Ann: ICI acquires Game Studio Storms from Leading Asian Telcos, page-2

iCandy Acquires Game Studio Storms from Leading Asian Telcos: Singtel, AIS and SK Telecom

Highlights:
● iCandy to acquire 51% of Storms - a Southeast Asia based game development and publishing company. The current shareholders of Storms have an option to sell the remaining 49% of Storms to iCandy within an agreed period of time

● Storms is strategically owned by 3 leading Telcos in Asia, namely Singtel, AIS and SK Telecom.

● The transaction marks another step in iCandy’s strategy to build the leading integrated Metaverse gaming platform globally; and in the respective strategies of Singtel, AIS and SK Telecom to serve their customers with unique and engaging content

● The acquisition is for an Initial Consideration of AUD 8 million to be satisfied entirely in new Shares.

● Unaudited Storms revenue for CY2021 was AUD 4.3 million with AUD 7.6 million in cash and cash equivalents

● Post-acquisition, iCandy will work with its new strategic shareholders, in bringing nextlevel integrated gaming experience to the millions of digital users that Singtel, SK Telecom and AIS are serving

● Storms is led by a senior and experienced management team that came from Google, Lazada, Amanotes and Paktor, which will join the existing iCandy management team

● iCandy will be well positioned to create and publish games for the Metaverse and Web 3.0

GLTAH