WAY 2 VAT LTD. — Capital/Financing Update 2024

Oct 20, 2024

==> picture [142 x 60] intentionally omitted <==

ASX release

21 October 2024

Way2VAT expands its contract with Solenis Chemical

Highlights (all figures A$ unless otherwise stated)

• Solenis Chemical expands its current contract from 17 entities in 15 countries to 124 entities in 54 countries for Way2VAT’s VAT reclaim product solutions.

• The expanded agreement brings estimated total annual revenue from Solenis to a range of $300k to $350k per annum.

• This significant expansion within the Solenis global footprint is one example of an increase in client penetration amongst Way2VAT’s enterprise clients and validation of its AI driven technology.

Global fintech leader in automated VAT claim and return solutions, Way2VAT Ltd ( ASX:W2V , Way2VAT or the Company ), has expanded its agreement with international water treatment and chemical company, Solenis Chemical (“Solenis”), to increase the use of the Company’s local and foreign VAT reclaim products services to a total of 124 entities covering 54 countries.

Solenis has been an enterprise client since 25 June 2020 and has used Way2VAT’s product suite across 17 entities prior to the expansion of the agreement. Way2VAT has now received and analysed VAT reclaim data from Solenis for many of these new entities and has concluded that the expanded agreement will lift the annual revenue contribution above the materiality threshold in respect of the forecasted range of $300k to $350k per annum.

Solenis’ expanded contract has a term of three years and there are no material conditions needed to be undertaken to become legally binding.

Way2VAT Founder & CEO, Amos Simantov, said: “Expanding Way2VAT’s remit with Solenis is further commercial validation of its product suite, as Solenis increases its use of Way2VAT services in line with its own business growth around the world. The core reason for the upgraded contract was driven by Way2VAT’s AI technology, which is a significant affirmation of the Company’s AI products including APAI Compliance.

“Our team is seeing an increase in the need to automate Travel & Expense and Accounts Payable invoicing, and VAT reclaim for both foreign and local VAT across many multinational organisations. This is creating more opportunities for Way2VAT, in terms of both new business and to further penetrate within organisations, to increase the use of existing products and its AI technology.

“Way2VAT looks forward to continuing to work with Solenis in providing VAT reclaim solutions that streamline its finance operations.”

This announcement was authorised for release to the ASX by the Board of Way2VAT.

ENDS

==> picture [142 x 60] intentionally omitted <==

For more information, please contact:

Investors Media Amos Simantov Dylan Mark ir@way2vat.com +61 475 783 675 amos@way2vat.com dylan.mark@automicgroup.com.au

About Way2VAT

Way2VAT is a global fintech leader in automated VAT/GST claim and return solutions in over in 40 countries and in over 20 languages, serving hundreds of enterprise businesses worldwide. Way2VAT owns and operates a patented artificial intelligence technology that powers the world’s first fully automated, end-to-end VAT reclaim platform.

Established in 2016, Way2VAT is headquartered in Tel Aviv with offices in the United Kingdom, Spain and Romania and has over 85 employees.

It is used by more than 375 global enterprise companies.

www.way2vat.com