The Board of Directors of Innopac Holdings Limited and together with its subsidiaries, ('Group') announce that the Company has received a notice of demand dated 6 August 2020 ("Notice of Demand") from Joymaker International Limited ("Lender") for $943,532.76 for the outstanding amount as at 31 July 2020 pursuant to the Loan Restructuring Agreement dated 12 July 2019 entered between the Company and the Lender. Notice is given in the Notice of Demand that the Lender expects the Company to repay all the outstanding amount within 7 days upon receipt of the Notice of Demand.