The Board of Ultima United Limited announced that the Company has entered into a binding letter of intent with Infinity Capital Group Japan Development Godo Kaisha (ICGJ) for the acquisition of three (3) lots of land at a real estate development project known as TELLUS Villas (TVP) located in Niseko, Japan. TVP will be constructed on a 17-lot land plot measuring over 34,000m2 in Niseko, a popular ski resort town in Hokkaido, Japan. TVP is owned by ICGJ. ICGJ is an affiliated company of Infinity Capital Group Australia Development Pty Ltd, a substantial shareholder in the Company on the basis that both companies have a common parent company. Summarily, the details of the project are as follows: Each plot of land to be purchased measures over 1300m2; Each plot of land will be developed into an ultra-luxe multi-storey residential villa with approximately 500m2 of living space, featuring 4 bedrooms (2 ensuites and 1 bathroom), appointed living spaces and lifestyle amenities such as a wine cellar, private onsen (natural hot spring) and rotenburo (outdoor natural hot spring bath); Upon commencement of construction, the villas will be marketed in off-the-plan sales in the real estate market in Niseko. This new development project is an exciting first step of the Company's expansion plans beyond Australia and into the Asia-Pacific. The Board believes that embarking on this project will bring about new and greater opportunities for the Company in the new year and in the years to come.