Future Mobility Solutions to Acquire Willard Marine Inc.

Future Mobility Solutions ("FMS" or "Company") announces that it has entered into a conditional agreement for the acquisition ("Acquisition") of Willard Marine Inc. ("Willard") for an aggregate purchase price of US$6.85 million. Willard, founded in 1957, is headquartered in the United States of America and manufactures and sells a wide range of crafts under the Willard, SeaArk and Crystaliner brand names. Willard has a broad range of military grade rigid inflatable boats (RIBs) supplemented by significant aluminum and fiber glass hull expertise with a client focus on customers in the military, first responder and commercial sectors in the United States. To date, Willard has sold over 2,000 boats. Current clients include: the United States Navy, including foreign military sales, United States Army Corps of Engineers, Los Angeles County Fire Department, Washington DC Fire Department, Military Sealift Command, Shell Offshore Inc., Alaska Marine Highway System and National Oceanographic and Atmospheric Administration, among others. In its most recent financial year ended 31st December, 2016, Willard achieved revenues of approximately US$13.1 million. In making the Acquisition, the Company believes that Willard will build significantly on the Company's previously announced acquisitions of Sillinger and Gemini. In particular, it should broaden the FMS Group's geographic reach by adding the United States to the Group's strengths in Europe and North and West Africa through Sillinger, in the Southern African continent, Indian Ocean and the UK through Gemini, and in the Asia Pacific through Sealegs. Equally, Willard should deepen and expand the FMS Group's customer base, especially in the military sector where Willard is especially strong. As previously noted, sales to government and other similar commercial enterprises are often dependent on home content rules, and Willard should further enhance the ability of the FMS Group to compete for those mandates and opportunities. Lastly, in relation to FMS' leading global position in amphibious technology, Willard should offer substantial opportunities for its Sealegs subsidiary to increase its market penetration and further enhance its pre-eminence in this important emerging technology sector. Consideration The purchase price for the Acquisition will be payable as follows: (i) on completion ("Completion"), as to US$1.65 million in cash; (ii) on the first anniversary of Completion, as to a further US$2.6 million in cash; and (iii) on the second anniversary of Completion, as to a further US$2.6 million in cash. It is presently intended that the cash consideration due will be met from the Company's internal resources and borrowings. Acquisition is Conditional Shareholders should note that the Acquisition is subject to a number of conditions, including inter alia: (i) approval of FMS shareholders at a special general meeting; and (ii) the execution of the definitive acquisition agreement. Accordingly, the proposed Acquisition may or may not complete either as intended or at all. Accordingly, shareholders are advised to exercise caution when considering trading the Company's shares. FMS currently anticipates that the Acquisition will be completed prior to the end of the 2017 calendar year. FMS will provide further update announcements as appropriate but, in any event, upon the Acquisition becoming unconditional. For further information please contact: Mark Broadley Chief Executive Officer Future Mobility Solutions Limited Phone +64 9 414 5542 End CA:00307843 For:FMS Type:TRANSACT Time:2017-09-27 08:31:00