TIDMRCGH

RNS Number : 7205D

RC365 Holding PLC

23 June 2023

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                        T: +852 2251 1621 
  Chi Kit LAW, Chief Executive Officer     E: ir@rc365plc.com 
 Guild Financial Advisory Limited -       T: +44 (0)7973 839767 
  Financial Adviser                        E: ross.andrews@guildfin.co.uk 
  R oss Andrews

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

AGRFJMFTMTBTMRJ

(END) Dow Jones Newswires

June 23, 2023 02:18 ET (06:18 GMT)

Rc365 (LSE:RCGH)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Rc365 Charts.
Rc365 (LSE:RCGH)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Rc365 Charts.