Updated Financial Information - Essential Energy

Updated Financial Information for Essential Energy Holding Group Corp.

Hydrogen Utopia International PLC, a company specialising in turning non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, new materials or distributed renewable heat, informs the market that further financial information has now been provided by Essential Energy to the Company in relation to Essential Energy Holding Group Corp. (formerly, Helmond Holding Group Corp.) ("Essential Energy").

HUI signed heads of terms with Essential Energy on 23 February 2024 for the proposed acquisition of the entire issued share capital of Essential Energy ("Proposed Acquisition").

The two announcements of 26 February 2024 reported Essential Energy as 'a substantial and profitable international bio-energy company with revenues in excess of EUR365m and profits before taxes of EUR40m'. The announcements reflected the financial information provided to HUI by Essential Energy, signed by the CEO (UBO) and CFO. Subject to due diligence, a number of conditions including an independent valuation, the parties agreed a price of approximately £500m for the Essential Energy group.

Financial information now received raises a number of queries. The Company is making continued enquiries.

The further financial information provided is such that it could have a material effect on the valuation of Essential Energy. The parties are exploring this further.

There can be no guarantee at this stage that the Proposed Acquisition will complete nor as to the final terms of the Proposed Acquisition.

The Company will make further announcements, as appropriate.