Execution of a Binding Term Sheet by iWave

DFNN Inc. (PSE: DFNN) management was informed by iWave Inc. (a company that is 49.36% owned by DFNN) that it entered into a binding Term Sheet with China Sky Chemical Fibre Co. Ltd (China Sky), a company duly registered in the Cayman Islands and listed in the Singapore Exchange (SGX), to transfer China Sky’s listing status for a consideration of SGD$4,450,000.00. China Sky is currently under judicial management.

The consideration shall be in the form of shares in the listing vehicle to be distributed among Eligible Creditors and Eligible Shareholders of China Sky via a Scheme of Arrangement, as allowed under SGX rules. At the moment, China Sky and iWave are in the process of negotiating an Implementation Agreement.

iWave is a leading fintech company engaged in systems integration, software and technology development.

Additional information will be provided when it is available.