Press release below.
The Board of Directors (the “Board”) of EuroSports Global Limited (the “Company”, and together with its subsidiaries, the “Group”) wishes to announce that the Company’s wholly-owned subsidiary, Eurosports Technologies Pte. Ltd. (“EST”), has issued a press release on its commitment to launch the full-electric motorcycles. A copy of the press release is attached hereto as Appendix A.( Press release by Eurosports).
The press release provides that EST recently received a S$2 million seed capital from the Company with a commitment of another S$3 million subject to certain milestones. The aforementioned S$2 million seed capital was allocated through the use of bond proceeds which was announced by the Company on 17 September 2018.
The use of bond proceeds is in line with the purpose stated in the bond announcement dated 28 August 2018, 7 September 2018, 10 September 2018 and 17 September 2018. The additional S$3 million will be funded by the Company’s internal sources. The financial results of EST is not expected to have any material impact on the net tangible assets and
earnings per share of the Group for the current financial year ending 31 March 2019.
Source : Eurosports