Environmental Solutions Group Holdings Limited Announces Financial Results For 2022; FY22 Revenue $5M, Up 26.1% YoY; NOTE: SPAC Genesis Unicorn Capital Corp. Announced That It Had Signed A Definitive Merger Agreement With ESGL On November 30, 2022

• Revenues increase 26% on the strength of waste treatment contracts with multinational corporate clients
   

Singapore & New York, NY, March 29, 2023 (GLOBE NEWSWIRE) -- Environmental Solutions Group Holdings Limited ("ESGL") today announced the filing of an amendment to the registration statement on Form F-4 (the "Registration Statement") filed by ESGL Holdings Limited ("PubCo") with the U.S. Securities and Exchange Commission ("SEC"), which includes the financial results of ESGL for the fiscal years ended December 31, 2022 and 2021. ESGL, through its operating entity in Singapore, Environmental Solutions (Asia) Pte. Ltd. ("ESA"), is a sustainable waste solutions provider whose mission is to recycle industrial waste into circular products using innovative technologies and renewable energy.

On November 30, 2022, Genesis Unicorn Capital Corp. (the "Company"), a special purpose acquisition company (NASDAQ:GENQ), announced that it had signed a definitive merger agreement with ESGL. In connection with the proposed transaction, PubCo has publicly filed the Registration Statement, which Registration Statement also includes a proxy statement of the Company.

Financial Highlights for the Fiscal Year Ended December 31, 2022 for ESGL

• Total revenues increased by 26.1% year over year to approximately $5.0 million for FY 2022
• Revenue from sales of circular products totaled approximately $2.7 million for FY 2022, a year-over-year decrease of 2.2%, while revenue from waste treatment services reached approximately $2.2 million for FY 2022, a year-over-year increase of 95.1%
• Gross margin was 64.3% for FY 2022 compared to 66.8% for FY 2021
• Net loss was approximately $2.4 million for FY 2022 compared to a net loss of approximately $0.7 million for FY 2021
• Non-GAAP adjusted EBITDAi was approximately $1.0 million for FY 2022 compared to approximately $1.5 million for FY 2021
   

"ESGL is a pioneer in terms of anchoring its waste treatment business around the core concepts of circularity and sustainability. Leveraging on the Singapore government's push towards net zero emissions by 2050, we believe ESGL is well-poised to ride the wave of the country's push towards its sustainability and carbon reduction targets. We look forward to working with the ESGL team in achieving their aim of becoming a market leader in the circularity and sustainability space in Singapore and the larger Southeast Asian markets," commented Mr. Samuel Lui, President, and CFO of Genesis Unicorn Capital Corp.

As a result of ESGL's activities in 2022, the company was able to help Singapore to:

• convert 81,000 Kgs of waste plastics into circular products such as pyrolysis oil that otherwise would have been incinerated in municipal waste incinerators; and
• sustainably treat 16,500 tons of hazardous sludge, ash, and wastewater to render it safe and create valuable green raw materials.

"Singapore urgently needs to increase waste treatment capacity with sustainable waste processing technology as our country is significantly underserved in treating its industrial output of hazardous waste. In addition, the recycling rates for waste plastics and ash and sludge both remain in the single digits. This creates a huge market opportunity for ESA's circular solutions, and we have now established ourselves as a reliable partner for some of the most forward-looking companies operating in Singapore, as reflected in the growing contribution of service fees to our revenue mix last year. Furthermore, we have already begun expanding our treatment capacity from the current 31K tons to an expected future capacity of 195K tons by 2025ii," stated Mr. Quek Leng Chuang, Founder, CEO, and Chairman of the Board of ESGL.

"Looking beyond Singapore, the broader ASEAN market is increasingly facing a growing environmental crisis resulting from untreated plastic and industrial hazardous waste. We look forward to partnering with our current multinational corporate clients to bring our waste treatment solutions and capacities into other parts of the ASEAN countries where they operate under increasingly stringent supply-chain environmental, social and governance ("ESG") mandates."

ESGL's management team has amassed approximately 100 years of relevant experience in waste management, the chemical supply chain and general management, including but not limited to corporate and financial management and services.

Financial Outlook for the Fiscal Year 2023 of ESGL

Based on the current contract backlog, ESGL expects total revenues and adjusted non-GAAP EBITDAiii for the fiscal year ending December 31, 2023 to reach approximately $10.95 million and $2.90 million, respectively.

This outlook reflects the current and preliminary views of ESGL on the market and operational conditions and is subject to various changes and uncertainties. As of February 17, 2023, ESGL has $9.4 million in signed contract valueiv to be delivered in FY 2023, i.e., approximately 85% of the FY 2023 revenue forecast.