CONCLUSION OF NEW CONTRACT

As a result of the advisory activity that began in October, Ark Royal SA received a new assignment in December.

United Dots Ltd. and Ark Royal SA have decided to enter into a new agreement, where Ark Royal SA will be the key coordinator to implement a complex project based on machine learning and image recognition.

The project has two important milestones:

1. Conduct a feasibility study based on a complex survey. The study will include a project implementation timeline, milestones, and estimated costs for the client. It is expected to be completed in the first quarter of 2020, generating EUR 70,000 revenue of which EUR 20,000 will be recognized as revenue for 2019.
2. After the study is approved, the management’s role will be to coordinate the implementation, the research, the development and the validation actors of the project and to provide the necessary computing capacities.

The management’s expectation is, that the results of this assignment will provide an appropriate financial basis to start expanding the Polish operation in 2020. The revenue from a previous contract with United Dots Ltd. amounted to EUR 46,000. The Company’s total revenue in 2019 will reach about EUR 80,000 (about PLN 340,000).