Auto Services Group Limited, a Leading Provider of

Upon Completion of the Merger, the Blended Organization is Envisioned to Trade on Nasdaq

●     Vehicle Solutions Group Minimal (“SunCar”) is a primary service provider of digital platforms of in depth automotive solutions and sector-wide auto insurance coverage solutions in China.

●     SunCar created revenues of approximately US$250 million in 2021 (unaudited)1, and its revenue has a compounded yearly development price of 32% from 2015 to 2021. Revenues in 2021 enhanced by 4.6% comparing to those people in 2020.

●     The proposed transactions price the put together company at an believed enterprise benefit on a professional-forma foundation of close to US$858 million, assuming no redemptions from the belief account.

Shanghai, China, May possibly 26, 2022 (Globe NEWSWIRE) — Automobile Products and services Group Restricted (“SunCar” or the “Company”), a top company of digitalized vehicle expert services and vehicle insurance via Solar Motor vehicle On the internet Insurance coverage Company Co., Ltd., an oblique bulk owned subsidiary in Shanghai, introduced that on Might 23, 2022, it has entered into a definitive merger settlement (the “Merger Agreement”) for a enterprise combination with Goldenbridge Acquisition Constrained (“Goldenbridge”) (Nasdaq: GBRG, GBRGU, GBRGW, GBRGR), a British Virgin Islands unique purpose acquisition business. Upon consummation of the transactions contemplated by the Merger Arrangement, (i) Goldenbridge will reincorporate to the Cayman Islands by merging with SunCar Technologies Team Inc., a Cayman Islands exempted business and wholly owned subsidiary of Goldenbridge (“SunCar Technological innovation Group”), and (ii) concurrently, SunCar Technological innovation International Inc. (“SunCar Engineering Global”), a Cayman Islands exempted company and wholly owned subsidiary of SunCar Engineering Group, will be merged with and into SunCar, resulting in SunCar turning out to be a wholly owned subsidiary of SunCar Know-how Group. On the closing of the transactions, the combined firm is anticipated to be Nasdaq-listed.

Launched in 2012, SunCar is a major supplier of digital platforms of complete automotive expert services and sector-vast vehicle insurance policy products in China. The Corporation gives a single-stop, totally digitized, on-need automotive services techniques to help clients construct up their membership market and provide finish customers with high shopper gratification. SunCar car services covers about 300 kinds of frequent maintenance as properly as reserved expert services these kinds of as vehicle wash, oil improve, tire repair service, car beautification, road aid, flight pickup, designated driving, VIP lounge, etc. The Enterprise also provides entire-spectrum vehicle insurance policies products by using highly productive insurance policy technological know-how applications.

SunCar has been energetic in the automotive support industry for more than 10 years, getting deep insights and robust marketplace awareness to differentiate and fulfill the developing requires of automobile homeowners all about China. The Enterprise has crafted up sustainable aggressive gain with a extensive B2B consumer community of over 40,000 automobile assistance suppliers in around 2,500 districts and counties, processing above 76 million orders of services in the final 5 a long time. The Firm has also engaged with more than 70 insurance coverage businesses, making 6.2 million insurance policy guidelines by way of around 47,000 income associates in the past 5 yrs.

All the providers and insurance coverage procedures are processed by around 700 impartial digital programs automated by an conclude-to-conclusion platform. The hugely secured SunCar Cloud and Multi-Tenant SaaS bear tens of millions of transactions each thirty day period with successful and steady efficiency.

The Company constantly would make very long-time period investments in know-how and presents modular and revolutionary person encounters for its organization customers as nicely as their stop customers.

China’s automotive field is developing quick with strong tailwinds, leaving a massive but highly fragmented immediately after-revenue and automobile insurance policy industry. SunCar performs an crucial function in integrating, digitizing and redistributing the customized assistance to each individual customer in just about each individual corner of China.

With the immediate advancement of electrical vehicles (“EV”), the automotive sector is shifting to a much better emphasis on service working experience via on-line electronic applications. SunCar is now closely participating quite a few emerging and recognized gamers in the EV price chain to blaze a trail in the emerging EV assistance current market.

Administration Prices

“With our main mission to find a higher-influence and technologies-pushed company, I was really delighted to come across SunCar. We’re fairly amazed by the business effectiveness as nicely as the technologies supporting extensive on-desire services and on line coverage. Considering the fact that the automotive field is setting up to place a lot more emphasis on car or truck operator services, we consider that SunCar is established to expand greater in this substantial and interesting marketplace.” claimed Yongsheng Liu, Chairman of Goldenbridge. “I glimpse ahead to this partnership that will permit us to collaboratively produce larger value for all.”

