The Board of Directors of Metech International Limited announced that the Company has on 22 April 2020 entered into a joint venture agreement (the "JVA") with Mr. In Nany Sing Charlie). Pursuant to the JVA, the Parties will establish a joint venture company ("JV Company"), to be incorporated in Singapore to carry out circular economy marketing and management services business in relation to recycling and trading in Singapore and PRC ("Proposed Business"). (the "Joint Venture"). Following the disposal of the Group's electronic waste management ("EWM") business in April 2019, the Company had reorganized its recycling business to one that provides consulting and management services, as well as its supply chain management ("SCM") and services business with the aim to head towards an asset-light and service focused business wherein: The principal business of Metech Recycling (Singapore) Pte. Ltd., a wholly owned subsidiary of the Company which was previously dealing in EWM and currently scaling down its metal trading business in Singapore; and Metech Reverslog Pte. Ltd.("MRL" now known as Nolash Tech Pte. Ltd. ("Nolash Singapore")), the other wholly owned subsidiary, was operating principally in the business of general wholesale trade (including general importers and exporters) and repair and maintenance of computer hardware, data processing equipment and computer peripherals. On 23 September 2019, the Company announced that Nolash Tech (Shanghai) Co. Ltd. ("Nolash Shanghai"), a wholly-owned subsidiary of Nolash Singapore, has entered into agreements with five companies in China to provide exclusive technical, operation and procurement ("TOP") services to each for an annual service fee of RMB 10 million (approximately 2 million SGD) payable quarterly in advance. Upon further analysis, it has been found that certain tax benefits under the Shanghai Free Trade Zone are available to the Company if Nolash Singapore is undertake the TOP services directly using FTN account. The Company has therefore applied for the FTN account and received approval for the FTN account at the end of February 2020. The Company will review and renegotiate the service agreements with the five companies such that Nolash Singapore will replace Nolash Shanghai as the contracting party to the agreements. Pursuant to the JVA, the JV Company will have an issued and paid-up share capital of SGD 100 divided into 100 Shares, which shall be subscribed for by the Parties hereto in the following numbers and shareholding percentages. Pursuant to the JVA, the board of directors of the JV Company shall comprise up to three (3) directors, whereby two (2) of them shall be nominated by the Company and one of them shall be nominated by Charlie to represent his interest. Any decision to be made by the board of directors of the JV Company shall include the affirmative votes and/or signature of the director appointed by the Company. The Joint Venture is part of the Company's plan to head towards an asset-light and service-oriented business and reduce its reliance on the metal trading business. The establishment of the JV Company will draw on the merits of the Company's existing expertise in recycling and trading, while concurrently tapping on Charlie's business connections, experience, strengths and industry experience in operations especially in jurisdiction such as Singapore and PRC.