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"The production of patented Passive Refrigeration containers will start in Abruzzo in November 2020 where 350 workers will be employed for an initial production capacity of 1,500 containers"
Lugano, July 30th, 2020 - PRS Passive Refrigeration Solutions S.A. ("PRS SA") informs that has terminated all relationships and negotiations with Whirlpool for the purchase of the Naples factory due to the Whirlpool's previous binding agreements with the Government and the Unions which are incompatible with the sale of the factory proposed by Whirlpool.

Due to the very serious financial and reputational damages caused to PRS S.A. by Whirlpool's failures and misconduct, PRS SA has issued a mandate to his lawyers for legal action to recover such damages.

Furthermore PRS S.A. - reaffirming the seriousness and consistency of its business initiative - informs that, despite the delays and difficulties that Whirlpool's behavior has caused to the company's programs, the production of patented PRS containers will begin in Abruzzo (Teramo) in November of 2020. The investment will be entirely financed by private equity, will have an initial production capacity of 1,500 containers, and will reach 6,000 containers per year at the beginning of 2022. The factory will employ 350 workers. For this purpose, PRS EU Spa has already been established.

The PRS SA activity in this period has achieved important results and international recognition, in particular:

- Spain: the excellent results of the tests carried out in 2019 with fresh vegetables and fruits, have resulted in the interest of the Government of Cataluna which is now carrying out a series of tests simulating the transport of meat and fresh fruit from Spain to China on the Silk Road railway. The positive results will entail a significant increase in Spanish agri-food production and the systematic use of Passive Refrigeration intermodal containers in long-range transport between Spain and China;

- Russia: the grant in Russia of the patent for PRS containers has allowed the establishment with local market leaders of the PRSEurasia partnership for the production, management, and assistance on the central section of the Silk Road, thus completing the connection of refrigerated transport for food and medical products between Europe and China.

- NENA countries (Near East and North Africa): FAO has indicated the use of PRS containers for intermodal transport in these Countries as a priority mean to reduce the environmental impact and the transport costs of fresh food as well as help to prevent the spread of COVID-19: the use of PRS containers significantly limits the movement of drivers between the various areas.

View of PRS containers in the port of Genova: the front wall has no refrigeration equipment as the temperature control is achieved by mean of the thermal energy stored in the Thermal Accumulators
PRS Passive Refrigerations Solutions S.A.

PRS S.A. is a private company whose mission is the development, patenting, design, and production of innovative systems for the optimized use of energy aimed at the conservation and transport of perishable products.

PRS technology fully complies with the requirements of the European Commission's Green Deal and the Sustainable Development Goals defined by the United Nations and FAO.

The evaluation of the PRS technology made by the Chinese Government with two-year due diligence, as a necessary premise for the authorization to set up the JV in China, the United Nation (UNIDO) award as the world best technological innovation in the agri-food sector and the granting of international patents, confirm the absolute validity of the PRS technology.

The R & D activity is carried out both directly and in cooperation with universities and Research Centers in Italy and abroad.

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