The Board of Directors of Wellspire wishes to announce that Bai Li Enterprise (“Bai Li Enterprise”), a 75.01% owned subsidiary of the Company had on 21 February 2023 entered into new distributor agreement and distributor supplementary agreement with QiaQia, which shall be for the period from 1 July 2022 to 30 June 2023, collectively referred to as “Agreements”.

Bai Li Enterprise has been appointed as QiaQia’s exclusive distributor of ChaCha sunflower seeds and nuts products in Thailand since 2013, where the products supplied by QiaQia will only be sold by Bai Li Enterprise in Thailand.

As disclosed in the Company’s initial public offering (“IPO”) prospectus dated 27 December 2022, that was issued in conjunction with the listing of and quotation for the Company’s entire issued share capital on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) on 16 January 2023, on 13 May 2022, the distributor agreement has been renewed with QiaQia for a period of 1 year, commencing from 1 January 2022 to 31 December 2022. In addition, on 13 May 2022, Bai Li Enterprise has also entered into a distributor supplementary agreement with QiaQia in respect of the sales incentive plan. With the signing of the abovementioned Agreements, the renewal and sales incentive assessment cycle shall be from 1 July to 30 June, annually.

Further details of the above are set out in the attachment.

This announcement is dated 21 February 2023.