Announcement of the company board of directors resolved liquidation and debt forgiveness of subsidiary

1.Date of occurrence of the event:2024/11/06 

2.Company name:Everest Apparel (Haiti) S.A. 

3.Relationship to the Company (please enter ”head office” or ”subsidiaries”):Subsidiary 

4.Reciprocal shareholding ratios:100% wholly owned subsidiary 

5.Cause of occurrence:Due to the social unrest and unstable geopolitical situation in Haiti, production of the subsidiary Everest Apparel (Haiti) S.A. has been suspended last year. The company's board of directors resolved today the liquidation of the Subsidiary. As of 2024/November/6 the full debt to the Company in a total amount USD25,917,000 is relieved according to the resolution of board of directors. 

6.Countermeasures:NA 

7.Any other matters that need to be specified (the information disclosure also meets the requirements of Article 7, subparagraph 9 of the Securities and Exchange Act Enforcement Rules, which brings forth a significant impact on shareholders rights or the price of the securities on public companies.): Since Everest Apparel (Haiti) S.A. is 100% wholly owned subsidiary of the Company, there is no effect on equity or consolidated income of the Company.