The Board of Directors of Accrelist Ltd. announced that the company has incorporated an indirect subsidiary in Penang, Malaysia (the "Subsidiary") - Accrelist Medical Aesthetics (Penang) Sdn. Bhd. Principal Activities are Aesthetics Medical Services. Refresh Laser Clinic Bedok Pte. Ltd., a wholly-owned subsidiary of the Company, owns 99% equity interest in the Subsidiary. The remaining 1% equity interest in the Subsidiary is owned by Mr. Ong Kuok Tjun, a medical doctor registered with the Malaysian Medical Council. The Subsidiary is incorporated for the purpose of expanding its medical aesthetics business.