REG - RC365 Holding PLC - Development Agreement

RC365 HoldingAnnouncement

13/03/2023 07:00

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RNS Number : 6609S  RC365 Holding PLC  13 March 2023

13 March 2023

RC365 Holding Plc

("RC365" or the "Company")

Development Agreement

RC365 Holding Plc ("RC365"), a company focusing on payment gateway solutions
and IT support, is pleased to announce that its wholly owned subsidiary Regal
Crown Technology Limited ("Regal Crown"), has signed a White-Label Application
Development Agreement (the "Agreement") with WCHING Technology Limited (the
"Developer") for the development of a mobile application product for use on
Web, iOS and Android platforms.

Under this Agreement, the Developer will develop a white label web platform
with a number of modules including a Revenue and Expense module, HR Management
and an Inventory Management model. The Developer will also complete the
application launch for both an iOS and Android versions, complete and launch
in the Apple Store and Google Play Store and provide support for 12 months
after the launch of the product.

The total consideration payable, to be satisfied in cash, is HK$6,000,000, of
which HK$2,000,000 is payable within 10 days after signing the Agreement,
HK$2,000,000 payable 10 days after successful preliminary testing for the Web,
Android and iOS versions and HK$2,000,000 payable 10 days after Regal Crown
sign the letter of acceptance for the Web, Android and iOS versions.

The Developer will refund to the Company HK$4,000,000 if the program can not
be successfully launched on either Android or iOS versions within 90 calendar
days of Regal Crown signing the letter of acceptance for the Web, Android and
iOS versions.

The consideration payable will be financed from the Company's existing cash
reserves. Regal Crown expects to generate revenues imminently with customers
paying an initial set up fee for the mobile application followed by ongoing
subscription fees.

Chi Kit Law (Michael), Executive Director and Chief Executive Officer, said:

"We are very pleased with the signing of this Agreement. A key focus for the
Group is developing innovative products and services to attract new customers
and this allows us to deliver on our commitments."

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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