CHENGDU, China, March 22, 2025 /PRNewswire/ — A report from National Business Daily:

Chengdu, a city celebrated for its deep cultural roots, showcased its growing prowess in creative industries at the 2025 World Conference on Cultural Industry, held March 21-22. Themed “Culture Leadership in Urban Vitality and Innovation”, the event attracted industry leaders, government officials, and creative professionals from around the world, highlighting Chengdu’s efforts to blend culture with cutting-edge technologies and innovation.

The two-day conference explored thriving creative industries such as gaming, animation, film, and design, providing a platform for collaboration through industry matchmaking, site visits, and cultural events. The opening ceremony featured speeches from international delegates, including a representative from South Yorkshire, U.K., alongside perspectives from Greater Manchester and Liverpool officials on urban creative strategies.

Industry experts offered detailed insights into trends driving digital creativity, while a signing ceremony cemented partnerships in various sectors of cultural industry. Local media group presented a series of local projects, underscoring the city’s contributions to innovation in digital media and storytelling.

During the conference, a standout moment came as the U.K. delegation toured two of Chengdu’s leading digital creative parks. Discussions with park managers and companies centered on product exports and potential cross-border collaborations. That evening, a Sino-U.K. cultural promotion dinner spotlighted opportunities in film, music, art, design, and sports, with several initial agreements taking shape during one-on-one talks.

On March 22, participants visited Chengdu’s iconic landmarks, experiencing the city’s rich heritage and vibrant creative spirit firsthand. The tours reinforced Chengdu’s appeal as a place where tradition meets modern innovation, leaving a strong impression on attendees.

The conference bolstered Chengdu’s connections with global creative industries, positioning it as an increasingly influential player in the international cultural and technological landscape while fueling its ongoing development ambitions.

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TORTOLA, British Virgin Islands, March 21, 2025 /PRNewswire/ — IDC OVERSEAS, LTD. (the “Company” or “IDC”) announced today that its offer to exchange (the “Exchange Offer”) any and all of its outstanding 9.0% Notes due 2026 (ISIN: XS2590265471; Common Code: 259026547) (the “Existing Notes”) for an equal amount of its new 9.0% Notes due 2030 (the “New Notes”) has expired in accordance with its terms at 4:00 p.m. London time on March 21, 2025.  An aggregate principal amount of $144,940,000 of Existing Notes have been validly tendered for exchange, representing 96.63% of the outstanding Existing Notes.  The Company has accepted for exchange all of the Existing Notes tendered.  The Company expects the settlement date of the Exchange Offer to be on or about March 26, 2025

General

BCP Securities, Inc. is acting as exclusive dealer manager for the Exchange Offer. D.F. King Ltd. has been appointed as the information agent and exchange agent for the Exchange Offer. The complete terms and conditions of the Exchange Offer are described in the exchange offer memorandum, copies of which may be obtained by Eligible Holders by contacting (i) BCP Securities, Inc. at jharper@bcpsecurities.com or (ii) D.F. King Ltd. at +44 20 7920 9700 or idc@dfkingltd.com. For more information, visit https://clients.dfkingltd.com/idc.

The New Notes have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state of the United States or other jurisdiction, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly, the New Notes are being offered and sold only to non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act (“Eligible Holders”).

This announcement is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy the New Notes nor an offer to purchase Existing Notes. The Exchange Offer was made solely by means of the exchange offer memorandum.

About the Company

IDC was founded in 1995 and has evolved from a consulting firm to an investment bank, to a multi-fund platform for strategic investments. IDC operates its business through four offices located in Miami, Guatemala City, Madrid and Copenhagen, providing a global platform and local knowledge for sourcing transactions and raising capital for different funds and a network divided into six verticals. IDC’s purpose is to be a transformation agent, ultimately making a positive impact and changing the lives of people through its investments and proprietary projects. As of December 31, 2024, the Company’s assets under management were US$2.1 billion.

Forward-Looking Statements

This release may contain forward-looking statements. These statements relate to our future prospects, developments and business strategies and are identified by our use of terms and phrases such as “believe,” “could,” “would,” “will,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “strategy” and similar terms and phrases, and may include references to assumptions. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and are based on numerous assumptions and that our actual results of operations, including our financial condition and liquidity may differ materially from (and be more negative than) those made in, or suggested by, any forward-looking statements contained in this release. In addition, even if our results of operations, including our financial condition and liquidity and the development of the industry in which we operate, are consistent with the forward-looking statements contained in this release, those results or developments may not be indicative of results or developments in subsequent periods. These forward-looking statements speak only as of the date of this release and we undertake no obligation to update or revise any forward-looking statement, whether as a result of new information or future events or developments. More detailed information about these and other factors is set forth in the exchange offer memorandum.

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SOURCE IDC Overseas, Ltd.

