SCHOOLBLAZER LIMITED — Capital/Financing Update 2019

May 2, 2019

3 May 2019

HGL to enter rapidly growing UAV sector

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HGL Limited (HGL) (ASX: HNG) is pleased to announce that it has signed a Heads of Agreement to acquire a 60 per cent interest in Rise Above Drone Solutions (www.riseabove.com.au). HGL is partnering with the existing CEO Rafi Mehdi, who will continue to own the remaining interest in the business.

Rise Above Custom Drone Solutions was established in 2012 and is today one of the largest distributors of Unmanned Aerial Vehicles (UAV’s) in Australia, specialising in custom built drone systems.

The company supplies hobby and commercial products from DJI, the global leader in UAV’s, focusing on commercial and professional enterprise solutions tailored for specific industry applications. Rise Above is at the forefront of this new dynamic and rapidly growing $450 million market in Australia, providing innovative custom-built products to suit a wide variety of applications.

Chief Executive Officer of HGL, Henrik Thorup, said : “All around Australia we are seeing industries increasingly using UAV systems to improve productivity, safety, operational capability and reduce costs. Rise Above is perfectly positioned to capture new market share in this exciting sector, delivering further scale to the HGL Group”.

Rafi Mehdi, CEO of Rise Above said: “We are very pleased to partner with HGL, allowing us to escalate our growth plans through their support of equity and management experience enabling us to fulfill our ambition to become the leading supplier of custom-built drones in Australia.”

HGL’s investment will be a minimum of $1.6 million over a twelve month period, subject to performance criteria over that period.

The Heads of Agreement remains non-binding, with both parties working towards signing binding legal agreements and achieving completion by the end of June 2019.

For further information

Henrik Thorup, Chief Executive Officer Office: 02 8667 4661 Mobile: 0419 268 560

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