33,000 square feet of manufacturing floor space in its facility and an experienced staff of fabricators, welders, and field mechanics. For more information visit www.heiseymechanical.com

About Cemtrex

Cemtrex Inc. (CETX) is a company that owns two operating subsidiaries: Vicon Industries Inc and Advanced Industrial Services Inc.

Vicon Industries, a subsidiary of Cemtrex Inc., is a global leader in advanced security and surveillance technology to safeguard businesses, schools, municipalities, hospitals and cities. Since 1967, Vicon delivers mission-critical security surveillance systems, specializing in engineering complete security solutions that simplify deployment, operation and ongoing maintenance. Vicon provides security solutions for some of the largest municipalities and businesses in the U.S. and around the world, offering a wide range of cutting-edge and compliant security technologies, from AI-driven video analytics to fully integrated access control solutions. For more information visit www.vicon-security.com

AIS – Advanced Industrial Services, a subsidiary of Cemtrex, Inc., is a premier provider of industrial contracting services including millwrighting, rigging, piping, electrical, welding. AIS Installs high precision equipment in a wide variety of industrial markets including automotive, printing & graphics, industrial automation, packaging, and chemicals. AIS owns and operates a modern fleet of custom designed specialty equipment to assure safe and quick installation of your production equipment. Our talented staff participates in recurring instructional training, provided to ensure that the most current industry methods are being utilized to provide an efficient and safe working environment. For more information visit www.ais-york.com

For more information visit www.cemtrex.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the closing of the offering, gross proceeds from the offering, our new product offerings, expected use of proceeds, or any proposed fundraising activities. These forward-looking statements are based on management’s current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward looking statements. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. These risks and uncertainties are discussed under the heading “Risk Factors” contained in our Form 10-K filed with the Securities and Exchange Commission. All information in this press release is as of the date of the release and we undertake no duty to update this information unless required by law.

Investor Relations
Chris Tyson
Executive Vice President – MZ North America
Direct: 949-491-8235
[email protected]  
www.mzgroup.us

ORLANDO, Fla., July 07, 2023 (GLOBE NEWSWIRE) — Abacus Life, Inc. (“Abacus” or the “Company”) (NASDAQ: ABL), a leading buyer of life insurance policies and vertically integrated alternative asset manager specializing in specialty insurance products, will participate in a virtual webinar with ICR on Tuesday, July 11, 2023 from 12 PM – 1 PM ET.

The live event will feature a conversation with Abacus President and Chief Executive Officer Jay Jackson and will cover the following topics:

• Overview of Abacus Life’s business
• Recent milestones and announcements
• Market opportunity and growth story
• Expectations for the future of the Company

Abacus recently announced the closing of its business combination with East Resources Acquisition Company and the Company began trading on Nasdaq on Monday, July 3 under the ticker symbol “ABL”.

To register for the event, please CLICK HERE.

About Abacus

Abacus is a leading vertically integrated alternative asset manager specializing in life insurance products. Since 2004, the Company has purchased life insurance policies from consumers seeking liquidity and has actively managed those policies over time (via trading, holding, and/or servicing). With over $2.9 billion in face value of policies purchased, Abacus has helped thousands of clients maximize the value of their life insurance.

Over the past 18 years, the Company has built an institutionalized origination and portfolio management process that is supported by an 83-person team, long-term relationships with 78 institutional partners and 30,000 financial advisors, and the ability to operate in 49 states. The Company has serviced approximately $950 million in policies and has managed assets for large asset managers and third-party investment funds.

Abacus’ leadership team averages 20+ years of experience and consists of innovators since the life settlements industry’s inception in the mid-90s.

The Company is a proud member of the Life Insurance Settlements Association (LISA) and complies with HIPAA and privacy laws to maintain and protect confidentiality of financial, health, and medical information. Abacus is also proud to be a BBB Accredited Business with an A+ rating.

www.Abacuslife.com

Contacts:

Abacus Life Investor Relations
[email protected]

Abacus Life Public Relations
[email protected]

GRAND CAYMAN, Cayman Islands, July 07, 2023 (GLOBE NEWSWIRE) — Patria (Nasdaq:PAX) announced today that it will release financial results for the second quarter 2023 on Thursday, August 3, 2023, and host a conference call via public webcast at 9:30 a.m. ET.

