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Hong Kong and Bohort, Germany, 24 January 2024/US Communication/ -- The Weyda Group (Weyda, HKEx code: 303), the world's leading provider of infant and preschool e-learning products and the largest manufacturer of home phones in the United States, today announced the signing of its indirect wholly-owned subsidiary Snom Solutions GmbH An asset purchase agreement to acquire the assets of Gigaset Communications GmbH (Gigaset), including a production facility in Bohort, Germany.

Gigaset is the market leader in DECT (Digital Enhanced Cordless Telecommunications) wireless telephony in Europe, offering not only business phone solutions for enterprise customers, but also mobile communications products for Android operating systems and cloud smart home products for private and business customers. By acquiring Gigaset's assets, Weida will be able to strengthen its leadership in home wireless telephony, expand its global sales channels and product portfolio, and add production facilities in Europe. The acquisition also adds engineering talent to Weida's global R&D team, enabling collaborative product R&D and operational efficiency.

“We are excited about this strategic acquisition,” said Mr. Zhang Kai, President, Telecommunications Products. Gigaset's product portfolio, market leadership in Europe, advanced product R&D capabilities, and excellent production are highly complementary to Weyda. Gigaset has the financial support and management support of Weida to continue its business activities after the acquisition and move towards sustainable growth and development.”

Dr. Magnus Ekerot, CEO of Gigaset, said: “This acquisition marks an important step forward in our transition journey. As part of the Wieda family, we will have a solid foundation that will not only strengthen our relationships with our global business partners, but also enable our products to reach more consumers and business customers, providing us with a unique platform to embark on a new path of growth.”

The acquisition is expected to be completed on April 2, 2024 and is subject to the transaction completion conditions set forth in the asset purchase agreement. Weida will pay for the acquisition with internal resources.

Investor Conference Call

Upon completion of the acquisition, Weida will hold a conference call in April 2024 to discuss the information contained in this press release and related matters.

GigasetSynopsis

Gigaset is a global leader in communications technology, offering a wide range of products and solutions. Gigaset is not only a leader in the European DECT telephone market, but also internationally, with approximately 850 employees and sales activities in more than 50 countries. With more than 175 years of history, the traditional German company's operations include, in addition to DECT telephony, a comprehensive portfolio of mobile communications products for private and business customers, cloud-based smart home and smart care solutions, and business phone solutions for SoHo, SMEs and enterprise customers.

About Weida

Weida is the world's largest infant and preschool e-learning products company, and the largest manufacturer of home phones in the United States, while providing highly regarded contracted manufacturing services. FOUNDED IN 1976, THE GROUP HAS BEEN A PIONEER IN THE E-EDUCATION TOY INDUSTRY, CREATING PRODUCTS THAT EDUCATE CHILDREN AROUND THE WORLD WITH PROFESSIONAL EDUCATIONAL KNOWLEDGE AND INNOVATIVE INNOVATIONS. The Group leverages years of successful experience in wireless telephony technology, combining advanced technology and sophisticated design to enhance their experience with a diverse range of telecommunications products for home and business users. As one of the world's leading suppliers of contracted manufacturing services, Weida provides customers with first-class and comprehensive services across multiple product categories. The Group's mission is to integrate economic growth, environmental protection and social responsibility into its business strategy to design, produce and deliver innovative and high-quality products that benefit people and society, and bring sustainable value to business stakeholders and communities.