SYDNEY and NEW YORK – News Direct – 22 September 2022 – PlayUp Limited, a global online betting operator (“PlayUp”), and IG Acquisition Corp. (NASDAQ: IGAC), a publicly-traded special purpose acquisition company, today announced that they have entered into a business combination agreement and accompanying scheme implementation deed pursuant to which PlayUp will list on the NASDAQ via a newly-formed Irish company (“Parent”). The transaction values PlayUp at $350 million. The transaction is expected to close in the first quarter of 2023 subject to the satisfaction of customary closing conditions.

Founded in 2014, PlayUp is a global sports, entertainment and betting operator that develops its own proprietary technology to power its brand and offering. The overall betting sector has grown at an unprecedented rate in the last few years due to updated legislation and consumers broadening their adoption of betting online.

IGAC believes PlayUp is uniquely positioned to build the first fully integrated technology platform where consumers can engage in broad forms of betting — daily fantasy, sports betting, slots, table games, casino games, Esports, lottery, sweepstakes and more — from one platform, one account, one digital wallet, anywhere in the world where it’s legal. PlayUp’s gross revenue has grown 56% YoY (FY21/22).^[1]

After almost two years of looking at a vast number of industry players, the IGAC team concluded that PlayUp was the company most likely to succeed over the long term. Given that the hardest part of establishing a global betting product is regulation and licensing, IGAC believes that its principals’ expertise in shaping regulation, combined with PlayUp’s proprietary and advanced platform, creates a compelling partnership.

“Currently, there is no platform that allows consumers to access every type of betting product through one single sign on. Generally, industry competitors have chosen to focus on one product or another. IGAC and PlayUp have the same shared vision: to bring the global online betting industry the most comprehensive suite of traditional and innovative betting products from all over the globe together into one app. The transaction is expected to provide PlayUp with access to fresh capital to continue expanding its vision of a true single destination for the future of online betting,” said Christian Goode, Chief Executive Officer of IGAC.

“PlayUp believes this transaction will enable us to continue investing in our proprietary technology and deliver on our aspirations to be the unrivaled entertainment and betting platform of the future. We envision a world where our players can enhance their experience betting on the products they already love plus interact with the next generation of immersive betting products that embrace newer technologies such as AR and VR,” said Daniel Simic, CEO of PlayUp Limited.

As part of the transaction, Daniel Simic will retain the title of Global CEO of the combined company. Industry veterans Bradley Tusk, Chairman of IGAC, and Christian Goode, Chief Executive Officer of IGAC, will join the new combined company. Tusk will become Chairman of the combined company’s Board and Goode will serve as President of PlayUp’s U.S. business. The IGAC team brings decades of expertise to launch in new U.S. markets and provide consumers with a platform that offers digital experiences in all forms of online betting.

“We are excited about this transaction because we believe PlayUp is the closest to achieving our shared vision for the future of online betting – a platform that offers consumers any type of digital betting they want, from one app and one digital wallet, anywhere in the world where it’s legal,” said Bradley Tusk, Chairman of IGAC.

PlayUp holds online betting licenses in multiple jurisdictions and currently operates in Australia, New Zealand, India and several regulated states in the U.S. PlayUp intends to continue to aggressively pursue its expansion strategy in the U.S. and around the globe.

Transaction Overview

The transaction values PlayUp at $350 million at closing.

The transaction was unanimously approved by the IGAC board of directors and unanimously approved by the board of directors of PlayUp. The transaction is expected to close in the first quarter of 2023, subject to the satisfaction of customary closing conditions, including the approval of the shareholders of PlayUp Limited and the stockholders of IGAC, regulatory approvals (including in Australia, New Jersey and Colorado), Australian court approval and an independent expert confirming that the transaction is in the best interest of PlayUp’s shareholders.

Concurrent with the signing of the business combination agreement, Parent has entered into a $70 million standby equity purchase agreement with YA II PN, Ltd., a fund managed by Yorkville Advisors Global, LP, to provide additional liquidity to the combined company following the closing of the transaction, subject to customary conditions for facilities of this type.

Advisors

● Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel to IG Acquisition Corp. Richards, Layton & Finger, PA is acting as special Delaware counsel to IG Acquisition Corp.

● DLA Piper is acting as legal counsel and Innovation Capital, LLC is acting as financial advisor to PlayUp.