To register, please use the following link: https://edge.media-server.com/mmc/p/bv3uj5p8

For those unable to listen to the live broadcast, there will be a webcast replay on the Shareholders section of Patria’s website at https://ir.patria.com/.

Patria distributes its earnings releases via its website and email lists. Those interested in firm updates can sign up to receive Patria press releases via email at https://ir.patria.com/ir-resources/email-alerts.

About Patria

Patria is a leading alternative investment firm focused on Latin America, with over 30 years of history and combined assets under management of $27.3 billion, and a global presence with offices in 10 cities across 4 continents. Patria aims to provide consistent returns in attractive long-term investment opportunities that allow for portfolio diversification through its Private Equity, Infrastructure, Credit, Public Equities and Real Estate products. Through its investments Patria seeks to transform industries and untangle bottlenecks, generating attractive returns for its investors, while creating sustainable value for society. Further information is available at www.patria.com.

Contact

Josh Wood
t +1 917 769 1611
[email protected]

Andre Medina
t +1 345 640 4904
[email protected]

CLEVELAND, July 07, 2023 (GLOBE NEWSWIRE) — Abeona Therapeutics Inc. (Nasdaq: ABEO) announced the closing of its previously announced registered direct offering for total gross proceeds of $25 million, before deducting the placement agents’ fees and other offering expenses.

“Our existing institutional investors have shown their confidence in Abeona by participating in this registered direct offering without discounts or warrant coverage,” said Vish Seshadri, Chief Executive Officer of Abeona. “We have been very encouraged by the favorable feedback and insights from healthcare professionals, patient communities, payors and hospital administrators based on the results of EB-101 in clinical trials, and we are positioned to launch EB-101 in the U.S. without depending on a partner. The $25 million offering allows us to now start preparing for the commercialization of EB-101 and aim for a timely launch upon potential BLA approval in the first half of 2024, while also extending our cash runway well into the fourth quarter of 2024.”

Abeona will use the net proceeds from the offering primarily to fund preparations for commercialization of its product candidate EB-101, as well as for working capital and general corporate purposes. Based on EB-101’s Rare Pediatric Disease designation, Abeona expects to qualify to receive a priority review voucher (PRV) upon Biologics License Application (BLA) approval and subject to final determination by the FDA. The PRV can be used to receive an expedited review process of a subsequent marketing application for a different product or sold to another company to create additional capital.

The Company sold 3,284,407 shares of its common stock (and, in lieu of common stock for certain investors, pre-funded warrants to purchase 2,919,140 shares of its common stock) at an offering price of $4.03 per share (or $4.0299 per pre-funded warrant, which represents the per share offering price for the common stock less the $0.0001 per share exercise price for each pre-funded warrant). The pre-funded warrants are immediately exercisable at a nominal exercise price of $0.0001 per share and may be exercised at any time until the pre-funded warrants are exercised in full.

The offering was led by Nantahala Capital Management, LLC and included participation by Adage Capital Partners LP and two other existing investors.

Cantor Fitzgerald & Co. acted as the sole lead-placement agent for the offering. A.G.P./Alliance Global Partners acted as the co-placement agent for the offering.

The securities described above were offered pursuant to a shelf registration statement on Form S-3 (File No. 333-256850) that was filed with the Securities and Exchange Commission (the “SEC”) on June 7, 2021 and amended on August 27, 2021 and October 19, 2021, and was declared effective by the SEC on October 22, 2021. The prospectus supplement and the accompanying prospectus that form a part of the registration statement have been filed with the SEC and are available on the SEC’s website at www.sec.gov. Copies of the prospectus supplement and the accompanying prospectus may also be obtained by contacting Cantor Fitzgerald & Co., Attention: Equity Capital Markets, 499 Park Avenue, 4th Floor, New York, NY 10022, or by e-mail at [email protected].

