BYT Holdings Announces Strategic Investment

VANCOUVER, BC, Feb. 5, 2021 /CNW/ - BYT Holdings Ltd. (CSE: BYT) ("BYT" or the "Company") is pleased to announce that it has entered into a definitive share purchase agreement (the "Agreement") in connection with the acquisition of 35% of the issued share capital ("Equity Stake") of Xi'an Triumph Electronic Technology Co., Ltd ("Xian Tech") through its wholly-owned subsidiary BYT Singapore Pte. Ltd. (the "Transaction"). In consideration for the acquisition of the Equity Stake, the Company will pay an aggregate purchase of SGD 1,750,000 to certain shareholders of Xian Tech.

Closing of the Transaction is subject to customary closing conditions which include, among other things, compliance with all applicable regulatory requirements and receipt of all necessary regulatory, corporate, third-party, board and shareholder approvals (if required). There can be no assurance that the Transaction will be completed as proposed, or at all. The Transaction is an arms-length transaction and no change in management, or the board of directors of the Company is being contemplated at this time.

"The team at Xian Tech has built a technology driven company, that is addressing the need for high quality data analytics in the all-important infrastructure construction sector in China. This is evident from their premium customer base and wide adoption of its solutions. This is a strategic and synergistic acquisition for BYT, which will strengthen our existing EPCM and waste management offerings," said Vincent Lim, Chief Executive Officer of the Company.

About Xi'an Triumph Electronic Technology Co., Ltd

Xi'an Triumph Electronic Technology Co., Ltd was founded in founded in Xi'an, China in 2001. Since 2015, its core business is the provision of industrial big data analytics solutions through its proprietary platform systems.

Xian Tech's solutions enjoy a strong reputation and are widely adopted by large construction companies in China. Its customers include state owned enterprises operating in the railway, communications and water conservancy industries. Since inception, the company has deployed its products and services to more than 500 large scale infrastructure construction projects in China and other countries. Its flagship product "CFDT-2019", an industrial big data platform, has access to more than 600 out of around 2500 tunnel boring machines that are in use in China today.

Xian Tech will continue to service four key industry segments: urban rail transit construction, water conservancy projects, railway engineering, and integrated pipeline network construction. These pillar industries all enjoy long term sustainable growth, which will underpin the company's growth in the future.

About BYT Holdings

BYT's operations are based out of Singapore, with its primary business being to provide one-stop turnkey engineering, procurement, and construction management solutions that range from consultancy and design, to the construction of projects involving high technology production facilities, primarily in Singapore and mainland China. BYT is also developing its waste management services division in Shanghai, China, which focuses on converting waste into organic compost.

ON BEHALF OF BYT HOLDINGS

"Vincent Lim"

Vincent Lim
Chief Executive Officer

Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE BYT Holdings Ltd.