Investor Update: Winding Up Petition Filed

17 July 2017 - United Cacao Limited SEZC (“UCL” or the “Company”), the cacao plantation company headquartered in the Cayman Islands and operating in Peru, provides the following update. Over the last several months, the Board of United Cacao Limited SEZC (“UCL” or the “Company”) has been working diligently to stabilize the finances and operations of the Company and its subsidiaries, Cacao del Peru Norte SAC (“CDPN”) and Cooperativa de Cacao Peruano SAC (“CCP”).  Simultaneously, the Board has been conducting an investigation into certain circumstances that may have contributed to the operating and financial and operating challenges facing the Company.   While the Board has made significant progress, the legacy problems plaguing UCL have proved to be too significant.  On 13 July 2017, Carey Olsen, the Company’s legal counsel in the Cayman Islands, filed a petition informing the Grand Court of the Cayman Islands (the “Court”) that (a) the Company is unable to pay its debts as they fall due, (b) is therefore insolvent within the meaning of s. 93 of the Companies Law (2016 revision) (the “Law”), and (c) should be wound up under the provisions of the Law.  Separately, each of Timothy O'Neill and Nicolas van Broekhoven, members of the Board, have provided the Court with sworn affidavits regarding the circumstances in support of the petition

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