AD-HOC ANNOUNCEMENT

Petro Welt Technologies AG – Majority shareholder Joma requests to exclude the minority shareholders according to Section 1 (1) of the Austrian Squeeze-Out Act (Gesellschafter-Ausschlussgesetz)

Vienna, September 7, 2022

Joma Industrial Source Corp. (“Joma”) has today sent a letter to the Management Board of Petro Welt Technologies AG (“PeWeTe”) requesting to initiate the process of squeezing-out the minority shareholders pursuant to Section 1 (1) of the Austrian Squeeze-Out Act, to prepare all necessary reports and documents and to call an extraordinary general meeting of PeWeTe.

The subject of the extraordinary general meeting shall be the resolution on the exclusion of the minority shareholders pursuant to Section 1 (1) of the Austrian Squeeze-out Act and transfer of all shares not held by Joma or its indirect subsidiary Petro Welt Holding Limited to Joma against payment of adequate cash compensation pursuant to Section 2 of the Austrian Squeeze-Out Act.

The cash compensation price is EUR 2.20 per share including dividend entitlements. The cash compensation was determined by Joma on the basis of a group valuation carried out by Grant Thornton Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, which was calculated as if the recent sale of the subsidiaries in Russia had not taken place.

About Petro Welt Technologies AG

Petro Welt Technologies AG, headquartered in Vienna, is one of the leading, early established OFS companies in Russia and the CIS, specializing in services to increase the productivity of new and existing oil and gas formations.

Inquiries

Konstantin Huber (Male Huber Friends GmbH)

Investor Relations

T: +43 699 1172 68 14

[email protected]