JAPAULOIL to pull out of Milost Global Inc equity deal

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We write in relation to the above subject with reference to our public announcement of February 19, 2018.

Japaul Oil and Maritime Services Plc wishes to notify its stakeholders that the Board of the Company at its meeting held on Thursday, 29 March 2018 deliberated on the proposed equity injection by Milost Global Inc.

The Board resolved that in view of the numerous red flags associated with the proposed equity injection that Management should in consultation with the Company’s retained Counsel take prompt steps to pull out of the transaction in a non-prejudicial manner.

Further development regarding this transaction will be communicated in due course.

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