Binding Term Sheet to Divest Carbon & Fuel Central Assets

• Binding Term Sheet Executed: NoviqTech to divest Carbon Central and Fuel Central assets to Renaissance Group
• Total Consideration: AUD $1,000,000, payable in installments
• Strategic Focus Shift: Resources redirected to Coralia's Biochar CDR projects
• Expected Savings: Over $100,000 monthly savings post-divestment
• Leadership Change: Timothy Brooks appointed as new CEO

NoviqTech Limited has entered into a binding term sheet with Renaissance Group Holdings Limited for the divestment of its Carbon Central and Fuel Central assets, held by its subsidiary NoviqTech Services. The transaction, totaling AUD $1,000,000, is aimed at sharpening NoviqTech's strategic focus on the carbon dioxide removal sector through its subsidiary Coralia. The divestment is expected to result in monthly savings of over $100,000 and includes the transfer of all current NoviqTech staff to Renaissance. Timothy Brooks has been appointed as the new CEO and Managing Director, replacing Freddy El Turk who has resigned from the board.