DATAWORKS GROUP LIMITED — Board/Management Information 2020

May 27, 2020

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28 May 2020

Resignation of CEO and COVID-19 Update

IXUP Limited (ASX: IXU) (“ IXUP ” or the “ Company ”), the leading technology company that secures data analytics and collaboration by using next-generation homomorphic encryption today provided an update on its corporate strategy, including the resignation of its CEO and response to the Covid-19 Pandemic.

COVID-19 Update

Given the continuing uncertainty of the duration and impact of the COVID-19 pandemic, IXUP has taken further steps to reduce cash outflows and extend its cash operating runway.

Further specific actions taken include:

• Staff hours and fixed remuneration further reduced with focus on retaining core sales and technical support functions to focus on closing commercialisation opportunities;

• Successful application for the Federal Government’s Job Keeper Wage Subsidy for all eligible staff with eligible roles of staff not critical in pursuing commercialisation opportunities reduced in hours and fixed remuneration to the amount afforded by the JobKeeper Wage Subsidy; and

• Reduction in costs relating to essential services and infrastructure cost.

These actions reflect the continued focus of the Board and Management on preserving cash and long-term shareholder value while maintaining focus on service of existing and prospective customers and conversion of IXUP’s sales pipeline. IXUP will continue to closely monitor developments related to COVID-19, and will provide further disclosures if required, in line with its obligations.

Resignation of CEO

Chief Executive Officer and Managing Director, Mr Peter Leihn has tendered his resignation, due to personal reasons. Mr Leihn’s resignation will be effective 31 July 2020.

IXUP Founder and Executive Director, Dean Joscelyne will take on the majority of the CEO’s responsibilities along with the remaining leadership team while the Board commences a search to identify a suitable candidate to fill the position of CEO and Managing Director.

Mr Leihn has led IXUP through a critical period and the Board thanks Mr Leihn for his contribution and wishes him well for his future endeavours.

Mr Leihn said: “I will depart IXUP incredibly proud of the team I have had the privilege to lead. IXUP has developed a sovereign capability in encrypted analytics that is truly world leading. It has completed its productisation phase and is gaining solid traction with clients and partners grappling with the challenge of performing analytics while preserving the privacy of individuals”.

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IXUP’s Chairman Grant Paterson said: “On behalf of the Board I wish to extend my thanks and gratitude to Peter for his contribution to IXUP and its staff and clients during a critical period of its lifecycle. Peter has left IXUP with a strong technical platform and pipeline of growth opportunities.”

This announcement has been authorised by the IXUP Board.

-ENDS-

Enquiries : Peter Leihn, IXUP Tel: +61 413 863 503 peter.leihn@ixup.com

About IXUP

IXUP Limited (pronounced ‘eyes up’) is a listed technology company (ASX: IXU) that secures data analytics and delivers insights within a governance framework. The platform encrypts and connects data from multiple sources, solving the problems of data loss and misuse by enabling data owners to remain in complete control of their data. IXUP was listed in 2017. For more information visit www.ixup.com. IXUP’s registered address is Level 3, 5-7 Ross Street, Parramatta NSW 2150.