RC365 Holding PLC Update on YouneeqAI Agreement
March 11 2024 - 2:00AM
RNS Regulatory News
RNS Number : 2495G
RC365 Holding PLC
11 March 2024
11 March 2024
RC365
Holding Plc
("RC365"
or the "Company")
Update on
YouneeqAI Agreement
RC365 Holding Plc ("RC365"), a company focusing on payment
gateway solutions and IT support, refers to the
announcements made on 14 August 2023 and 1 September 2023 whereby
the Company entered into an Exclusive Rights Agreement
("Agreement") with
YouneeqAI Technical Services Inc ("YouneeqAI") to acquire the exclusive
rights to YouneeqAI's IP and Platform in the UK as well as first
refusal to purchase the rights in additional new
territories.
As per the Agreement, the
consideration is to be satisfied by the issue of 6,000,000 new
Ordinary Shares, of which 3,000,000 were issued on signing the
Agreement with the balance to be issued on or around 29 February
2024. The Agreement is for an initial term of 10 years and
automatically renews for successive terms of 5 years unless
terminated by either party.
The Board of RC365 have given
consideration to the project and decided that resources in the
short term for this project would be better deployed to Malaysia
and Japan where operations have accelerated quicker than the Board
anticipated. The UK remains a key focus for the Company and the
Board continue to explore opportunities in this region. YouneeqAI
and RC365 have agreed to amend the Agreement and defer the
outstanding 3,000,000 Ordinary Shares which are now expected to be
issued on or around 1 October 2024.
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
Evangeline Klaassen
|
T: +44 (0)7973 839767
E:
ross.andrews@guildfin.co.uk
T: +44 (0)7972 841276
E:
evangeline.klaassen@guild.co.uk
|
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END
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