Nexus Union Sdn. Bhd. has entered into a joint venture with Geosat Aerospace & Technology Inc. by incorporation of a new joint venture company known as MATA Aerotech. Geosat is a corporation organised and existing under the laws of the Republic of China and having its principal place of business at 12F., No.253, Sec. 3, Dongmen Rd., East Dist., Tainan City 701, Taiwan (Republic of China). The principal activity of Geosat involves development, manufacturing and selling industrial drone systems and providing services in connection with remote sensing data analysis in the territory of Taiwan (Republic of China). Subject to the terms and conditions of the Agreement and the terms of the joint venture agreement between Geosat, Nexus and MATA Aerotech dated 3 July 2019 ("JVA"), Nexus is desirous to grant SWS an option to purchase 3,442,500 ordinary shares in MATA Aerotech held by Nexus at the Purchase Price representing 51% of the paid-up capital of MATA Aerotech.