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Australia Sunny Glass Group Ltd (NSX:AG1) Acquisition of DW Sullivan Windows
Australia Sunny Glass Group Limited (NSX:AG1) is pleased to announce that it has executed a binding term sheet to acquire a 100% interest in Sullivan Facades, a specialist provider of windows, cladding and curtain wall solutions for Australia's top tier builders in Melbourne, Victoria, through the acquisition of 100% of the issued capital of DW Sullivan Windows Pty Ltd (Sullivans). The transformational acquisition includes a robust projects pipeline and custom manufacturing and supply capabilities from the Sullivans' factory in Melbourne's West.

The acquisition, which is consistent with the Company's focus on securing large-scale commercial glass supply projects, will allow AG1 to pursue its growth objectives such as expansion plans in its primary markets of New South Wales and Victoria as well as complement and strengthen its project capabilities and integrated glass supply solutions.

Acquisition terms

The acquisition of Sullivans from its shareholders (Vendors) will be funded through the issue of AG1 shares and two separate cash payments.

In part consideration for the acquisition, AG1 will pay the Vendors A$150,000 as an upfront cash consideration, in accordance with the terms of the binding term sheet (Upfront Payment). An additional payment of A$150,000 to the Vendors will occur one year after completion, in accordance with the terms of the transaction (Final Payment). The cash payments will be made to the Vendors on a pro rata basis.

Subject to shareholder approval, the Company will issue 13,333,333 fully paid ordinary shares at a deemed issue price of A$0.30 per share pro-rata to the Vendors to complete the acquisition.

In addition, the completion of the acquisition will be subject to conditions precedent, including:

- the Company obtaining all necessary change of control consents and any required third-party consents, shareholder or regulatory approvals; and

- other conditions customary for a transaction of this nature.

Investor Inquiries
Ventus Aqua Limited
+61 8 9277 9197

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