Statement regarding Current Situation of Agent in P.R. China

30 September 2020 by

Our company, Elpanneteknik Sweden AB (“ELP”), is a leading company on R&D and manufacturing of high precision electrode boiler in the world. We hereby clarify and state as follows in respect of relevant business affairs in China:

ELP and Suzhou Boamax Technologies Group Co., Ltd. (“Boamax”) entered into the Mutually Exclusive Cooperation Commitment Agreement (the “Cooperation Agreement”) on September 11, 2016. Subsequently, ELP terminated the Cooperation Agreement in April 2017 due to Boamax´s material breach; thereafter, there has been no exclusive agency or representative or any similar relationship between Boamax and ELP.

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