Ye Zaichang, founder of SunCar, commented: “SunCar has been escalating with China’s automotive sector for a 10 years. We have turned our prosperity of insights and working experience into technologies-pushed alternatives, assisting our clients fulfill their close customers’ demand with thorough on-demand products and services. Our impressive insurance technologies has dispersed products and solutions from big insurers to clients highly efficiently. With the electrification of automotive field, SunCar has actively invested in and intently engaged with emerging and set up electric powered motor vehicles gamers to create new company lines and remarkable user knowledge. We are delighted to lover with Goldenbridge due to the fact we share the same visions regarding the sector and the technologies. We are remarkably assured that the Goldenbridge staff can enable us realize our formidable enterprise vision and realize success in the extended run.”

Important Transaction Terms

Underneath the phrases of the Merger Settlement, Goldenbridge’s wholly owned subsidiary, SunCar Technology Team, will receive SunCar Technological innovation Team, ensuing it becoming a stated organization on the Nasdaq Capital Marketplace. The current management group of SunCar will continue on to operate the Business right after the transaction. Upon success of these types of transactions, SunCar’s shareholders and management (“SunCar Shareholders”) hope to obtain 80 million standard shares of SunCar Engineering Team. Shares held by these types of SunCar Shareholders will be matter to lock-up agreements for a period of 12 months subsequent the day the transactions shut, subject to specified exceptions. Other than that, specific essential people of the Organization are eligible to get supplemental normal Shares subject to the Organization accomplishing specified effectiveness milestones.

The proposed transactions contemplated by the Merger Agreement benefit the mixed enterprise at an approximated fairness benefit on a professional-forma basis of roughly US$858 million, assuming no redemptions from the have confidence in account.

The description of the transactions contained herein is only a summary and is competent in its entirety by reference to the Merger Settlement relating to the transactions, a duplicate of which will be furnished by Goldenbridge with the SEC as an exhibit to a Current Report on Type 8-K.

Advisors

Maxim Team LLC is acting as M&A and financial advisor to Goldenbridge. Loeb & Loeb LLP is acting as lawful advisor to Goldenbridge. Pryor Cashman LLP is acting as legal advisor to SunCar. Chain Stone Funds Restricted (CTM) is performing as fiscal advisor to SunCar.

About SunCar

SunCar, together with its affiliates, supply organization clients with digitalized, complete, on-demand from customers and plug-in aftermarket auto solutions and auto coverage answers to far better provide their stop buyers. Started in 2012, SunCar is now a chief in China’s auto provider sector. SunCar’s alternatives and electronic units related in excess of 1,100 clients and 47,000 income companions. The Firm engages with over 40,000 suppliers and 70 insurance coverage organizations, handles about 2500 districts and counties, and serves conclusion consumers in most metropolitan areas in China. All the products and services are dispersed at all situations by way of above 700 sub-methods on the SunCar Cloud, supporting its consumers far better react to their customers’ calls for.

About Goldenbridge Acquisition Confined

Goldenbridge Acquisition Confined is integrated in the British Virgin Islands as a blank examine business for the function of moving into into a merger, share trade, asset acquisition, share order, recapitalization, reorganization or very similar business mix with a single or far more businesses or entities. Goldenbridge’s efforts to detect a future focus on organization will not be limited to a specific business or geographic region, though Goldenbridge meant to focus on possibilities in the artificial intelligence and any other associated know-how innovations current market.

