Environmental Options Group Holdings Restricted Declares Monetary Outcomes for 2022

Singapore & New York, NY, March 29, 2023 (GLOBE NEWSWIRE) — Environmental Options Group Holdings Restricted (“ESGL”) immediately introduced the submitting of an modification to the registration assertion on Kind F-4 (the “Registration Assertion”) filed by ESGL Holdings Restricted (“PubCo”) with the U.S. Securities and Change Fee (“SEC”), which incorporates the monetary outcomes of ESGL for the fiscal years ended December 31, 2022 and 2021. ESGL, via its working entity in Singapore, Environmental Options (Asia) Pte. Ltd. (“ESA”), is a sustainable waste options supplier whose mission is to recycle industrial waste into round merchandise utilizing progressive applied sciences and renewable power.

On November 30, 2022, Genesis Unicorn Capital Corp. (the “Firm”), a particular goal acquisition firm (NASDAQ: GENQ), introduced that it had signed a definitive merger settlement with ESGL. In reference to the proposed transaction, PubCo has publicly filed the Registration Assertion, which Registration Assertion additionally features a proxy assertion of the Firm.

Monetary Highlights for the Fiscal 12 months Ended December 31, 2022 for ESGL

• Complete revenues elevated by 26.1% yr over yr to roughly $5.0 million for FY 2022

• Income from gross sales of round merchandise totaled roughly $2.7 million for FY 2022, a year-over-year lower of two.2%, whereas income from waste remedy providers reached roughly $2.2 million for FY 2022, a year-over-year improve of 95.1%

• Gross margin was 64.3% for FY 2022 in comparison with 66.8% for FY 2021

• Web loss was roughly $2.4 million for FY 2022 in comparison with a web lack of roughly $0.7 million for FY 2021

• Non-GAAP adjusted EBITDAⁱ was roughly $1.0 million for FY 2022 in comparison with roughly $1.5 million for FY 2021

“ESGL is a pioneer by way of anchoring its waste remedy enterprise across the core ideas of circularity and sustainability. Leveraging on the Singapore authorities’s push in direction of web zero emissions by 2050, we imagine ESGL is well-poised to trip the wave of the nation’s push in direction of its sustainability and carbon discount targets. We stay up for working with the ESGL staff in attaining their purpose of changing into a market chief within the circularity and sustainability house in Singapore and the bigger Southeast Asian markets,” commented Mr. Samuel Lui, President, and CFO of Genesis Unicorn Capital Corp.

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On account of ESGL’s actions in 2022, the corporate was capable of assist Singapore to:

• convert 81,000 Kgs of waste plastics into round merchandise corresponding to pyrolysis oil that in any other case would have been incinerated in municipal waste incinerators; and

• sustainably deal with 16,500 tons of hazardous sludge, ash, and wastewater to render it protected and create priceless inexperienced uncooked supplies.

“Singapore urgently wants to extend waste remedy capability with sustainable waste processing expertise as our nation is considerably underserved in treating its industrial output of hazardous waste. As well as, the recycling charges for waste plastics and ash and sludge each stay within the single digits. This creates an enormous market alternative for ESA’s round options, and we’ve now established ourselves as a dependable accomplice for a number of the most forward-looking firms working in Singapore, as mirrored within the rising contribution of service charges to our income combine final yr. Moreover, we’ve already begun increasing our remedy capability from the present 31K tons to an anticipated future capability of 195K tons by 2025ⁱⁱ,” said Mr. Quek Leng Chuang, Founder, CEO, and Chairman of the Board of ESGL.

“Wanting past Singapore, the broader ASEAN market is more and more dealing with a rising environmental disaster ensuing from untreated plastic and industrial hazardous waste. We stay up for partnering with our present multinational company purchasers to convey our waste remedy options and capacities into different components of the ASEAN nations the place they function underneath more and more stringent supply-chain environmental, social and governance (“ESG”) mandates.”

ESGL’s administration staff has amassed roughly 100 years of related expertise in waste administration, the chemical provide chain and basic administration, together with however not restricted to company and monetary administration and providers.

