The Board of Directors of Triyards Holdings Limited announced that it has entered into an exclusivity agreement with Ferrell Vanguard Fund SPC (Lender). The lender has entered into a short-term loan agreement of up to USD 5.0 million to meet working capital needs including outstanding salary payments in Singapore and Vietnam; The loan has a tenor of 180 days and carries an interest of 4% per annum; The lender may request the company to create certain security in favour of the Lender as security in respect of the obligations of the company under the loan agreement, on such terms and at such times as agreed between the Lender and the company; The first tranche of USD 1.2 million is to be disbursed immediately to settle outstanding salary payments of the company's wholly owned subsidiaries based in Vietnam. The balance USD 3.8 million is expected to be disbursed by 20 February 2018; and it is further contemplated in the loan agreement that the lender may further invest not less than USD 50 million into the company in such form and on such terms as may be agreed between the lender and the company, whether by way of loan and/or subscription of shares and/or such other means. Under the terms of the exclusivity agreement, the lender will have an exclusivity of 180 days commencing from the receipt of the entire USD 5.0 million under the loan agreement to conclude satisfactory due diligence, propose and conclude a comprehensive corporate restructuring plan for the company.