Sharrow and VEEM Reach Milestone in Performance Testing Results for Inboard Vessel Applications

Sharrow Marine, a subsidiary of Sharrow Engineering LLC, the industry leader in innovative marine propulsion technology, announced today a significant advancement in its partnership agreement with Australia-based VEEM Ltd (ASX: VEE), a designer and manufacturer of disruptive, high-technology marine propulsion and stabilization systems.

After months of collaborative design work and testing of SHARROW by VEEM prototype designs on VEEM's 64' Viking test vessel, the companies confirmed that the key benefits of the Sharrow Propeller over conventional propellers can be replicated for inboard vessel applications. Sharrow and VEEM have verified that the results of the rigorous testing, specifically ? improved fuel efficiency, a significant reduction in vibration and noise, improved handling, and excellent reverse thrust ? meet the contractual criteria for progression to the next phase in their partnership.

Both parties are now committed to, and working toward, the manufacture and sale of the SHARROW by VEEM range of propellers for inboard vessels, focusing initially on fulfilling pre-orders to ensure the bespoke designs are optimized for each vessel and then testing the propellers upon installation to validate the comparative results. This data will be critical for expanding the wide range of applications for inboard vessels globally.

"Reaching this milestone with VEEM marks a pivotal moment in our partnership and underscores the effectiveness of Sharrow's revolutionary propeller designs. Our collaboration over the last six months has demonstrated the adaptability of our technology and its potential to redefine standards in this new market sector," said Greg Sharrow, Founder and CEO of Sharrow Engineering and Sharrow Marine. "Together, we're leveraging our collective expertise to deliver unparalleled performance and efficiency to customers worldwide."

"We are very pleased to have been able to sign off on the testing phase and now be moving forward with manufacturing and selling the new SHARROW by VEEM range of propellers. The rollout of these will initially be carefully managed to ensure we are getting all aspects of the design and manufacture right, which will ensure the ongoing optimization of the design database," said Mark Miocevich, VEEM Managing Director. "We expect the design and development process to continue to evolve, continually generating better propellers in shorter time frames which will lead to increased revenue and margins as the product is rolled out."

This rollout signifies a breakthrough in commercial marine propulsion and enables expanded defense opportunities in Australia and the US, particularly regarding reduced noise and vibration, and operational performance of military vessels. Additionally, both companies recognize the potential of this technology to contribute to global sustainability efforts. The SHARROW by VEEM propellers align with international initiatives aimed at reducing greenhouse gas emissions and marine noise pollution, promising a more sustainable future for marine transportation.

For further information about this announcement and to stay updated on SHARROW by VEEM please visit www.sharrowbyveem.com.

About Sharrow Engineering and Sharrow Marine
Sharrow Engineering, a Detroit-based advanced engineering and design firm, revolutionized propeller technology with the Sharrowtm Propeller, the first major advancement in propeller technology since the 1830s. Invented by Greg Sharrow, the Sharrow Propeller has solved the most basic problem of rotary propulsion, eliminating tip cavitation and vortices, and offering significant performance gains over traditional propellers. Sharrow Engineering holds over 150 patents worldwide and is the parent company of Sharrow Marine, which produces and sells the award-winning propeller for the maritime industry. Recognized as a TIME Best Invention of 2023 and by Fast Company's 2023 Innovation by Design Awards, the Sharrow Propeller also won the 2024 Clean Technology Transportation Solution of the Year by CleanTech Breakthrough, the 2022 Boating Marine Power Innovation Award from Boating Magazine and the 2020 Miami International Boat Show Innovation Award. For more information, visit www.sharrowmarine.com.

ABOUT VEEM LIMITED (ASX: VEE)
VEEM is a designer and manufacturer of disruptive, high-technology marine propulsion and stabilization systems for the global luxury motor yacht, fast ferry, commercial workboat and defence industries. VEEM's market leading Gyrostabilizers significantly reduce the rolling motion of vessels in waves, increasing on-sea time and improving personnel safety and efficiency in a wide range of ocean conditions.

VEEM is also a successful producer of high-performance propellers, fin systems and specialised components delivering consistent profits, cash flow and dividends while also reinvesting in research and development for new products and processes. Proudly headquartered in Perth, Western Australia, VEEM operates from a 14,700 sqm purpose-built fabrication and manufacturing facility, including Australia's largest non-ferrous foundry. VEEM employs approximately 200 staff in Australia, including graduates and apprentices, and maintains a highly skilled research and development team in-house. Celebrating its 50th anniversary in business in 2018, VEEM listed on the Australian Securities Exchange in 2016. www.veem.com.au