Monetary Outlook for the Fiscal 12 months 2023 of ESGL

Primarily based on the present contract backlog, ESGL expects whole revenues and adjusted non-GAAP EBITDAⁱⁱⁱ for the fiscal yr ending December 31, 2023 to achieve roughly $10.95 million and $2.90 million, respectively.

This outlook displays the present and preliminary views of ESGL in the marketplace and operational circumstances and is topic to numerous modifications and uncertainties. As of February 17, 2023, ESGL has $9.4 million in signed contract worth^iv to be delivered in FY 2023, i.e., roughly 85% of the FY 2023 income forecast.

Use of Non-GAAP Monetary Measures of ESGL

ESGL has supplied on this press launch monetary data that has not been ready in accordance with usually accepted accounting rules in america (“GAAP”), together with non-GAAP adjusted EBITDA. ESGL makes use of these non-GAAP monetary measures internally in analyzing its monetary outcomes and for monetary and operational decision-making functions. ESGL believes that such non-GAAP monetary measures present helpful data to traders and others about its working outcomes, improve the general understanding of its previous efficiency and future prospects, and permit for better visibility with respect to key metrics utilized by its administration in its monetary and operational decision-making.

Non-GAAP monetary measures usually are not meant to be thought-about in isolation or as an alternative choice to comparable GAAP monetary measures and needs to be learn solely at the side of the consolidated monetary statements of ESGL ready in accordance with GAAP. Non-GAAP monetary measures offered right here might not be similar to equally titled measures offered by different firms. Different firms might calculate equally titled measures in a different way, limiting their usefulness as comparative measures to the information of ESGL. A reconciliation of the historic non-GAAP monetary measures to probably the most immediately comparable GAAP measures has been supplied within the desk captioned “Reconciliation of GAAP to Non-GAAP Measures” included on the finish of this press launch, and traders are inspired to overview the reconciliation.

The definition of the non-GAAP monetary measure of ESGL included on this press launch is offered beneath.

Non-GAAP Adjusted EBITDA

ESGL defines non-GAAP adjusted EBITDA as web earnings/(loss) earlier than earnings tax advantages/(bills), depreciation and amortization bills, curiosity bills, and adjusted to exclude the non-recurring bills associated to its going public transaction.

About Genesis Unicorn Capital Corp.

Genesis Unicorn Capital Corp. is a particular goal acquisition firm, or SPAC, shaped for the aim of effecting a merger, share trade, asset acquisition, share buy, reorganization or related enterprise mixture with a number of companies or entities. On February 17, 2022, the Firm consummated its preliminary public providing (the “IPO”) of 8,625,000 models (together with a further 1,125,000 models pursuant to the train in filled with the underwriters’ over-allotment choice) at $10.00 per unit. Every unit consists of 1 share of Class A typical inventory and one warrant entitling the holder thereof to buy one share of Class A typical inventory at a worth of $11.50 per share. The mixture gross proceeds of the IPO, together with the over-allotment, have been $86,250,000, previous to deducting underwriting reductions, commissions, and different providing bills. EF Hutton, division of Benchmark Investments LLC, served as the only real book-running supervisor of the IPO. For extra data, please go to www.genesisunicorn.com for Firm filings.

About Environmental Options Group Holdings Restricted

Environmental Options Group Holdings Restricted (“ESGL”) is a holding firm integrated as an exempted firm underneath the legal guidelines of the Cayman Islands. ESGL conducts all of its operations via its working entity integrated in Singapore, ESA. ESA is a waste administration, remedy and recycling firm concerned within the assortment and recycling of hazardous and non-hazardous industrial waste from clients corresponding to pharmaceutical, semiconductor, petrochemical, processing and electroplating firms. ESA at the moment has two income streams, together with 1) waste providers earnings which is primarily comprised of charges it costs its clients for waste assortment and disposal providers, and a couple of) the gross sales and buying and selling of ESA’s round merchandise made out of recycled waste, which ESA believes makes it a singular and environmentally pleasant providing within the market.

