Last checked at 23 Jun 2023 07:18
23 June 2023
RC365 Holding Plc
("RC365" or the "Company")
Collaboration Agreement
RC365 Holding Plc ("RC365"), a company focusing on payment gateway solutions and IT support, refers to the announcement made on 1 June 2023 whereby its wholly owned subsidiary, Regal Crown Technology Limited ("Regal Crown"), signed a non-legally binding Memorandum of Understanding ("MoU") with Hatcher Group Limited ("Hatcher") for AI Development. Further to this MoU, the Company is pleased to announce that on the 23 June 2023 Regal Crown signed a Collaboration Agreement ("Agreement") with APEC Business Services Limited ("APEC"), a wholly owned subsidiary of Hatcher, to develop and upgrade the existing RC2.0 App, a mobile application providing wealth management solutions, to an advanced version under the name RC3.0. APEC have agreed to pay Regal Crown a sum of HK$15 million for the development of the RC3.0 App.
Pursuant to the Agreement, HK$15 million became payable on signing of the Agreement. Regal Crown has agreed that the entire sum shall be used for the development of the RC3.0 App. On launch of the RC3.0 App, Regal Crown and APEC will receive and benefit from any income and revenue generated from the use of RC3.0 App on a 50:50 basis.
When completed and launched, the RC3.0 App will provide users with additional features and functionalities, such as virtual banking facilities, enterprise resource planning function and blockchain features.
Terms and Conditions
The Agreement shall be valid from 23 June 2023 and shall continue for a term of 15 years commencing from the date of launch of the RC3.0 App. After this term, the agreement shall then automatically renew for successive terms of 1 year thereafter.
Either Regal Crown or APEC shall be entitled to terminate this Agreement by giving not less than one month's notice in writing with or without cause to the other party.
Chi Kit Law (Michael), Executive Director and Chief Executive Officer, said:
"We are delighted to have entered into this agreement with APEC which will allow Regal Crown to upgrade its existing RC2.0 platform to RC3.0. This will be a multi-platform app available to businesses and individuals, existing and prospective customers, providing them with better online payment and banking services and support."
For further information please contact:
RC365 Holding plc Chi Kit LAW, Chief Executive Officer | T: +852 2251 1621 E: ir@rc365plc.com |
Guild Financial Advisory Limited - Financial Adviser Ross Andrews | T: +44 (0)7973 839767 E: ross.andrews@guildfin.co.uk |