IBO Technology : FURTHER EXTENSION OF EXCLUSIVITY PERIOD FOR MEMORANDUM OF UNDERSTANDING IN RELATION TO THE FORMATION OF A JOINT VENTURE COMPANY

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IBO TECHNOLOGY COMPANY LIMITED

艾 伯 科 技 股 份 有 限 公 司

(incorporated in the Cayman Islands with limited liability)

(Stock Code: 2708)

FURTHER EXTENSION OF EXCLUSIVITY PERIOD

FOR MEMORANDUM OF UNDERSTANDING

IN RELATION TO THE FORMATION OF A JOINT VENTURE COMPANY

References are made to the announcements of the Company dated 19 February 2020 (the ''MOU Announcement''), 21 April 2020 and 19 June 2020 (the ''Extended MOU Announcements''). Unless otherwise stated, capitalised terms used in this announcement shall have the same meanings as those defined in the MOU Announcement.

As disclosed in the MOU Announcement, Each Party agrees to work together with the other Party on an exclusive basis to reach consensus on detail terms and conditions of the Formal Agreement within 60 calendar days after signing the MOU (the ''Exclusivity Period''). Pursuant to the MOU, the Exclusivity Period expired on 20 April 2020 (the ''Expiry Date'').

As disclosed in the Extended MOU Announcements, the Parties entered into a first supplemental MOU and a second supplemental MOU to the MOU to extend the Expiry Date to 18 June 2020 and 17 September 2020 respectively.

As additional time is required for the Parties to negotiate and agree on the terms of the Formal Agreement, on 17 September 2020, the Parties entered into a third supplemental MOU to the MOU to extend the Expiry Date to 16 December 2020.

Save for the above, all other terms and conditions of the MOU shall remain unchanged and be in full force and effect in its original terms.

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The Board wishes to emphasise that the formation of the Potential JV may or may not occur and is subject to, among other things, further negotiations among the Parties and entering into of a Formal Agreement in relation to the formation of the Potential JV. Therefore, the Shareholders and potential investors of the Company are advised to exercise caution when dealing in the securities of the Company.

By order of the Board

IBO Technology Company Limited

Lai Tse Ming

Chairman

Hong Kong, 17 September 2020

As at the date of this announcement, the executive Directors are Mr. Lai Tse Ming, Mr. Gao Weilong, Mr. Teng Feng, Mr. Yu Kin Keung and Mr. Lyu Huiheng; the non-executive Director is Ms. Sun Qing; and the independent non-executive Directors are Dr. He Tianxiang, Dr. Wong Kwok Yan and Mr. Hung Muk Ming.

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