Cautionary Assertion Relating to Ahead-Wanting Statements

Sure statements on this press launch could also be thought-about comprise sure “forward-looking statements” inside the which means of “protected harbor” provisions of the Personal Securities Litigation Reform Act of 1995. Ahead-looking statements might be recognized by phrases corresponding to: “goal,” “imagine,” “anticipate,” “will,” “shall,” “might,” “anticipate,” “estimate,” “would,” “positioned,” “future,” “forecast,” “intend,” “plan,” “challenge” and different related expressions that predict or point out future occasions or tendencies or that aren’t statements of historic issues. Examples of forward-looking statements embody, amongst others, statements made on this press launch relating to the proposed transactions (the “Merger”) contemplated by the Settlement and Plan of Merger (the “Merger Settlement”) among the many Firm, PubCo, ESGH Merger Sub Corp. and ESGL, integration plans, anticipated synergies and income alternatives, anticipated future monetary and working efficiency and outcomes, together with estimates for development, the anticipated administration and governance of the mixed firm and the anticipated timing of the Merger. Ahead-looking statements are neither historic info nor assurances of future efficiency. As an alternative, they’re primarily based solely on the Firm and ESGL managements’ present beliefs, expectations and assumptions. As a result of forward-looking statements relate to the longer term, they’re topic to inherent uncertainties, dangers and modifications in circumstances which can be tough to foretell and plenty of of that are outdoors of our management. Precise outcomes and outcomes might differ materially from these indicated within the forward-looking statements. Due to this fact, you shouldn’t depend on any of those forward-looking statements. Necessary components that might trigger precise outcomes and outcomes to vary materially from these indicated within the forward-looking statements embody, amongst others, the next: (1) the prevalence of any occasion that might give rise to the termination of the Merger Settlement; (2) the result of any authorized proceedings which may be instituted in opposition to the Firm, the mixed firm or others; (3) the shortcoming to finish the Merger, together with as a result of failure to acquire approval of the Firm’s stockholders or to fulfill circumstances to closing within the Merger Settlement; (4) the failure to acquire financing to fund the mixed firm’s operations and development following the closing of the Merger; (5) the quantity of redemption requests made by the Firm’s stockholders; (6) modifications to the proposed construction of the Merger which may be required or acceptable because of relevant legal guidelines; (7) the power to satisfy Nasdaq itemizing requirements following the consummation of the Merger; (8) the danger that the Merger disrupts present plans and operations of ESGL because of the announcement and consummation of the Merger; (9) the power to acknowledge the anticipated advantages of the Merger, which can be affected by, amongst different issues, competitors, the power of the mixed firm to develop and handle development profitably, preserve relationships with third events and companions and retain its administration and key staff; (10) prices associated to the Merger; (11) modifications in relevant legal guidelines or rules; (12) the likelihood that ESGL or the mixed firm could also be adversely affected by different financial, enterprise, regulatory, and/or aggressive components; (13) the provision of capital and ESGL estimates of bills; (14) modifications within the assumptions underlying ESGL’s expectations relating to its future enterprise or enterprise mannequin; and (15) and different dangers and uncertainties set forth within the part entitled “Danger Components” and “Cautionary Notice Relating to Ahead-Wanting Statements” within the Registration Assertion, and different paperwork filed or to be filed infrequently with the SEC by the Firm.

An additional checklist and outline of dangers and uncertainties might be discovered within the Kind 10-Okay and within the Registration Assertion that has been filed with the SEC by PubCo in reference to the proposed transaction and different paperwork that the events might file or furnish with the SEC, which you might be inspired to learn. Any forward-looking assertion made by us on this press launch relies solely on data at the moment out there to the Firm, ESGL, and PubCo and speaks solely as of the date on which it’s made. The Firm, ESGL and PubCo undertake no obligation to publicly replace any forward-looking assertion, whether or not written or oral, which may be made infrequently, whether or not because of new data, future developments or in any other case, besides as required by legislation.

