We refer to the Company’s announcements made on 18 May 2020, 27 May 2020, 17 August 2020 and 17 November 2020, the Board of Directors wishes to inform that there has been no material development on the status of the MOU between ATS, ARZ, STB and PNE to form a joint venture company to design, carry out research and development and production of medical grade mechanical air ventilators which are to be distributed and marketed globally.

This announcement is dated 19 February 2021.