4 January 2024

Iconic Labs PLC

("Iconic" or the "Company")

Board Changes

Business and Strategy Update

Iconic Labs PLC (LSE: ICON), is pleased to announce the appointment of Victor Humberdot and Bela Lendvai-Lintner as Non-executive Directors to the Board of Iconic, as well as an update on the business and strategy of the Company.

Board Changes

Victor Humberdot and Bela Lendvai-Lintner have been appointed as Non-executive Directors with immediate effect and will replace Marija Hrebac, David Stybr and Emmanuel Blouin who have stepped down from the Board.

Victor Humberdot (aged 34) is an experienced investment banker. Having started his career at BBVA and Kepler Cheuvreux, he then joined the investment fund of Société Générale, Private Banking in Luxembourg before, most recently, being responsible for the external growth of an investment holding company in the construction sector before being M&A Manager at Exponens Corporate Finance and more recently a Vice President at the corporate finance boutique, DDA & Company in Paris. He is currently Founder and CEO of HUVI Capital, his own investment holding company. Victor holds a master's degree in international finance from Neoma Business School and a master's in physics and mechanical engineering from Le Havre Normandy University.

Bela Lendvai-Lintner (aged 48) has more than 20 years of experience in private equity within a wide range of industry sectors. He started his career at KPMG in corporate finance focused on M&A transactions. Bela has also held multiple roles at ARX Equity Partners, an independent Central Europe-focused mid-market buyout firm and is currently a Partner and Investment Committee Member. He holds a Bachelor of Science in Business Administration/Finance from Ohio State University.

Business and Strategy Update

In conjunction with these Board changes, Iconic is also focusing on its strategy. Earlier in 2023, Iconic intended to establish a strategic advisory services business, engaging in fee-based service contracts with technology companies. The objective was to provide valuable guidance on growth plans, product development, marketing and capital raising.

However, following the successful Company restructuring, and its exit from administration, Iconic is now channelling all its efforts towards identifying a suitable acquisition target, most likely in the form of a reverse takeover ("RTO") target. Whilst the Company continues to narrow down the pool of viable acquisition candidates, in parallel, Iconic will continue to develop, with its strategic partners, its sole asset, Gay Star News, an online media platform dedicated to the LGBTQ+ community.

Iconic is confident that this strategic shift will pave the way for long-term growth and create substantial value for its shareholders.

Brad Taylor, Chief Executive Officer of Iconic Labs PLC, commented:

"I would like to extend my gratitude to Marija, Emmanuel and David for their unwavering support and guidance in navigating us through the complex restructuring of the Company with an exceptionally high level of professionalism and skill.

"As the Company pivots to focus all efforts on acquiring a suitable company through an RTO, I welcome Victor and Bela to the Board and look forward to working closely with them, who between them bring a blend of finance and industry experience to the Board which will prove invaluable in achieving our strategic objective of fostering long-term growth and value for all our shareholders."

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

Additional Information

Bela Lendvai-Lintner is currently or has been Director or Partner of the following companies and/or firms in the last five years:

Current Directorships

Accounting Partners Hungary Kft

XMobile International Kft

Pannon Provider Zrt

Beer=Win Holding Kft

Orenthal Kft

Previous Directorships

Gomba Invest Kft

Victor Humberdot is currently or has been Director or Partner of the following companies or firms in the last five years:

Current Directorships

HUVI Capital

IPAHUMA

Previous Directorships

Quickcool AB

For any further information or enquiries please contact: