On December 21, 2020, KBS Fashion Group Limited closed a share exchange agreement with Flower Crown Holding. Effective upon the closing of the Share Exchange, Zhen Hong Wei resigned as a member of the Board. The Board appointed three new directors: Li Hui Dan, who will also serve as Co-Chairman of the Board, Ms. Lei Sun, and Yu Chuan Bin, increasing the size of the Board from seven (7) to nine (9). Each new director will serve until the next annual meeting of shareholders of the Company or until removed by other actions, in accordance with the Company's bylaws. Ms. Sun Lei, age 37, is an expert in management operation and an avid world traveler. She was: i) the CEO of a family-owned conglomerate and, during her tenure, fully revamped its operation and expanded its business operation through mergers and acquisitions. In addition to her rich experience in luxury goods management, Ms. Sun is also an E-Commerce entrepreneur. Li Hui Dan, age 39, is the founder of Baofu (Beijing) Holding Co. Ltd. ("Baofu"). For the past fifteen (15) years, Mr. Li successfully expanded its business into real estate, import and export, fin-tech and medical sectors. Baofu currently operates more than 15 companies. Yu Chuan Bin, age 60, was the former deputy general of the Tai Hu Xian (An Hui Province) Tax Bureau. He has vast knowledge in connection with taxation of the People's Republic of China. The Board has determined that Mr. Yu Chuan Bin will serve as an independent director within the meaning of Rule 5605(a)(2) of The Nasdaq Stock Market Inc.