WINIT365 – AGM Statement

January 12 2024

WINIT365 (“WINIT365”) the gaming software provider and developer of the world’s first online, multi- player multi-platform Mahjong game, is pleased to provide the statement from today’s Annual General Meeting (“AGM”).

Business update

At the beginning of 2023, WINIT365 conducted a test launch of its Mahjong Game which indicated that the game was functionally efficient, played well and was popular with users despite only being available over a small number of platforms.  Due to licence restrictions and with the game being hosted on third party platforms, WINIT365 was not able to benefit from any revenues generated from the test launch but the data produced indicated that the game has all the hallmarks of a potential commercial success.

Throughout 2023 the Company raised some £174,000 of new capital in small amounts over the year. These funds, whilst welcome, were sufficient only to cover the base operational costs of the business as they arose.

In order to be able to generate revenues from the game, WINIT365 needs to purchase, install and commission its own servers for game play.  The minimum cost of putting this in place is estimated to be around £200,000.  Despite the Board’s best efforts, the challenging funding environment that has existed since the pandemic has to date frustrated our efforts to raise sufficient funds to acquire the servers, and ultimately prevented the completion of an IPO in 2023.

Roadmap to IPO

The Company is therefore currently trying to raise between £250,000 and £500,000 as a lump sum in order to launch the Mahjong Game and commence revenue generation.  Whilst the Board believes that it will be possible to realise its plans with funding at the lower end of the target, any funds raised over the minimum will provide additional opportunities to accelerate progress.

It is estimated that the servers can be acquired, installed and commissioned within six weeks of raising the required funding.  As soon as the game is operational again, the Company will monitor player statistics and income generated.  Such data will be vital to demonstrate that the business is suitable for listing on an appropriate exchange and it is expected that sufficient data can be collated within two months of launch in order to move to the next stage.  As soon as management can demonstrate that the game can be a commercial success, the Board will formally approach an exchange and commence the listing process.

Each of these stages must be competed in turn.  The Board is fully committed to an IPO for WINIT365 but this can only be achieved by taking each step as detailed above.

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Notes to editors;

Mahjong is a traditional Asian table game which is still largely played physically between four players and is the national game in China. It is estimated that there are 700 million players worldwide, making it 5 times the size of the global poker market.  Mahjong has a long and venerable history with roots from the early Ming Dynasty and has continuously developed from its’ origins in Chinese dominoes in 1120 A.D. The current form of the game originated in the early 19^th Century and is considered to be the world’s largest gambling game. WINIT365 now offers the only HTML5 based Mahjong game available where players can play online for real money.

The primary market for WINIT365 is Asia given that Mahjong and its territorial variations are broadly played throughout the region (particularly in Eastern and SE Asia) and are now embedded in Asian culture. There is also considerable scope for growth across Western nations and in other parts of the world.

It is anticipated that WINIT365’s technical expertise and deep understanding of the market will provide a unique and exciting opportunity for the current and next generation of Mahjong players, added to which the WINIT365 UK payments wallet will provide a unique competitive advantage for a UK company in the Asian market.