RCS - RC365 Holding PLC - mPOS Development Agreement

RC365 HoldingAnnouncement

20/07/2023 07:00

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RNS Number : 5778G  RC365 Holding PLC  20 July 2023

20 July 2023

RC365 Holding Plc

("RC365" or the "Company")

Mobile Point of Sales ("mPOS") Development Agreement

RC365 Holding Plc ("RC365"), a company focusing on payment gateway solutions
and IT support, is pleased to announce that its Hong Kong subsidiary, Regal
Crown Technology Limited ("Regal Crown"), signed a mPOS Development Agreement
("Agreement") with Cooper Technology Sdn Bhd ("Cooper Technology") for the
upgrade of Regal Crown's existing mPOS program.

An mPOS is a portable and handheld point of sale device, such as a smartphone
or a tablet, that functions as a register. It is typically linked to
traditional hardware like credit card machines and receipt printers, and is
run on cloud technology, which means data can be accessed anywhere and
anytime. mPOS and mobile payments are growing increasingly popular due to the
simpler payment procedure, which lowers the overall transaction cost.

The upgrade to the mPOS program will enhance the user interface, debug any
possible bugs of the mPOS app and improve the stability of the app for Android
and iOS users.

The total consideration payable, to be satisfied in cash, is HK$1,000,000. The
consideration payable will be financed from the Company's existing cash
reserves. Regal Crown expects to generate revenues during Q4 of FY24.

This Agreement is part of RC365's strategy to expand into the Malaysian market
and the Company intends to open an office in Malaysia during Q4 FY24.
Application has been made to the Hong Kong Government by Regal Crown and RCPAY
Limited, a wholly owned subsidiary of RC365, for the BUD Fund FTA programme
for a HK$1,000,000 non-refundable grant to each company. This grant will
facilitate the expansion into the Malaysian market.

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 - Financial Adviser  T: +44 (0)7973 839767

 Ross Andrews                                          E: ross.andrews@guildfin.co.uk

 

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