Colortv Limited announced that on 17 October 2022 the Administrators received letters of support for the company from the majority of the Company's convertible noteholders who agreed to: waive their rights pertaining to the "Event of Default" contained in a termination clause of their Convertible Note Deed; and to extend the maturity date of the convertible notes a further 6 months from 2 November 2022 to 5 May 2023. The above support is conditional on the Company's board of directors being Mr. David Wheeler, Mr. David Batista and Mr. Rob Antulov. Considering the above Notice and the support of the noteholders, the Administrators held discussions with Mr. Batista and the directors of the Company regarding the Administrators' powers to remove and appoint directors of the Company pursuant to section 442A of the Act.

Following these discussions, the Administrators advise that: Mr. Batista consented to act as a director of the Company on 18 October 2022; the Administrators executed an "Instrument of appointment and removal of directors" on 20 October 2022 appointing Mr. Batista as a director of the Company and removing Mr. Anderson, Mr. Dhanik and Mr. Rintala (Instrument); and Mr. Pizem resigned as a director of the Company on 21 October 2022. Mr. Batista has over 29 years of diversified capital markets experience as a principal investor, trader, and investment banker. In 2007, he founded Viriathus which is a boutique global financial services organization operating from Geneva, Miami, New York and Sydney that focuses primarily on merchant banking, financial advisory, and equity research.

Prior to founding Viriathus Capital, he was a Managing Director at HPC Capital Management and was responsible for their New York private capital markets activities where he also established the firm's Australia/New Zealand cross-border practice, while also serving as the head of trading for HPC's affiliate fund ­ PEF Advisors. Previous to his work at HPC Capital, he was a Vice President of NASDAQ trading at SoundView Technology Group, a technology-focused research and trading boutique based in Old Greenwich, Connecticut. He also spent three years as a senior NASDAQ trader at JW Charles Securities and its successor JW Genesis Securities in Boca Raton Florida.

Mr. Batista began his professional career with Lehman Brothers in New York, initially as an analyst where he worked on numerous mergers & acquisitions and corporate financing activities, and subsequently began his trading career on Lehman's NASDAQ desk. Mr. Batista earned a Bachelor of Science Degree in Business Administration with a concentration in finance and a certificate in International Marketing from C.W. Post College, Long Island University. In accordance with the Instrument, Mr. Anderson, Mr. Dhanik and Mr. Rintala have ceased to be directors of the Company effective 20 October 2022.

In accordance with the resignation, Mr. Pizem has ceased to be a director of the Company effective 21 October 2022.