iRay Technology Company Limited (上海奕瑞光电子科技股份有限公司, the “Company") has noticed that at the end of April 2024, some foreign media, including Bloomberg and Reuters, reported that certain Chinese companies were providing military components to Russia. These reports mentioned “iRay Technology” (or “奕瑞科技” in Chinese Simplified) as a supplier of military optical components for use in tanks and armored vehicles. Further, some domestic media have reproduced these reports. The Company has also noticed that an entity listed on the latest Specially Designated Nationals and Blocked Persons List (SDN List) issued by OFAC shares a very similar English name with the Company (The Office of Foreign Assets Control of the US Department of the Treasury) on May 1. Please refer to https://ofac.treasury.gov/recent-actions/20240501 for details.

      Upon verification and for avoidance of misunderstanding, the Company hereby makes the following clarification regarding the media reports and the suspected name similarity:

      1. The “iRay Technology” or “奕瑞科技” mentioned in the reports refers to another entity and is not the Company. Upon clarification, Bloomberg, Reuters, and other foreign media that published these misleading articles have promptly made correction and clarifications.

      2. The Company is not listed on the SDN List. The entity listed on the latest SDN list only shares a similar English name with the Company, but is not related to the Company or any of its subsidiaries.

      3. The Company provides critical digital X-ray components and comprehensive imaging solutions, serving global manufacturers of X-ray imaging systems for medical, dental, and other applications. The Company does not produce or sell optical component products. All products and services the Company provides are for civil and commercial purposes, not for military use.

iRay Technology Company Limited

May 23, 2024