Design Milk Holdings, LLC executed a conditional agreement to acquire All Assets of online business from Design Milk Co Limited (ASX:DMC) for $0.35 million on April 20, 2023. If Shareholders approve the Proposed Sale and it subsequently completes, the Company intends to use the funds from the sale to explore other opportunities and for general working capital. To this end, the Company is pleased to advise that it is in advanced discussions with a high growth technology company for a potential acquisition of that business.

The agreement includes customary warranties given by the parties for a transaction of this type. Completion will be subject to Shareholders of the Company approving the Proposed Sale and subject to the parties’ respective representations and warranties set out in the agreement remaining true and correct at completion, the parties having not materially breached of any of their material obligations under the agreement and the parties delivering all documents as required under the agreement. The parties have agreed that completion of the sale and purchase in accordance with the terms of the agreement shall take place on the date that is within five (5) business days of the date on which the ASX Condition is satisfied.