Necessary Details about the Transaction and The place to Discover It

In reference to the proposed transactions described herein, PubCo has filed the Registration Assertion, which Registration Assertion additionally features a proxy assertion of the Firm. Promptly after the Registration Assertion is asserted efficient, the Firm will mail the definitive proxy assertion and a proxy card to every stockholder entitled to vote on the particular assembly referring to the proposed transaction. INVESTORS AND SECURITYHOLDERS OF THE COMPANY ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE PROPOSED TRANSACTION THAT THE COMPANY OR PUBCO WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, ESGL, PUBCO AND THE PROPOSED TRANSACTION. The Registration Assertion, definitive proxy assertion, the preliminary proxy assertion and different related supplies in reference to the proposed transaction (once they change into out there), and another paperwork filed by the Firm with the SEC, could also be obtained freed from cost on the SEC’s web site (www.sec.gov) or by writing to Genesis Unicorn Capital Corp., 281 Witherspoon Road, Suite 120, Princeton, New Jersey.

Individuals within the Solicitation

The Firm, ESGL and their respective administrators, govt officers and staff and different individuals could also be deemed to be individuals within the solicitation of proxies from the holders of shares of the Firm’s frequent inventory in respect of the proposed transaction described herein. Details about the Firm’s administrators and govt officers and their possession of the Firm’s frequent inventory is about forth within the Firm’s Annual Report on Kind 10-Okay for the fiscal yr ended December 31, 2022 (the “Kind 10-Okay”) and the ultimate prospectus dated February 14, 2022 referring to the IPO, as modified or supplemented by any Kind 3 or Kind 4 filed with the SEC because the date of such submitting. Different data relating to the pursuits of the individuals within the proxy solicitation can be included within the proxy assertion pertaining to the proposed transaction when it turns into out there. These paperwork might be obtained freed from cost from the sources indicated beneath.

No Provide or Solicitation

This communication is for informational functions and isn’t meant to, and shall not, represent a proposal to promote or the solicitation of a proposal to promote or the solicitation of a proposal to purchase any securities or a solicitation of any vote of approval, nor shall there be any sale of securities in any jurisdiction during which such supply, solicitation or sale can be illegal previous to registration or qualification underneath the securities legal guidelines of any such jurisdiction.

The next monetary statements are derived from the audited monetary statements of ESGL for the years ended December 31, 2022 and 2021 contained within the Registration Assertion filed by PubCo with the SEC on March 27, 2023.

Environmental Options Group Holdings Restricted
Consolidated Assertion of Revenue or Loss and Different Complete Revenue for the Monetary Years ended December 31, 2022 and 2021

Environmental Options Group Holdings Restricted
Consolidated Assertion of Monetary Place As of December 31, 2022 and 2021

Environmental Options Group Holdings Restricted
Consolidated Assertion of Money Flows for the Monetary Years ended December 31, 2022 and 2021

Environmental Options Group Holdings Restricted
GAAP and Non-GAAP EBITDA Reconciliation for the Monetary Years ended December 31, 2022 and 2021

^[i] Non-recurring bills primarily as a consequence of bills incurred for the SPAC merger transaction and they don’t seem to be anticipated to repeat for a minimum of the subsequent two years.

Investor / Media Contact:

Crocker Coulson
CEO, AUM Media, Inc.
(646) 652 7185
crocker.coulson@aummedia.org

ESGL Contact:

Lawrence Regulation
Chief Sustainability and Progress Officer
Environmental Options Group Holdings Restricted
(65) 6653 2299
lawrence.legislation@env-solutions.com

Genesis Unicorn Capital Corp. Contact:

Samuel Lui
President & CFO
(609) 466-0792
Samuel.lui@genesisunicorn.com

ⁱ Adjusted EBITDA excludes non-recurring expense of $813,701 in FY 2022.
ⁱⁱ Anticipated full capability construct to 195K tons is contingent upon an funding in capital expenditure of $10m.
ⁱⁱⁱ Adjusted non-GAAP EBITDA excludes non-recurring IPO expense.
^iv Signed contract worth is derived from buyer forecasts.