REG - RC365 Holding PLC - Update on YouneeqAI Agreement

RC365 HoldingAnnouncement

11/03/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240311:nRSK2495Ga&default-theme=true

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

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  AGRDGGDXDDBDGSG