NEW YORK, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Metal Sky Star Acquisition Corporation, a Cayman Islands exempted company (NASDAQ: MSSA) (the “Company” or “Metal Sky”) announced today that it has entered into a letter of intent (the “LOI”) with Fedilco Group Limited, a Cyprus based company (“Fedilco”) holding 80% equity interest of Viva Armenia Closed Joint-Stock Company, an Armenia-based telecommunication company (“Viva”). Pursuant to the LOI, the Company expresses interest in acquiring all the issued and outstanding shares of Fedilco. The parties will obtain all the required permissions and/or approvals of the state authorities of the Republic of Armenia.

Viva’s success in the field of mobile communications is conditioned by the following principle: mobile services should be available not to a limited number of people, but to everyone. Viva provides its subscribers with the opportunity to keep in touch with their homeland, regardless of their location. Viva has 529 roaming partners in 192 countries of the world. Viva is the first company in Armenia to introduce and apply CSR as a management model and is the first operator to be guided by the international principles of social responsibility ISO 26000.

“We are excited to announce this LOI with Fedilco,” said Wenxi He, CEO of Metal Sky. “Viva is emerging as a leader in the telecommunication industry in Armenia, and we believe that this transaction will position us to effectively capitalize on growth opportunities in the sector and enhance shareholder value.”

“We are excited to enter this partnership to meet our commitment to focus on the next generation telecommunication technology,” said Loizos Vasiliou, Director of Fedilco. “This partnership into the public markets broadens our investor base and the combined company will have a strong platform to drive innovation and expand our market reach.”

About Metal Sky Star Acquisition Corporation

Metal Sky Star Acquisition Corporation is a blank check company formed under the laws of the Cayman Islands for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

About Fedilco Group Limited

Fedilco Group Limited, incorporated under the laws of Cyprus, is the controlling shareholder of Viva, a leading and innovate technology company in Armenia’s ICT sector.

Forward Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed transaction with Fedilco. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s annual report for the fiscal year ended December 31, 2023, filed with the SEC on August 30, 2024. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.