Yakov Temov entered into a share transfer deed to acquire CIO Technology, Inc from Connected IO Limited (ASX:CIO) for AUD 1 on November 25, 2021. Yakov Temov agreed to accept transfer of the CIO Tech shares and the responsibility for repaying a AUD 0.4 million loan owed by CIO Tech to the Company. The transaction is subject to a number of conditions precedent being satisfied (or waived) by the parties, including shareholder approval, regulatory approval, Connected IO and CIO Tech entering into the IP Licence Agreement, entering into a formal deed of forgiveness with respect to all intercompany loans between the Company and CIO Tech other than the CIO Loan, which have been advanced to CIO Tech on an ongoing basis, totaling approximately AUD 2.567 million and entering into a letter agreement extending the repayment of the CIO Loan, to be due and payable on or before June 30, 2022.

All conditions have been met other than Shareholder approval. The transaction is expected to close on January 6, 2022. The repayment of the CIO Loan will be used to repay Connected IO outstanding loans which were provided to the Company by third parties to fund inventory production within CIO Tech.