LETTER FROM THE CEO: STRATEGIC REORGANIZATION AND FUTURE GROWTH
To Our Valued Shareholders,
Over the past three years, ICNM has been dedicated to revolutionizing Industrial Service technology platform in China through our full subsidiary Kuora. As we look toward our next phase of growth, I am writing to share several significant strategic decisions made by the Board of Directors aimed at strengthening our corporate structure and long-term valuation.
1. Strategic Withdrawal from OTC Markets
The Company has initiated a voluntary withdrawal from the OTC Markets (Pink Sheets). This decision follows a comprehensive internal review of the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies issued by the China Securities Regulatory Commission (CSRC).
As a group with significant operations in Mainland China and a headquarters in Singapore, navigating the evolving cross-border regulatory landscape is paramount. Moving to a private, Singapore-centric corporate structure ensures we remain in full compliance with these measures while eliminating the substantial annual legal, audit, and administrative costs associated with maintaining a US public quotation. These saved resources will be redirected immediately into our core technology development.
2. The Singapore Merger: A New Chapter
This delisting is a prerequisite for our upcoming merger with a Singapore-based technology group. This merger is not just a structural change; it is a strategic leap. By combining our expertise, we are creating a powerhouse in the Industrial Service/AI sector.
Our goal is clear: to build a high-performance technology entity that is positioned for a future listing on a Tier-1 global exchange that better reflects our regional scale and technological value.
3. Commitment to Our Shareholders
I want to personally address our retail and small-scale investors. This transition is designed to protect and enhance your investment, not diminish it.
Share Exchange Program: Your ownership in the current US entity will not be lost. We are finalizing a share-swap program where your holdings will be transitioned into the new Singapore Holding Company.
Capital Cleanup: To ensure our new structure is attractive to institutional investors and ready for our future listing, we will be performing a share consolidation. This "cleanup" will stabilize our capital structure and remove the "penny stock" volatility that has historically hampered our market perception.
4. Looking Ahead
We are transitioning from a fragmented "Pink Sheet" company into a focused, private Singaporean technology leader with a clear path back to the public markets on a stronger, more regulated footing.
The core management team, which holds over 90% of the company's value, is fully committed to this path. We believe this reorganization is the most direct route to realizing the true value of our technology and your investment.
Thank you for your continued trust and support as we embark on this exciting new chapter.
Sincerely,
Nunissait Tjandra
Chief Executive Officer
Icon Media Holdings, Inc