Environmental Solutions Group Holdings Limited, Pioneer in Sustainable Circular Economy Solutions, Announces Signing of Definitive Agreement to Combine with Genesis Unicorn Capital Corp. (Nasdaq

GENQ)

Environmental Solutions Group Holdings Limited (“ESG”) and Genesis Unicorn Capital Limited (“GENQ”) Enter into a Merger Agreement

•  Combination values the combined company, to be renamed ESGL Holdings Limited, at an implied pro forma enterprise value of $161.25 million (assuming no redemptions in connection with the transaction)
•  ESG is a circular economy solutions pioneer in Singapore. ESG restores and regenerates industrial waste into sustainable circular products, in partnership with companies to achieve their sustainability goals
•  With operations in Singapore, we believe ESG will have a geographic coverage advantage for expanding into the ASEAN market as Singapore aims to be a leading regional center for developing new sustainability solutions as part of its 2050 Green Plan. The inception of the ASEAN circular economy framework should further accelerate cross border expansion opportunities
•  The combined company will be named ESGL Holdings Limited and will apply for listing on the Nasdaq under the ticker ESGL
•  ESG’s CEO and Chairman, Leng Chuang Quek, and the existing ESG management team to lead the combined company 

New York, NY, Nov. 30, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Environmental Solutions Group Holdings Limited (“ESG”), a provider of sustainable waste solutions, and Genesis Unicorn Capital Corp. (Nasdaq: GENQ), a special purpose acquisition company, announced today that they have entered into a definitive merger agreement that upon closing will result in ESG becoming a publicly traded company. The transaction is expected to be completed in the second quarter of 2023, subject to regulatory approvals and other customary closing conditions. After closing, the combined entity, ESGL Holdings Limited, a Cayman Islands exempted company (“ESGL”), is expected to trade on the Nasdaq under the ticker symbol ESGL. The transaction reflects an estimated pro forma enterprise value for the combined company of approximately $161.25 million (assuming no redemptions in connection with the transaction).

Leng Chuang Quek, CEO and Chairman of ESG, commented, “The partnership we announced with GENQ today is a remarkable milestone in ESG’s sustainability and circularity journey. We believe the GENQ board’s recognition of our ambition through this merger will allow us to accelerate our growth, expand our reach into Southeast Asia, and continue to build on our disruptive solutions for the circular economy. This is an exciting time for the ESG team, our partners and everyone else who believes that the circular economy is a critical pillar to support and accelerate towards becoming a net zero region.”