PMEC Primech Holdings Ltd

Primech Holdings Limited (Nasdaq: PMEC) ("Primech" or the "Company"), an established technology-driven facilities services provider in the public and private sectors operating mainly in Singapore, is pleased to announce the launch of Primech AI Pte. Ltd. (“Primech AI”) as an operating subsidiary that will focus on creating robotic-based solutions catering to the vast demands for efficient and autonomous cleaning technology.

Primech AI consists of eleven employees, led by Charles Ng, Vice President of Innovation and Technology at Primech Holdings and Co-Founder, COO of Primech AI. Charles’s expertise in robotics was developed during his tenure as the Head of Capability Development at DSTA.

[Hytron by Primech AI]

The inception of Primech AI traces back to 2022, when Kin Wai Ho, the Chairman of Primech Holdings, and Vernon Kwek, the Co-Founder of Primech Holdings, embarked on a mission to establish an AI Robotics entity tailored for facility services. This initiative took shape with the establishment of a robotics laboratory under the guidance of Charles Ng, Vice President of Innovation and Technology at Primech Holdings. After the AI robotics laboratory was established, a collaborative partnership took shape with Richard Zhang (Co-Founder, CTO of Primech AI), due to his invaluable expertise and prior groundbreaking work on a revolutionary robotic arm. In 2023, the foundational work to formalize Primech’s AI robotics laboratory operations and launch Primech AI as a subsidiary operation began.

With patents pending, Primech AI will release Hytron Mark 1, a fully autonomous AI-powered toilet cleaning robot by the end of fourth quarter of 2024. It will feature 3D-cleaning and use electrolyzed water for enhanced efficiency, making it an ideal solution for modern sanitation needs.

Hytron’s versatile design and advanced machine learning capabilities make it adaptable to various facilities, including airports, hospitals, commercial buildings, schools, hotels, and shopping malls. It can learn and optimize cleaning patterns, ensuring thorough cleaning and high hygiene standards, leading to seamless operations and improved user satisfaction.

Mr. Kin Wai Ho, Chief Executive Officer of Primech, said, "The launch of Primech AI marks a significant milestone in our journey toward a smarter, more sustainable future and is a testament to our commitment to innovation."

Charles Ng, Vice President of Innovation and Technology of Primech Holdings and Co-Founder, COO of Primech AI said, "Primech AI’s revolutionary toilet-cleaning robot uses cutting-edge AI and empowers businesses to elevate their standards of hygiene while optimizing operations like never before."

Primech AI will be attending the CleanEnviro Summit Singapore (CESG) from June 19 to June 21 at the Sands Expo & Convention Centre (Marina Bay Sands) in Singapore, where Primech AI will be showcasing its Hytron Mark 1, a fully autonomous AI-powered toilet-cleaning robot for conference attendees at booth C10.

Organized by Singapore's National Environment Agency, the biennial CleanEnviro Summit Singapore (CESG) is a global platform for thought leaders, industry captains, and policymakers to convene, connect as well as consider solutions for enabling a sustainable and clean environment. This year will mark the sixth edition of the Summit and will deep-dive into three pillars: Climate action, resource circularity, and public hygiene.

About Primech Holdings Limited

Headquartered in Singapore, Primech Holdings Limited is a leading provider of comprehensive technology-driven facilities services, predominantly serving both public and private sectors throughout Singapore, with expanding operations in Malaysia. With a legacy of excellence and innovation in the facilities services industry, Primech offers an extensive range of services tailored to meet the complex demands of its diverse clientele. The Company's service portfolio includes advanced general facilities maintenance, specialized cleaning solutions such as marble polishing and facade cleaning, meticulous stewarding services, and targeted cleaning services for offices and homes. Additionally, Primech manufactures and supplies various high-quality cleaning products under its brand, extending its reach and capabilities within the industry. Known for its commitment to sustainability and cutting-edge technology, Primech integrates eco-friendly practices and smart technology solutions to enhance operational efficiency and client satisfaction. This strategic approach positions Primech as a leader in the industry and a proactive contributor to advancing industry standards and practices in Singapore and beyond. For more information, visit www.primechholdings.com.

About Primech AI

Primech AI is a leading robotics company dedicated to pushing the boundaries of innovation in technology. With a team of passionate individuals and a commitment to collaboration, Primech AI is poised to revolutionize the robotics industry with groundbreaking solutions that make a meaningful impact on society. For more information, visit www.primech.ai.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements, including, for example, statements about completing the acquisition, anticipated revenues, growth, and expansion. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. These forward-looking statements are also based on assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "likely to" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC.

Company Contact:Email: ir@primech.com.sg

Investor Relations Contact:        Matthew Abenante, IRCPresident                                        Strategic Investor Relations, LLC                                         Tel: 347-947-2093Email: matthew@strategic-ir.com