REG - RC365 Holding PLC - Collaboration Agreement

RC365 HoldingAnnouncement

23/06/2023 07:30

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

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

 

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