Hashtag: #PlayUp

The issuer is solely responsible for the content of this announcement.

About PlayUp Limited

PlayUp is a next generation entertainment and technology group that enriches the lives of people through entertaining, rewarding, and responsible online betting. We develop innovative betting technologies in-house to power our brands and deliver world-class user experiences. Our energies are focused on fulfilling the needs of dedicated and passionate users who seek a deeper connection to the games they play.

About IGAC

IG Acquisition Corp. (Nasdaq: IGAC) is a special purpose acquisition company formed and led by Chairman Bradley Tusk, Chief Executive Officer Christian Goode and Chief Financial Officer Edward Farrell. IG Acquisition Corp. completed its initial public offering in October 2020, raising approximately $300 million in cash proceeds for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

Forward-Looking Statements

This press release contains forward-looking statements that are based on beliefs and assumptions, and on information currently available. In some cases, you can identify forward-looking statements by the following words: “positioned, ” “build,” “likely,” “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties, and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. We caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, which are subject to a number of risks. Forward-looking statements in this press release include, but are not limited to, statements regarding the proposed transaction, including the timing and structure of the proposed transaction; the listing of Parent’s shares; the amount and use of the proceeds of the proposed transaction; PlayUp’s future growth and innovations and offerings; the market size for digital betting and PlayUp’s ability to capture a share of that market; the ability of PlayUp to expand its market reach, including its ability to obtain new licenses and meet regulatory suitability requirements; the initial market capitalization of Parent; the amount of funds available in IGAC’s trust account as a result of stockholder redemptions or otherwise; and the anticipated benefits of the proposed transaction. We cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including general economic conditions and other risks, uncertainties, and factors set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in IGAC’s Annual Report on Form 10-K, filed with the SEC on March 25, 2022, and in the proxy statement/prospectus to be filed by Parent in connection with the proposed transaction, and other filings with the SEC, as well as factors associated with companies, such as PlayUp Limited, that are engaged in digital betting, including anticipated trends, growth rates and challenges in those businesses and in the markets in which they operate; the ability to complete the proposed transaction due to the failure to obtain required regulatory and stockholder approvals; the failure to satisfy other closing conditions in the definitive transaction agreement in respect of the transaction or otherwise; the occurrence of any event that could give rise to the termination of the definitive transaction agreement; risks related to the uncertainty of the forecasted financial information; the outcome of any legal proceedings that may be instituted against IGAC, PlayUp Limited, or Parent related to the definitive transaction agreement or the proposed transaction; risks related to the performance of PlayUp’s business and the timing of expected business or financial milestones; unanticipated technological or project development challenges, including with respect to the cost and or timing thereof; the performance of PlayUp’s products; the effects of competition on PlayUp’s business; the failure to realize the anticipated benefits of the proposed transaction; the risk that PlayUp will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; the amount of redemption requests made by IGAC’s public stockholders; the risk that PlayUp may never achieve or sustain profitability; volatility in the price of IGAC’s securities; the risk that the transaction disrupts current plans and operations as a result of the announcement and consummation of the proposed transaction; and the risk that Parent’s securities will not be approved for listing on the Nasdaq or, if approved, maintain the listing. Furthermore, if the forward-looking statements prove to be inaccurate, the inaccuracy may be material. In addition, you are cautioned that past performance may not be indicative of future results. In light of the significant uncertainties in these forward-looking statements, you should not rely on these statements in making an investment decision or regard these statements as a representation or warranty by any person that PlayUp, IGAC or Parent will achieve our objectives and plans in any specified time frame, or at all. The forward-looking statements in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

Important Information About the Proposed Transaction and Where to Find It

A full description of the terms of the transaction will be provided in a registration statement on Form F-4 to be filed with the U.S. Securities and Exchange Commission (the “SEC”) by Parent, which registration statement will include a prospectus with respect to Parent’s securities to be issued in connection with the transaction and a proxy statement with respect to the stockholder meeting of IGAC to vote on the transaction. Parent and IGAC urge investors, stockholders and other interested persons to read, when available, the preliminary proxy statement/prospectus, as well as other documents filed with the SEC, because these documents will contain important information about Parent, IGAC, PlayUp Limited, and the transaction. After the registration statement is declared effective, the definitive proxy statement/prospectus to be included in the registration statement will be mailed to stockholders of IGAC as of a record date to be established for voting on the proposed business combination. Once available, stockholders will also be able to obtain a copy of the registration statement on Form F-4—including the proxy statement/prospectus and other documents filed with the SEC— without charge by directing a request to: Parent and IGAC at 251 Park Avenue South, 8^th Floor New York, NY 10010 or via email at info@igacquisition.com . The preliminary and definitive proxy statement/prospectus to be included in the registration statement, once available, can also be obtained, without charge, at the SEC’s website ( www.sec.gov).

INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED THEREIN.

Participants in Solicitation

Parent, IGAC, PlayUp Limited and their respective directors and executive officers, may be deemed participants in the solicitation of proxies of IGAC’s stockholders in respect of the transaction. Information about the directors and executive officers of IGAC is set forth in IGAC’s filings with the SEC. Information about the directors and executive officers of Parent, PlayUp Limited and more detailed information regarding the identity of all potential participants, and their direct and indirect interests by security holdings or otherwise, will be set forth in the definitive proxy statement/prospectus for the transaction when available. Additional information regarding the identity of all potential participants in the solicitation of proxies to IGAC’s stockholders in connection with the proposed transaction and other matters to be voted upon at the special meeting, and their direct and indirect interests, by security holdings or otherwise, will be included in the definitive proxy statement/prospectus, when it becomes available.

No Offer or Solicitation

This communication is for informational purposes only and does not constitute an offer or invitation for the sale or purchase of securities, assets, or the business described herein or a commitment to Parent, IGAC, or PlayUp Limited, nor is it a solicitation of any vote, consent, or approval in any jurisdiction pursuant to or in connection with the transaction or otherwise, nor shall there be any sale, issuance, or transfer of securities in any jurisdiction in contravention of applicable law. Any such offer or solicitation will be made only in connection with the delivery of a prospectus meeting the requirements of the Securities Act of 1933, as amended, or exemptions therefrom.

Inery takes a different approach to decentralizing data and data management for both Web2 and Web3 companies, while streamlining the shift to the decentralized web. Its security, scalability features, and high throughput capabilities provide support to use cases across different industries. These include the healthcare sector, enterprises and governments, gaming, real estate, aviation, and any other business anywhere where data is an asset.

“Inery’s real-world utility is what got us on the same page with Truth Ventures in the first place,” stated Inery Co-founder and CEO, Dr. Naveen Singh. “Truth Ventures firmly believes that Inery has the potential to revolutionize the way data is handled, both online and offline. This partnership will be an important factor in helping Inery reach its full potential and will help the push for mass adoption of decentralized databases in the conventional and Web3 spaces.”

Inery’s layer 1 blockchain, and an elegant DB solution on top of it have attracted the attention of the blockchain industry from its inception, showing interest in database decentralization and security. The project rolled out its first public testnet on August 10, 2022, preceding its upcoming launch, and is also scheduled for listing at the end of the third quarter of 2022.

“Truth Ventures saw and agreed with the vision and real-world utility of Inery and believes that it has great potential for mass adoption. The mutual goal of this partnership is aimed at making decentralized database management a standard instead of an outlier,” as per Mr. Varun Datta Founder & CEO of Truth Ventures.

Truth Ventures had previously invested in and partnered with Bet Neo–a pioneering gaming hub, Gordium Healthcare, Moneto Sports, and many other new companies.

Hashtag: #Inery

The issuer is solely responsible for the content of this announcement.

About Inery

Inery is a proprietary layer-1 blockchain and decentralized data management solution. The network enables a decentralized, secure, and trusted foundation for database management by leveraging blockchain technology. It integrates blockchain functionalities and distributed database properties to create a paradigm shift in data access, storage, and management.

About Truth Ventures
Truth Ventures is an international investment fund dedicated to bringing market-defining innovations and ideas into light by financing and mentoring them. The international venture capital firm finances companies at their seed stage, developing stage, or startups exhibiting potential for growth in the Entertainment, Blockchain Technology, Healthcare, and holistic wellness sectors.

