Anyway to verify with EDB on their announcement?


The Board wishes to clarify that, from 2014 to 2016, the Group had received a grant of a

significant sum from the Office for Space Technology and Industry (&ldquo OSTIn&rdquo ) of the Economic

Development Board of Singapore (&ldquo EDB&rdquo ) under its Capability Development Program for

Space to help defray the Group&rsquo s R& D costs incurred in developing engineering capabilities

for space applications including the Group' s innovative Inter-Satellite Data Relay System

(&ldquo IDRS&rdquo ) technology

.

After the successful completion of a one-year in-orbit testing and validation of the IDRS

innovation in end 2016, the Group has had in February 2017 received a further grant

commitment of a much larger sum from OSTIn, to be drawn down over four years, to supportits

further development of the capabilities and the commercialisation of the IDRS innovation.

The Board is of the view that, coupled with the fresh funds of approximately S$11.0 million

raised by the Company recently, the Group is expected to have adequate

funding to cover itsongoing R& D expenditure for at least the new four-year grant period, and is deeply

appreciative and grateful to EDB for all the supports it extended to the Group.