17 May 2022

Dear Shareholder

I am writing to you, as one of Majic Wheels' loyal shareholders, to update you on the matter concerning the CE that was placed on $MJWL by OTC Markets on Friday 13 May 2022.

Whilst myself and the Majic Wheels management team working around-the-clock to get the matter resolved in the shortest possible time, please be assured that we remain 100% committed to delivering on the Majic Wheels mission and business plan. It remains “business as usual” for Majic Wheels and its subsidiaries. 

Of course, it’s still early days and we are still navigating through this matter. We are in the process of appointing a specialist lawyer to guide us in getting the CE removed, and will keep you updated at all key milestones during the process.  

Our promise to our shareholders is that everything we are doing is with your best interests at the forefront.  

We wish to maintain a healthy and vibrant community, and fully appreciate that regular communication with you on this current situation is of paramount importance.  

We will keep you updated with developments via the company’s official Twitter channel and through subsequent statements.

I am very confident that we will resolve this issue promptly, and that Majic Wheels will come through these challenging times in a stronger and reinvigorated position than ever before.

With kind regards

David Chong

CEO