Transaction Strengthens Balance Sheet and Enables Execution of Multi-Vertical Revenue Strategy

VANCOUVER, BC, March 21, 2025 /PRNewswire/ – Damon Inc. (NASDAQ: DMN) (“Damon” or the “Company”), a designer and developer of electric motorcycles and other personal mobility products that seek to empower the personal mobility sector through innovation, data intelligence and strategic partnerships, today announced the closing of its previously announced public offering of 126,900,000 units at a public offering price of $0.13 per unit. Each unit consisted of one common share and one Series A warrant to purchase one common share, subject to adjustment in accordance with its terms. In addition, the Company granted the underwriters a 45-day option to purchase up to an additional 19,035,000 common shares at a price per share equal to the public offering price per unit (net of discounts and commissions) minus $0.001, and/or 19,035,000 Series A warrants at a price of $0.001 per warrant, to cover over-allotments.

Gross proceeds to the Company, before deducting underwriting commissions and other offering expenses, were approximately $16.5 million. The proceeds of this offering will support Damon’s next phase of growth, focused on accelerating revenue generation through its proprietary technologies, data intelligence, user-driven design and strategic partnerships.

“This financing marks a pivotal moment for Damon, providing the financial foundation needed to advance our mission in sustainable mobility,” said Dom Kwong, CEO of Damon Inc. “This transaction strengthens our balance sheet and provides us with the resources needed to execute our business plan with confidence. It will also enable us to focus on multiple potential revenue verticals—including our proprietary safety systems and electrification technology—and to leverage an asset-light business model through strategic partnerships, positioning us strongly for long-term value creation.”

Maxim Group LLC acted as sole book-runner in connection with the offering. In connection with the offering, the underwriter partially exercised its overallotment option and purchased an additional 19,035,000 Series A warrants at $0.001 per warrant for additional gross proceeds of $19,035.

A registration statement on Form S-1 (File No. 333-285872) was filed with the U.S. Securities and Exchange Commission (“SEC”) and was declared effective by the SEC on March 20, 2025 (the “registration statement”). A final prospectus relating to the offering was filed with the SEC and is available on the SEC’s website at http://www.sec.gov. The offering was made only by means of a prospectus forming part of the effective registration statement. Electronic copies of the prospectus relating to this offering may also be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, New York 10022, Attention: Syndicate Department, by telephone at (212) 895-3745 or by email at syndicate@maximgrp.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Damon Inc.

Damon Inc. is a designer and developer of personal mobility products and technology solutions that integrate AI-driven safety systems, smart electrification, and user-driven design to revolutionize sustainable transportation. Operating across four potential revenue verticals – Data Intelligence & Services, Engineering Services, Personal Mobility Products, and Special Projects – Damon believes it is positioned to capture a significant share of the $40B global electric two-wheeler market by 20301. The company distinguishes itself through its integrated ecosystem approach, combining advanced data analytics, engineering expertise, and strategic partnerships with OEMs and Tier 1 suppliers. Damon emphasizes accessible mobility solutions while leveraging its proprietary AI-driven safety systems and intelligent energy management technology to deliver superior performance and operational efficiency in the urban and business mobility space. For more information, please visit damon.com.

Forward Looking Statements

Forward-looking statements in this press release include, but are not limited to, statements relating to our strategic initiatives, revenue expansion plans, business model evolution, and expected efficiency improvements and growth. In developing the forward-looking statements in this press release, we have applied several material assumptions, including the general business and economic conditions of the industries and countries in which Damon operates, and general market conditions. Many risks, uncertainties, and other factors could cause the actual results of Damon to differ materially from the results, performance, achievements, or developments expressed or implied by such forward-looking statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to, our history of losses, our ability to implement our growth strategy and achieve profitability, our limited operating history with recent acquisitions, our ability to obtain adequate financing as needed, our ability to continue as a going concern, our status as a foreign private issuer, our ability to maintain compliance with Nasdaq’s continued listing requirements, customer demand for or acceptance of our products and services, the impact of competitive or alternative products, technologies, and pricing, emerging competition and rapidly advancing technology that may outpace our own, our ability to manufacture or distribute products and secure strategic supply and manufacturing arrangements, our ability to protect our intellectual property, impact of any changes in existing or future regulatory and tax regimes applying to our business, our ability to successfully consummate strategic transactions and integrate companies or technologies we acquire, our ability to attract and retain management and employees with specialized knowledge and technical skills, our ability to develop and maintain effective internal controls, general economic conditions and events and the impact they may have on us and our customers, including but not limited to increases in inflation rates and rates of interest, supply chain challenges, increased costs for materials and labor, cybersecurity threats, and conflicts such as those in Russia/Ukraine and Israel/Hamas, our success at managing the risks involved in the foregoing items, and other risk factors discussed in our periodic and current reports and registration statements filed with the U.S. Securities and Exchange Commission and the British Columbia Securities Commission.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of the press release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, events may differ materially from current expectations. Damon disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required pursuant to applicable securities law. All forward-looking statements contained in the press release are expressly qualified in their entirety by this cautionary statement.

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SOURCE DAMON Motors Inc.