EMGS Says Has $2.1 Million Frozen in Mexican Bank Under Liquidation

• (PLX AI) - EMGS has $2.1 million in a Mexican bank which is under liquidation.
• • Banking regulators in Mexico recently revoked the banking license of Accendo Banco
• • EMGS had funds deposited with the Bank and these funds are no longer immediately available to the Company
• • EMGS expects to recover at least part of the amount in the form of dividends from the liquidation process, however, says it is not possibler to assess neither the recovery amount nor when such dividend, if any, will be paid
• • EMGS will make an impairment of approx. USD 2 million
• • The unaudited free cash position of EMGS at the end of September 2021, excluding the cash held with Accendo Bank, was approx. USD 14.8 million