The Board of Directors of Edelteq wishes to announce that the Company had on 19 January 2024 entered into a Memorandum of Understanding ("MOU") with CYG Semiconductor Equipment (Zhuhai) Co., Ltd. ("CYG"), an 83.33% indirect subsidiary of Changyuan Technology Group Ltd for the proposed joint venture ("JV") for the following business and setting up of new entities:

(1)      A new entity, a company to be incorporated in the People's Republic of China and involved in semiconductor equipment design, manufacturing, and sale of Substrate Wafer Automatic Optical Inspection; and

(2)      A new entity, a company to be incorporated in Malaysia and involved in semiconductor equipment design, manufacturing, and sale of IGBT module packaging machines.

Please refer to the attachment for further details on the MOU.

This announcement is dated 19 January 2024.