UFO Moviez India Limited announced execution of joint venture agreements each dated July 06, 2023 with Qube Cinema Technologies Private Limited (Qube) for undertaking the businesses of selling advertisement inventory and mastering of digital content, jointly by the Company and Qube. The Board at its meeting held on July 06, 2023 has approved execution, performance and delivery of joint venture agreements each dated July 06, 2023 by the Company, with Qube (collectively referred to as JVAs) to carry out the following businesses, subject to necessary approvals: (a) post-production processing, mastering of digital content including DCI, Non-DCI, premium large format content, OTT content mastering, restoration, high dynamic range (HDR) adaptation, cloning, content delivery and key delivery message management of digital content in DCI and Non-DCI formats (and providing ancillary services in relation thereto, such as content localization, subtitling, dubbing, audio-description, closed captioning and management /issuance of release hold letters) ("Mastering Business"); and (b) selling advertisement inventory on behalf of the Company and Qube, including on-screen and off-screen advertising, of DCI and non-DCI screens of the Company and Qube, as well as third parties, in India, including providing ancillary services in relation thereto (such as in-cinema and off-cinema advertising solutions and rural activation vertical of UFO having both LED and normal screens mounted on a vehicle (ie, Caravan Talkies)) (Advertisement Business) (jointly, Transaction). To consummate the Transaction, the Board at its meeting held on July 06, 2023 has approved the Company to carry out the Mastering Business and Advertising Business (along with Qube) vide 2 (two) newly incorporated joint venture companies, under the names (a) Media Artists Private Limited; and (b) United Cine Media Private Limited or United Cinema Media Private Limited (jointly, "Joint Venture Companies") or such other names as the Company and Qube may mutually decide for carrying the above mentioned businesses.

Further, the Board at its meeting held on July 06, 2023 has also called for an extra-ordinary general meeting of the members of the Company to seek approval for assigning the Company's marketing rights (along with all necessary resources and personnel, as may be required), exclusively in favour of the joint venture company (that is proposed to undertake the Advertising Business).