31 July 2023

MaxRets Ventures PLC ("MaxRets" or the "Company")

Unaudited Interim Results for the six months ended 30 April 2023

MaxRets Ventures plc (AQSE: MAX) (the "Company" or "MaxRets"), an investing company focusing on early-stage growth or undervalued later stage businesses with strong upside potential, today announces its unaudited interim results for the six months ended 30 April 2023.

This announcement contains inside information for the purpose of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

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Chairman's Financial Review

MaxRets is an investment company quoted on the Access Segment of the Aquis Stock Exchange ("AQSE") Growth Market. The Company was incorporated on 1 October 2019 and its shares were admitted to trading on NEX on 30 December 2019.

After the approval on 28 December 2022 by shareholders to a change in investing strategy and change in name of the Company, the Company's underlying investment driver became predominantly technology driven businesses based on their potential future value enhancement and investment return.

The Board identified four sectors of initial focus and will likely in future target other technology driven sectors. These initial sectors include Life Sciences, Fintech Businesses and assets that use fintech technology, Impact Investing (Environmental and Renewables) and Retail.

The Company now follows a value and growth investment philosophy as its investment strategy, whereby it will seek out early stage growth or undervalued later stage businesses with strong upside potential, with the objective of acquiring, funding, growing, and selling-on investments through the public markets at enhanced valuations.

The Board will not restrict the jurisdiction of investments since the application of technology is not constrained by geographic borders, however, the Board would expect that it will consider more investments in Europe than elsewhere.

The Company will invest directly or indirectly in public or private company investments and this may take the form of debt or equity and it is expected that such investments will ordinarily seek capital growth in the medium term in preference to income.

MaxRets has two legacy investments in the cannabis sector that were both made in 2021.

The first investment in March 2021 was a £100,000 investment in Clearly Supplements Ltd. ("Clearly") a UK based company offering CBD products direct to customers. The investment was by way of a convertible loan note ("CLN") with a 5 per cent. coupon and a 12-month duration. The CLN was expected to convert at the time of a public listing at a 30 per cent. discount to the placing price at that time. Clearly was planning to seek its own stock market listing and their application was well progressed with the FCA and passed eligibility. However, given changes in market conditions they decided not to proceed with a listing.  The CLN remains in place.

Clearly has now reduced its cost structure and continued to fund its operations through a combination of product sales and capital raises.  Following its decision to not proceed with an IPO, it is now seeking a strategic private equity partnership, which appears to be progressing positively.

Given a lack of funding for marketing and business development, the underlying business sales have not grown as Clearly expected. Management decided to focus more on a direct sales model.  This has proven more successful and the external commission only sales team has grown from 80 in 2021 to more than 200 in 2022 with a significantly larger number of potential direct sales members in the pipeline.  Clearly reports that it now moves towards break-even which it expects to achieve in the coming six months.

The second investment was an equity investment of £100,000 in Voyager Life plc ("Voyager"), a health and wellness business focused on CBD and hemp seed oil, that has developed a range of products under the Voyager and Voyager Life brands, including oils, gummies, bath and skincare products.

Voyager has grown considerably since our investment with over 50 formulated CBD and hemp products across the Voyager and Ascend Skincare brands, three of its own stores in Scotland and a distribution network that is now UK-wide. More recently, the company has begun manufacturing its own topical and skincare products, both for its own brands and also white label and private label customers. Voyager is expected to announce its own results in the coming weeks with its last trading update indicating revenues of £307,000, and £125,000 of inventory for the year ended 31 March 2023. Importantly, the company's balance sheet is strong with approximately £787,000 cash as of 3 July 2023.

The Company intends to divest its holdings in Clearly and Voyager as they are non-core assets.

Outlook

The technology-led investment sector has been revalued down in the last 12 months, given significant changes in overall market conditions and a reduction in availability of capital.  

The Directors are of the opinion that, following a fall in business values, there are now exciting investment opportunities in those market sectors which the Company is   focused upon.

The Board is constantly assessing potential transactions andlooks forward to updating the market further in the near future.

Dominic White

Non-executive Chairman

30 July 2023