Founded in 2019, eWTPA launched its first fund (Fund I) in same year, which is backed by the sovereign wealth fund of Saudi Arabia, Public Investment Fund (PIF) and eWTP Capital (Alibaba Group and Ant Finance Group). Within a short period of time, the US$400-million-fund has already invested into 16 companies across of digital infrastructure, core technology and platform, consumer and enterprise services which span enterprise services, cloud services, cyber security, fintech, cross-border supply chain, retail and consumer, e-commerce, logistics and digital entertainment and others. eWTPA’s goal is to work with its portfolio companies and together build a unique digital ecosystem in the Middle East and North African (MENA) region.

Charged by these initial successes, eWTPA is currently pathing its way to expand more aggressively into the MENA market. Despite that there are fewer Unicorns in the MENA region compared to countries such as USA and China, eWTPA holds firm to their vision that the MENA market holds the strongest advantage of nurturing the growth of Unicorns, foreseeing great opportunities and potential within the region in the future. The characteristics of the MENA market analyzed by eWTPA are as follows:

Ms. Jessica Wong, Founding & Managing Partner of eWTPA, “As the region itself is transitioning from closed to open, the MENA market has its own unique needs and scenarios. The strong demand for innovation is reflected in the optimization and iteration of the region’s existing foundation, which is why eWTPA believes that more emphasis is to be placed on mature and refined technologies and products.”

Given that the MENA market places more importance on the supply and improvement of core values within the economy and industry, unicorns in the region are more likely to be mature global companies migrating to the Middle East in the future, other than local startups, a scenario that is highly compatible with eWTPA’s buyout strategy.

Three years of layout and planning have led to eWTPA completing the establishment of a Saudi cloud computing service company with a registered capital of 238 million US dollars with Alibaba Cloud, STC, the largest telecom service provider in the Middle East and North Africa and other companies this year. This will represent the largest cloud computing service company in the Middle East and North Africa in the future. At the beginning of 2022, as an investor and strategic partner of Jitu Middle East, eWTPA also announced that they would invest 2 billion US dollars in the next phase to become the largest intelligent logistics industrial park in the Middle East and North Africa, eventually becoming a key replication project of the Saudi government today. These power plays are one of the key reasons eWTPA can assist super unicorns open up to emerging markets, land faster, and develop with more stability and certainty.

eWTPA recognizes that compared to other regions, the MENA market’s roadmap to development is quite unique. From a macro perspective, the MENA region is in the stage of economic transformation and digital upgrading, which brings considerable structural opportunities. “These opportunities are reflected in the region’s sectors of technology, representing important infrastructure for regional economic transformation and digital upgrading that fills a huge gap in the market. The region is also in essence the accumulation of China and Asia’s scientific and technological strength in the past, “said Ms Wong. eWTPA has built a two-way docking bridge through investment to enhance regional industries. This will drive regional economic growth and allow mature enterprises to create greater glory on the global stage.

Moving forward, eWTPA believes that their greatest challenge is how to make large enterprises and unicorns better understand the opportunities of the MENA market, what methods and strategies should be used to notify them that it is better to enter this market faster, and what strategies to employ to be successful when landing in this market. eWTPA affirms that the degree of localization is the key to the sustainable growth of enterprises in the Middle East and North Africa markets, where eWTPA is located, which is why the Private Equity firm’s heavy empowerment is reflected in helping enterprises strengthen their localization capabilities. Ultimately, these past few years have helped eWTPA gain an abundance of experience and knowledge, and eWTPA hopes to propel overseas enterprises take off across borders.

Hashtag: #eWTPArabiaCapital

The issuer is solely responsible for the content of this announcement.

About eWTP Arabia Capital

eWTP Arabia Capital (“eWTPA”) is a growth stage venture fund based in Saudi Arabia and China backed by marquee investors – eWTP Capital and the sovereign wealth fund of Saudi Arabia, Public Investment Fund (PIF). eWTPA is focused on building a local digital ecosystem in MENA by partnering with market leading Chinese businesses and providing a gateway for these companies to establish a strong and sustainable presence in the region. eWTPA takes pride in its ability to offer comprehensive support to its portfolio companies, empowering them to explore and succeed in strategic markets across the MENA region.

Established in 2019, eWTPA is now the preferred partner for Chinese technology giants seeking to enter the MENA region. Through its US$400 million Fund I it has invested in 16 companies in the digital sector, 13 of which have already established themselves successfully in Saudi Arabia. Investments include the hugely successful Saudi Cloud Computing Company (“SCCC”) the kingdom’s leading provider of cloud Services and J&T Logistics, which is now the fastest growing logistics provider in the country.

The fund’s core investment strategy is to transfer the latest technology and proven business models from China and Asia more broadly in order to fill a clear gap in its target MENA market. eWTPA focuses on the sectors of digital infrastructure, core technology and platform, consumer and enterprise services which span enterprise services, cloud services, cyber security, fintech, cross-border supply chain, retail and consumer, e-commerce, logistics and digital entertainment. To eWTPA, success is the ability to drive capital appreciation and to help elevate the digital eco-system in the MENA region.

CPA Australia surveyed 483 accounting and finance professionals and 17 policymakers, regulators and business leaders across the GBA cities for the report.

CPA Australia President of the 2022 Greater China Divisional Council and Chair of the Financial Services Committee Eden Wong said the GBA was on a strategic mission to break new ground, which will lead to an influx of capital in the region.

“The GBA is one of the world’s wealthiest megalopolises, with the highest concentration of high-net-worth individuals in the world,” he said.

The potential minimum investable assets of wealthy families in Guangdong, Hong Kong and Macao grew from an estimated US$365 billion in 2017 to US$415 billion in 2021.

“To capture these unprecedented opportunities, many corporates have strategically planned to increase investments in the GBA in the next five years,” Wong said.

The report identifies six major influences on investments in the GBA over the next five years:

1. Corporate investment will grow
2. More active green finance and carbon trading activity
3. More efforts to improve capital flow openness
4. Digital payment technology adoption will enhance connectivity
5. More resources for talent availability
6. Closer collaboration among authorities

“Regulators have endeavoured to establish an ecosystem in Hong Kong to guide and support companies towards the path of a low-carbon and sustainable transition,” Wong said.

“They have set a strategic framework and agenda for green and sustainable finance and published guidance on sustainability-related disclosures.

“Hong Kong may play a role as a super connector to link China’s carbon trading scheme with the rest of the world and set the GBA on a fast track to improve the quality and efficiency of green and sustainable finance. We suggest the authorities across the GBA cities explore the possibility of establishing a unified carbon trading market to serve both domestic and international investors.”

More than one third of respondents said the openness of capital flow was a key advantage for businesses operating in the GBA. “Cross-border capital flow continues to grow and the use of the Renminbi in global transactions is increasing,” Wong said.

Businesses in the GBA are facing a global talent shortage. Respondents said more resources for talent availability would drive positive improvements over the next half a decade; seven in 10 called for more policy support to tackle this issue.

Forty-one per cent of respondents nominated mutual recognition of professional qualifications as the most critical factor to expand the talent pool in the GBA.

“Talent availability is an indispensable part of success”, Wilson Pang, Divisional Councillor in Greater China and Deputy Chair of the Greater Bay Area Committee at CPA Australia said.

Pang said there continued to be multiple accreditations for professional qualifications across the GBA mainland cities and the Special Administrative Regions.

“To dismantle this barrier and accelerate the movement of talent, regulators and professional bodies should explore ways to simplify accreditation processes and encourage young professionals to accumulate practice experience by working in other GBA cities,” Pang said.

“Policy makers, regulators and investors who contributed to our report expressed the need to deepen future collaboration to tackle these issues.

“Recently announced measures in the GBA cooperative zones encompassing Qianhai, Hengqin and Nansha could encourage further cross-boundary investments.”

According to Pang, “Regulators and corporates across the GBA should make a concerted effort to buttress the advantages in the region such as the openness of capital flow and the high quality of financial infrastructure.”

Hashtag: #CPAAustralia

The issuer is solely responsible for the content of this announcement.

About CPA Australia

CPA Australia is one of the largest professional accounting bodies in the world, with more than 170,000 members in over 100 countries and regions, including more than 22,200 members in Greater China. CPA Australia has been operating in Hong Kong since 1955 and opened our Hong Kong office in 1989. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at cpaaustralia.com.au

M1 customers can now enjoy True 5G seamlessly across all mobile plans

SINGAPORE – Media OutReach – 22 September 2022 – M1 Limited (M1), one of Singapore’s leading Mobile Network Operators (MNO), today announced that all its mobile handset plans will come with True 5G. Consumers who sign up for the first time or re-contract on any M1 mobile plans will get to enjoy True 5G on M1’s 5G Standalone (SA) network, which offers customers faster speeds, enhanced connectivity, and close to real-time network responses.