Exclusivity period for Heads of Agreement extended to 31 August 2024

Extension to enable Tembo to consummate material transaction and update disclosure

LONDON, July 29, 2024 (GLOBE NEWSWIRE) -- The Nasdaq-listed B Corp, VivoPower International PLC (Nasdaq: VVPR, “VivoPower”), announced today that its electric vehicle subsidiary, Tembo e-LV B.V. (“Tembo”), has agreed to a further one month extension of its exclusive heads of agreement with Nasdaq-listed Cactus Acquisition Corporation I (Nasdaq: CCTS, CCTSW, CCTSU, “CCTS”) to 31 August 2024.

The extension is intended to provide additional time for Tembo to consummate a material transaction and update disclosures before finalising a definitive business combination agreement relating to the proposed transaction as well as the independent fairness opinion.

About VivoPower

VivoPower is an award-winning global sustainable energy solutions B Corporation company focused on electric solutions for off-road and on-road customised and ruggedised fleet applications as well as ancillary financing, charging, battery and microgrids solutions. The Company’s core purpose is to provide its customers with turnkey decarbonisation solutions that enable them to move toward net-zero carbon status. VivoPower has operations and personnel covering Australia, Canada, the Netherlands, the United Kingdom, the United States, the Philippines, and the United Arab Emirates.

About Tembo

Tembo electric utility vehicles (EUVs) are the premier 100% electric solution for ruggedised and/or customised applications for fleet owners in the mining, agriculture, energy utilities, defence, police, construction, infrastructure, government, humanitarian, and game safari industries. Tembo provides safe, high-performance off-road and on-road electric utility vehicles that meet exacting standards of safety, reliability, and quality. Its core purpose is to provide safe and reliable electrification solutions for utility vehicle fleet owners globally, helping perpetuate useful life, reduce costs, maximise return on assets, meet ESG goals and activate the circular economy. Tembo is a subsidiary of the Nasdaq listed B Corporation, VivoPower International PLC