The securities described above have not been qualified under any state blue sky laws. This press release does not constitute an offer to sell or the solicitation of offers to buy any securities of Abeona being offered, and shall not constitute an offer, solicitation or sale of any security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Abeona Therapeutics

Abeona Therapeutics Inc. is a clinical-stage biopharmaceutical company developing cell and gene therapies for serious diseases. Abeona’s lead clinical program is EB-101, its investigational autologous, engineered cell therapy currently in development for recessive dystrophic epidermolysis bullosa. The Company’s development portfolio also features AAV-based gene therapies for ophthalmic diseases with high unmet medical need. Abeona’s novel, next-generation AAV capsids are being evaluated to improve tropism profiles for a variety of devastating diseases. Abeona’s fully integrated cell and gene therapy cGMP manufacturing facility produces EB-101 for the pivotal Phase 3 VIITAL™ study and is capable of clinical and potential commercial production of AAV-based gene therapies.

Forward-Looking Statements

This press release contains certain statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and that involve risks and uncertainties. We have attempted to identify forward-looking statements by such terminology as “may,” “will,” “believe,” “anticipate,” “expect,” “intend,” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances), which constitute and are intended to identify forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, numerous risks and uncertainties, including but not limited to, the timing and outcome of our Biologics License Application submission to the FDA for EB-101; continued interest in our rare disease portfolio; our ability to enroll patients in clinical trials; the outcome of future meetings with the FDA or other regulatory agencies, including those relating to preclinical programs; the ability to achieve or obtain necessary regulatory approvals; the impact of any changes in the financial markets and global economic conditions; risks associated with data analysis and reporting; and other risks disclosed in the Company’s most recent Annual Report on Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to revise the forward-looking statements or to update them to reflect events or circumstances occurring after the date of this press release, whether as a result of new information, future developments or otherwise, except as required by the federal securities laws.

Investor and Media Contact:
Greg Gin
VP, Investor Relations and Corporate Communications
Abeona Therapeutics
[email protected]

Acquisition Onboards Approximately US$30 million to Society Pass Revenue Base

• NextGen Retail Inc (formerly known as Leflair Inc) ventures out of Vietnam and enters the Indonesian market for the first time; creates online and offline retailer in SEA

• PT Inetindo Infocom acquisition onboards approximately US$30 million of annual revenues to Society Pass Inc. as well as substantial customer base for Society Pass’s Loyalty App

SINGAPORE, July 07, 2023 (GLOBE NEWSWIRE) — via NewMediaWire – NextGen Retail Inc (“NextGen Retail”), the online retail arm of Society Pass Incorporated (“SoPa”) (Nasdaq: SOPA), Southeast Asia’s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem, today announces that it has entered into an agreement to acquire 95% of PT Inetindo Info (“Inetindo”), a wholly subsidiary of Story-I Limited (“Story-I”). Inetindo is a leading Indonesia-based Apple Premium Reseller and Authorised Education Partner as well as an electronic gaming retailer for several different gaming companies.

Click Here

(on Securities and Exchange Commission website) to view Form 8-K filing.

Subject to Australian Stock Exchange (“ASX”) and Story-I shareholder approvals, anticipated by September 2023, NextGen Retail, formerly known as Leflair Inc, will complete its first acquisition outside of Vietnam in the large and fast growing Indonesian market. Through cross-selling synergies, the Inetindo acquisition will accelerate the growth of SoPa’s other Indonesian businesses, including NusaTrip Inc and Thoughtful Media Inc.

NextGen Retail acquires Inetindo with its physical and intangible assets in an all-cash transaction valued at AUD 2.78 million equal to approximately US$1.85 million based on current exchange rates. Operating in Indonesia since 2010, Inetindo employs approximately 300 employees and operates 26 “Story-I” branded Apple stores in 9 cities across Indonesia. As an Apple Authorised Education Partner and Apple Authorised Service Provider, respectively, Inetindo sells Apple devices and solutions to leading international schools and tertiary institutions and repairs Apple products at its service centres.