Ahead-On the lookout Statements

This press release has, and particular oral statements manufactured by representatives of Goldenbridge, SunCar, and their respective affiliates, from time to time may well include, “forward-on the lookout statements” inside the indicating of the “safe harbor” provisions of the Personal Securities Litigation Reform Act of 1995. Goldenbridge’s and SunCar’s genuine success may perhaps vary from their anticipations, estimates and projections and consequently, you need to not rely on these forward-wanting statements as predictions of foreseeable future occasions. Terms these kinds of as “aims,” “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “might” and “continues,” and very similar expressions are meant to determine these kinds of forward-looking statements. These ahead-wanting statements incorporate, without having limitation, Goldenbridge’s and SunCar’s anticipations with respect to upcoming functionality and anticipated economic impacts of the business enterprise mix, the fulfillment of the closing problems to the business combination and the timing of the completion of the business blend. These forward-on the lookout statements require considerable pitfalls and uncertainties that could trigger actual final results to differ materially from envisioned benefits. Most of these things are outside the house the command of Goldenbridge or SunCar and are hard to predict. Things that could result in these types of distinctions include things like, but are not constrained to: (1) the occurrence of any function, alter or other circumstances that could give rise to the termination of the Merger Settlement relating to the proposed company blend (2) the final result of any authorized proceedings that may perhaps be instituted towards Goldenbridge or SunCar following the announcement of the Merger Settlement and the transactions contemplated therein (3) the lack of ability to comprehensive the small business blend, including thanks to failure to receive acceptance of the shareholders of Goldenbridge or other disorders to closing in the Merger Settlement (4) delays in obtaining or the inability to attain vital regulatory approvals needed to full the transactions contemplated by the Merger Agreement (5) the incidence of any function, modify or other circumstance that could give rise to the termination of the Merger Agreement or could normally result in the transactions to fail to close (6) the incapability to attain or manage the listing of the put up-acquisition company’s normal shares on Nasdaq next the enterprise combination (7) the hazard that the business blend disrupts present-day strategies and functions as a result of the announcement and consummation of the company combination (8) the potential to realize the predicted gains of the enterprise mix, which may well be afflicted by, among the other factors, levels of competition, the means of the mixed firm to develop and control growth profitably and keep its critical personnel (9) expenses associated to the small business blend (10) adjustments in applicable legal guidelines or restrictions (11) the risk that SunCar or the merged enterprise may perhaps be adversely affected by other financial, business, and/or competitive aspects and (12) other hazards and uncertainties to be discovered in a registration assertion on Form F-4 (the “Form F-4”) to be filed by SunCar Technological innovation Group (when readily available) relating to the company mix, including all those discovered beneath the “Risk Factors” heading therein, and in other filings with the Securities and Trade Commission (“SEC”) manufactured by Goldenbridge and SunCar. Goldenbridge and SunCar warning that the foregoing list of factors is not special. Goldenbridge and SunCar caution viewers not to area undue reliance on any forward-seeking statements, which talk only as of the day made. Neither Goldenbridge or SunCar undertakes or accepts any obligation or endeavor to release publicly any updates or revisions to any ahead-wanting statements to reflect any alter in their respective anticipations or any adjust in events, conditions or situation on which any such assertion is based mostly, topic to relevant law. The information and facts contained in any web-site referenced herein is not, and shall not be deemed to be, part of or incorporated into this push release.

Significant Info

SunCar Engineering Group Inc. (“SunCar Technologies Group”), Goldenbridge Acquisition Constrained (“Goldenbridge”), and their respective administrators, government officers and staff members and other persons may perhaps be deemed to be participants in the solicitation of proxies from the holders of Goldenbridge’s everyday shares in regard of the proposed transactions explained herein. Info about Goldenbridge’s administrators and govt officers and their ownership of Goldenbridge’s regular shares is established forth in Goldenbridge’s Annual Report on Type 10-K filed with the SEC, as modified or supplemented by any Sort 3 or Sort 4 submitted with the SEC since the date of this sort of submitting. Other info concerning the interests of the individuals in the proxy solicitation will be integrated in the Form F-4 pertaining to the proposed transactions when it will become obtainable. These documents can be received cost-free of charge from the sources indicated down below.

In connection with the transactions described herein, SunCar Technological innovation Team will file applicable products with the SEC like on the Kind F-4. Immediately immediately after the Form F-4 is declared effective, Goldenbridge will mail the proxy statement/prospectus and a proxy card to each individual stockholder entitled to vote at the exclusive meeting relating to the transaction. Investors AND Protection HOLDERS OF GOLDENBRIDGE ARE URGED TO Read THESE Products (Which include ANY AMENDMENTS OR Supplements THERETO) AND ANY OTHER Pertinent Files IN Connection WITH THE TRANSACTIONS THAT GOLDENBRIDGE/SUNCAR Technological know-how Team WILL FILE WITH THE SEC WHEN THEY Turn into Available Simply because THEY WILL Contain Important Details ABOUT GOLDENBRIDGE, SUNCAR AND THE TRANSACTIONS. The proxy assertion/prospectus and other suitable components in relationship with the transactions (when they turn into available), and any other files filed by Goldenbridge with the SEC, may possibly be attained totally free of demand at the SEC’s site (www.sec.gov).

For inquiries relating to SunCar, please call

SunCar
c/o: Shanghai Feiyou Buying and selling Co., Ltd.
Lingshi Highway, No. 656, Suite 209
Shanghai, China
Attn: Ms. Li Chen
E mail: [email protected]

For inquiries with regards to Goldenbridge Acquisition Confined, remember to speak to

Yongsheng Liu
Chief Government Officer and Chairman
Goldenbridge Acquisition Limited
Tel: +86 (186) 0217-2929

1 In accordance to the unaudited economical statements of SunCar.