20Cube Logistics Expands Malaysia Distribution Center to 250K SQ FT of Storage to Support Asia Pacific Region

Offshore Hub Status Enables Free Movement of Goods and Ease of Operations, and Distribution Center Program Improves Supply Chain Efficiency Through On-Demand Inventory Replenishment

CRYSTAL BAY, Nev & SINGAPORE, December 01, 2022--(BUSINESS WIRE)--20Cube Logistics Pte. Ltd. ("20Cube"), a Singapore-based software-enabled international supply chain orchestrator, today announced the expansion of its Distribution Center located in the Port Klang Free Zone ("PKFZ") in Selangor D.E, Malaysia to now include 250,000 square feet of storage to support off-shore warehousing for the Asia Pacific region, with a focus on Australian customers.

The 20Cube Port Klang Malaysia Distribution Center serves as a major hub for customers throughout Southeast Asia, Australia, India, China, and the Middle East. The Company has capitalized on its advantages and expertise in the region to build solid trade lanes between these countries with dedicated weekly space contracts from all operators. It offers a unique Off-shore Pick and Pack solution to multiple Australian customers through Port Klang Malaysia Distribution Centers. It includes B2B and B2C order fulfillment for Australian clients who in turn distribute their products to a wide range of their customers in Australia and worldwide.

Facilities now include a 50,000 square foot non-bonded warehousing within Port Klang to support domestic customers, 20,000 square feet of separate light industrial units for handling slow-moving cargo within the Port Klang Free Zone, and an expansion of its raised floor cross-dock facility from 120,000 square feet to 250,000 square feet, with 20,000 pallet positions of storage.

"Our Port Klang Malaysia operations offer significant cost, supply chain and logistics advantages to our Australian customers," said John McNally, Chief Executive Officer of 20Cube Logistics Australia. "The PKFZ is outside the customs clearance territory, but within the port premises, working as an offshore hub and easing operations. This allows for the free movement of goods without much interference from customs, and for the goods to be stored without paying any duty and only paid for those that are moved out.

"The PKFZ also works as the main Distribution Center from where pick-and-pack operations ensure direct-to-store (DTS) delivery and saves more than 20% of the supply chain costs. The DC bypass program improves supply chain efficiency through on-demand inventory replenishment. With the DC program, the frequency of cargo flow is managed with ease and allows sourcing lower quantities more often from multiple suppliers. The hub also provides innovative logistics solutions engineered to ensure direct-to-store distribution, decreasing the need for intermediary freight resulting in indirect cost savings. As well, multi-country consolidation of goods simplifies order complexity and saves on costs."

Richard Mallon, Director - Business Development of 20Cube Logistics Australia, added, "20Cube Malaysia benefits our Australian customers by combining warehousing solutions with offshore capabilities. We offer complete digitized services with the MyHubPlus digital customer portal, where customers have end-to-end visibility from purchase orders to proof of delivery as well as uninterrupted shipment movement from one international destination to another."

"This new expansion represents our ongoing growth in the Asia Pacific region, leveraging the significant advantages we can offer Australian and other customers shipping through our Distribution Center in Malaysia," said 20Cube Chief Executive Officer and Founder Mahesh Niruttan. "We continue to position 20Cube as a service provider with innovative supply chain solutions, optimizing our supply chain, lead time and cost to deliver. We believe the expansion is of substantial commercial and strategic value and will enable us to increase our potential customer base and expand into new markets."

About 20Cube Logistics Pte. Ltd.

20Cube is a software-enabled international supply chain orchestrator from purchase order (PO) to point of delivery (POD) with a technology-driven, proven proprietary system and key presence at over 60 locations in Asia, Australia, and East Africa. 20 Cube has over 600 employees. 20Cube was built from the ground up over the past 10 years on a disruptive software, workflow and control tower driven platform. 20Cube's platform is centered around MyHubPlus, which captures data from every part of the supply chain to provide customers with unprecedented real-time visibility, alerts, exception management and reporting. Its suite of freight forwarding, intelligent warehousing/distribution, customs and trade compliance solutions have resulted in significant savings from better container utilization, load balancing, predictability, and logistics process management. For more information visit www.20cube.com.