With the easing of COVID restrictions in March 2022, Indonesia’s fast growing middle class and soaring digital adoption have fueled a rebound in online and offline retail traffic back to pre-pandemic levels. Inetindo’s financial performance has responded accordingly. Unaudited 1H FY23 (July to December 2022) revenues totaled AUD 20.9 million (US$13.9 million) compared to 1H FY22 revenues of AUD16.3 million, representing an increase of 28% year-on-year. Similarly, unaudited 1H FY23 gross profit of AUD 2.9 millon (US$1.9 million) grew 16% from 1H FY22 gross profit of AUD 2.5 million (US$1.6 million). As of 31 December 2022, Story-I’s assets totaled AUD 25.44 million (US$16.7 million).

Overall FY 2022 (July 2021 to June 2022) revenues and gross profit totaled AUD 42.4 million and AUD 6.0 million, representing increases of 1.2% and 0.7% over the prior corresponding period, respectively.

Michael Chan, Founder and Executive Director of Story-I, comments, “Society Pass’s acquisition of Inetindo and the Story-I brand creates a win-win-win transaction for all parties involved. First, our shareholders win as the acquisition consideration represents a 15% premium to Story-I’s market capitalisation over the past 45 trading days and allows Story-I to continue under a new name. Second, Inetindo’s partners and employees win as Society Pass is well capitalised to quickly expand Inetindo’s retailing and maintenance businesses throughout Indonesia. I wish Society Pass and NextGen Retail the best of luck as they take over a strong brand in Indonesia. Although we exit the Indonesia electronics retailing business, we are excited about both Story-I’s and Inetindo’s future prospects.”

The Indonesian economy is the largest in SEA and the 16th largest in the world with a 2023 nominal gross domestic product of US$1.39 trillon. OECD forecasts Indonesia’s real GDP growth to be 4.7% in 2023 and 5.1% in 2024. EcommerceDB estimates the Indonesian Electronics & Media eCommerce market to reach US$13.8 billion by 2023 and to increase to US$18.0 billion by 2027, reflecting a compound annual growth rate of 6.9%.

Loic Gautier, CEO of NextGen Retail Inc, explains the acquisition’s rationale, “The Story-I acquisition is the natural evolution of our Leflair Vietnam business. As we venture out of Vietnam and into the rest of SEA, we will transform how customers access the world’s most desirable brands through our integrated omni-channel, online-to-offline retail platform. NextGen Retail’s mission is the following:

• provide brands with a one-stop distribution solution to access consumers across SEA;
• integrate all sales channels for maximum brand awareness and sales performance;
• provide Asian consumers with access to the world’s best brands;
• serve our customers anywhere and provide them with personalized shopping experience;
• deliver best-in-class customer experience.”

The acquisition is subject to customary closing conditions and completion of ASX regulatory review and Story-I’s shareholder approvals. The deal is anticipated to close by September 2023 and is expected to be accretive to SoPa’s non-GAAP earnings per share upon close.

About Society Pass Inc.

Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Angeles, Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021.

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.3 million registered consumers and over 650,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.

Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operates Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency; VLeisure, Vietnam’s leading provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator; Leflair.com, Vietnam’s leading lifestyle e-commerce platform; and Pushkart.ph, a popular grocery delivery company in Philippines.

For more information on Society Pass, please visit:

Website at https://www.thesocietypass.com or

LinkedIn at https://www.linkedin.com/company/societypass  or

Facebook at https://www.facebook.com/thesocietypass  or

Twitter at https://twitter.com/society_pass or

Instagram at https://www.instagram.com/societypass/.

Cautionary Note Concerning Forward-Looking Statements

This press release may include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC as well as anticipated sales growth in Indonesia and the growth of the Indonesian economy. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media Contacts:

Rokas Sidlauskas
Chief Marketing Officer

[email protected]

Attachment

• SOPA