SEATech Ventures Corp. Signs Acquisition Agreement to Acquire 100% of Just Supply Chain Limited

KUALA LUMPUR, Malaysia and NEW YORK, July 18, 2023 /PRNewswire/ -- SEATech Ventures Corp. (OTC PINK:SEAV), is pleased to announce the acquisition of Just Supply Chain Limited ("JustLorry"). JustLorry is a leading digital logistics and supply chain management platform specializing in on-demand commercial trucks aggregator in Malaysia. SEAV will acquire 100% of JustLorry by the issuance of 21,831,660 SEAV restricted common shares at US$0.80 per share to the shareholders of JustLorry. The completion of this acquisition exercise is subject to audit finalization of JustLorry financial statements.

Kindly refer to https://www.sec.gov/ix?doc=/Archives/edgar/data/1763660/000149315223024544/form8-k.htm

JustLorry has recorded revenue of MYR76,157,620 (approx. US$16.7 million) and MYR199,840,387 (approx. US$43.9 million) for FY2021 and FY2022 respectively, while profit level stood at MYR12,793,605 (approx. US$2.8 million) and MYR15,836,711 (approx. US$3.4 million) for FY2021 and FY2022 respectively. These figures have been approved and audited by Crowe.

"The acquisition of JustLorry marks an important step forward for SEAV's strategic growth plan. By combining the expertise and resources of both organizations, SEAV is poised to revolutionize the digital logistics platform landscape in Southeast Asia, offering innovative solutions to businesses and enterprises across the Asia-Pacific region," said Mr. Chin Chee Seong, the CEO of SEATech Ventures Corp.

"By strategically leveraging the strengths of both companies, we are confident that we will strengthen our position as a market leader, extend our business into new regional territories, and achieve outstanding business results. Our goal of achieving tenfold growth will be realized through a well-balanced approach, combining organic expansion, strategic partnerships, and unwavering dedication to innovation and excellence. With the invaluable guidance and extensive regional network of SEAV, we are poised to surpass expectations and deliver exceptional outcomes," said Mr. Denell Wong Tien Erl, the CEO of JustLorry.

About SEATech Ventures Corp.

Headquartered in Kuala Lumpur, Malaysia, SEATech Ventures Corp. (OTC PINK:SEAV) (a Nevada corporation) aspires to nurture and incubate emerging growth technology companies in South East Asia that aim to become tomorrow's Asia unicorns. SEATech is an incubation and mentoring platform which pools together talents that are equipped with technical, market developmental and financial expertise. They provide mentoring and consultancy on growth strategy through business combination and integration for companies to expand their business across Asia. SEATech advise companies to monetize, capitalize and securitize their businesses by providing funding strategies which include securitized equity crowd funding, private-placement and public listing. With a vast experience in business and ventures, their key management team possess formidable business acumen and have access to a network of managing partners across Asia who are committed in introducing high quality deal-flows to them. SEATech is well positioned to be recognized as an influential Asian Corporate Venture Capital firm in transforming, securitizing, capitalizing and internationalizing Asia's next technology Unicorns.

For further information regarding the company, please visit https://www.seatech-ventures.com 

About JustLorry

JustLorry, Malaysia's innovative logistics leader, is redefining the industry with technology-driven solutions. With a unique online platform, they seamlessly connect customers with  reliable transporters from their network of over 1,000 partners across the country. Harnessing advanced algorithms, JustLorry expertly matches each customer's unique needs the with optimal transporter, streamlining the logistics process. Their proprietary pricing technology further simplifies the experience, providing a variety of cost-effective transport options. This tech-forward approach to logistrics underscores JustLorry's dedication to enhancing customer experiences. Every service is personalized, ensuring a custom-tailored, efficient solution that meets individual client needs.

For further information regarding the company, please visit https://justlorry.com

Forward Looking Statement

This press release contains forward-looking statements that involve risk and uncertainties involving the use of words such as "plans," "would be," "will allow," "intends to," "may result," "are expected to," "will continue," "anticipates," "expects," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "think," "considers" or similar expressions are intended to identify "forward-looking statements". Investors should be aware that all forward-looking statements contained within this press release are good faith estimates of management as of the date that this press release is prepared based on current expectations that involve known and unknown risks. Our actual results could differ materially from those anticipated in these forward-looking statements for numerous reasons as described in the company website.

SOURCE SEATech Ventures Corp.