On October 18, 2022, 20Cube announced that it has entered into a definitive agreement to become publicly listed through a merger transaction with Evo Acquisition Corp. (Nasdaq: EVOJ), a publicly traded special purpose acquisition company. The transaction is expected to close in the first quarter of 2023. Pubco’s ordinary shares are expected to be listed on the Nasdaq Capital Market under the symbol "TCUB".

About Evo Acquisition Corp.

Evo is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While Evo may pursue an acquisition in any business industry or sector, it intends to focus its search on companies in the technology and financial sectors, including companies with a nexus to Japan. Evo is led by its Chairman, Michael Lerch, its Chief Executive Officer, Richard Chisholm, its Chief Financial Officer, Adrian Brindle and Managing Director Jason Sausto. For more information visit www.evospac.com.

Forward-Looking Statements

Certain statements included in this press release are not historical facts but are forward-looking statements. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other performance metrics and projections of market opportunity. These statements are based on various assumptions, whether or not identified in this press release and on the current expectations of Evo’s and 20Cube’s respective managements and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Evo and 20Cube. Some important factors that could cause actual results to differ materially from those in any forward-looking statements could include changes in domestic and foreign business, market, financial, political and legal conditions.

These forward-looking statements are subject to a number of risks and uncertainties, including, the inability of the parties to successfully or timely consummate the Transaction, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the Combined Company or the expected benefits of the Transaction, if not obtained; the failure to realize the anticipated benefits of the Transaction; matters discovered by the parties as they complete their respective due diligence investigation of the other parties; the ability of Evo prior to the Business Combination, and the Combined Company following the Business Combination, to maintain (in the case of Evo) and to obtain and maintain (in the case of the Combined Company) the listing of Evo’s shares prior to the Business Combination, and following the Business Combination, the Combined Company’s shares on Nasdaq; costs related to the Transaction; the failure to satisfy the conditions to the consummation of the Transaction, including the approval of the Business Combination Agreement by the respective stockholders of Evo and 20Cube, the risk that the Transaction may not be completed by the stated deadline and the potential failure to obtain an extension of the stated deadline; the inability to complete a PIPE transaction; the outcome of any legal proceedings that may be instituted against Evo or 20Cube related to the Transaction; the attraction and retention of qualified directors, officers, employees and key personnel of Evo and 20Cube prior to the Business Combination, and the Company following the Business Combination; the ability of the Combined Company to compete effectively in a highly competitive market; the ability to protect and enhance 20Cube’s corporate reputation and brand; the impact from future regulatory, judicial, and legislative changes in 20Cube’s industry; and, the uncertain effects of the COVID-19 pandemic or other public health matters; competition from larger technology companies that have greater resources, technology, relationships and/or expertise; future financial performance of the Combined Company following the Business Combination including the ability of future revenues to meet projected annual bookings; the ability of the Combined Company to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; the ability of the Combined Company to generate sufficient revenue from each of our revenue streams; the ability of the Combined Company’s patents and patent applications to protect the Combined Company’s core technologies from competitors; the Combined Company’s ability to manage a complex set of marketing relationships and realize projected revenues from subscriptions, advertisements; product sales and/or services; 20Cube’s ability to execute its business plans and strategy; and those factors set forth in documents of Evo or 20Cube Logistics Solutions Pte. Ltd. filed, or to be filed, with SEC. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the "Risk Factors" section of the registration statement on Form F-4 and related proxy statement and other documents to be filed by Evo or 20Cube Logistics Solutions Pte. Ltd. from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. The foregoing list of risks is not exhaustive.

If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Evo nor 20Cube presently know or that Evo or 20Cube currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Evo’s and 20Cube’s current expectations, plans and forecasts of future events and views as of the date of this press release. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this press release, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein and the risk factors of Evo and 20Cube described above. Evo and 20Cube anticipate that subsequent events and developments will cause their assessments to change. However, while Evo and 20Cube may elect to update these forward-looking statements at some point in the future, they each specifically disclaim any obligation to do so, except as may be required by law. These forward-looking statements should not be relied upon as representing Evo’s or 20Cube’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Non-Solicitation

This press release does not constitute, and should not be construed to be, a proxy statement or the solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed business combination and shall not constitute an offer to sell or a solicitation of an offer to buy any securities nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the United States Securities Act of 1933, as amended.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221201005151/en/

Contacts

20Cube Investor Contact:
corporate@20cube.com

Evo Acquisition Corp. Investor Contact:
Chris Tyson
949-491-8235
EVOJ@mzgroup.us