BUSINESS UPDATE. During the term of this Agreement, until the commencement of [***] LICENSEE shall deliver to MSKCC prior to [***] any update of LICENSEE’s activities with regard to the Development and, if applicable, Commercialization of Licensed Products.
BUSINESS UPDATE. On 22 July 2019, the Vendor and the Purchaser entered into the Asset Transfer Agreement, pursuant to which the Vendor has agreed to sell and the Purchaser has agreed to purchase the Assets for a consideration of HK$275,000. Details of the Asset Transfer Agreement are set out in this announcement below. Upon completion of the Disposal, the business of the Group’s “Classified” restaurant in Sai Wan would cease. As one or more of the applicable percentage ratios under Chapter 19 of the GEM Listing Rules in respect of the Disposal exceeds 5% but are below 25%, the Disposal constitutes a discloseable transaction for the Company and is therefore subject to reporting and announcement requirements under Chapter 19 of the GEM Listing Rules. The Group also wishes to inform its shareholders and potential investors that it does not intend to renew the lease of its “Classified” restaurant in Sai Kung. Accordingly, the restaurant’s business would cease upon expiry of the lease on 19 August 2019.
BUSINESS UPDATE. The Group also wishes to inform the Shareholders and its potential investors that it does not intend to renew the lease of its “Classified” restaurant in Sai Kung. Accordingly, the said restaurant’s business would cease upon expiry of the lease on 19 August 2019. For the year ended 31 December 2018, Classified Sai Kung generated approximately HK$5.1 million of revenue (audited), representing approximately 4.2% of the Group’s total revenue, and recorded a net loss of approximately HK$730,000 due to its decreasing revenue. Taking into consideration the above and based on the proposed rent by the landlord, the Board is of the view that Classified Xxx Xxxx would not be able to generate a positive operating profit if the lease was renewed. Accordingly, the Board considers that it is in the best interests of the Shareholders not to renew the lease and to cease the business of Classified Sai Kung upon expiry of the lease. After the closure of the above restaurants, the Group will continue to operate eight “Classified” restaurants and one restaurant under the brand “The Pawn” in Hong Kong, in addition to three franchised “Classified” restaurants in Jakarta which operate under a franchise agreement with an Independent Third Party. The Company is simultaneously looking for new locations with desirable commercial lease terms for the potential relocation of the restaurants and confirms that it intends to carry on its existing businesses on both casual and full service restaurant operations. The Directors are also constantly evaluating the Group’s business objectives against changing market conditions and seeking potential business opportunities that will broaden the Group’s sources of income and enhance value to the Shareholders.
BUSINESS UPDATE. Buyer shall provide to ATS, either in person or in --------------- writing, a business update no less than quarterly providing to ATS information relating to the performance of the business as well as any known or anticipated changes in the business performance or outlook.
BUSINESS UPDATE. The total investment for the Stone Paper Business would be about RMB426 million (equivalent to approximately HK$497 million) and the Group would have a 60% equity stake in the joint venture as may be formed. The Group is still in negotiation with the prospective business partner for the business plan of the Stone Paper Business and thus the Board has yet to resolve to proceed with the Stone Paper Business. Change in use of proceeds Given the capital commitment on the part of the Group for the Stone Paper Business is reduced, the net proceeds from the 2016 Placing of approximately HK$415.5 million will be used as to:
BUSINESS UPDATE. Reference is made to the announcement of the Company dated 29 July 2016 in relation to, among other matters, the business development for the Stone Paper Business. The Board wishes to update and inform the Shareholders and investors that based on the negotiation with the prospective business partner, the total investment for the Stone Paper Business would be about RMB426 million (equivalent to approximately HK$497 million) and the Group would have a 60% equity stake in the joint venture as may be formed. The Group is still in negotiation with the prospective business partner for the business plan of the Stone Paper Business and thus the Board has yet to resolve to proceed with the Stone Paper Business.
BUSINESS UPDATE. STRATEGIC COOPERATION FRAMEWORK AGREEMENT This announcement is voluntarily made by Xxxxx Xx Holdings Limited (the “Company”, together with its subsidiaries, the “Group”) to provide its shareholders and potential investors with the information of the latest business development of the Group. The board (the “Board”) of directors of the Company (the “Directors”) is pleased to announce that, 鄭州車主角汽車銷售有限公司 (Zhengzhou Car Zhujiao Car Sales Limited*) (“Car Zhujiao”), an indirect wholly-owned subsidiary of the Company and 樂山易通天下網絡科技有限公司 (Leshan Yitong Tianxia Network Technology Limited*) (“Leshan Yitong”) commenced thorough discussions on the sale of automobiles and car-hailing travel market and entered into a strategic cooperation framework agreement on 8 January 2020 (the “Strategic Cooperation Framework Agreement”). Pursuant to the Strategic Cooperation Framework Agreement, the parties, with extensive experience and abundant resources in their respective fields, will strengthen their advantages in resource integration through strategic cooperation and establish a strong alliance in the field of automotive and mobility, so as to achieve mutual benefits in these areas such as sale of automobiles, travel operations, car financing and branding and to create greater business value for the cooperation between the parties to achieve a leap-forward development. With an innovative concept of platform operation, Car Zhujiao provides its customers with an innovative and integrated service platform of car renting, covering car sales, car financing service, car rental service and car insurance service. Automobiles will become the core product of the Company through innovative marketing strategies of financialized consumption, so as to establish a new owners club of “people + car + living”. * For identification purpose only Leshan Yitong is a professional travel operation company which has the qualifications for car-hailing operation, operation and management technologies for car-hailing, big data management and control platform as well as the advantages in car rental, new energy charging poles, commercial vehicles, insurance agency services and after-sales market operation. Leveraging its own advantages in car financing, it can offer the comprehensive business services required for vehicle travel. The Board believes that, this cooperation with Leshan Yitong will facilitate Car Zhujiao to achieve the goal of establishing an intelligent integrated service platform for new ene...
BUSINESS UPDATE. THE LICENSE AGREEMENT On 18 August 2020, the Licensee, a wholly-owned subsidiary of the Company, entered into the License Agreement with the Licensor pursuant to which the Licensee is authorised to act as an exclusive agent for the marketing, publishing, operation and distribution of the Mobile Game in the Designated Territories for an initial term of three years commencing from the date of signing of the License Agreement, subject to renewal upon expiry. LISTING RULES IMPLICATIONS As one or more of the applicable percentage ratios set out in Rule 14.07 of the Listing Rules in respect of the transactions contemplated under the License Agreement are more than 5% but less than 25%, the entering into of the License Agreement constitutes a discloseable transaction on the part of the Company under Chapter 14 of the Listing Rules and is subject to the reporting and announcement requirements under Chapter 14 of the Listing Rules. On 18 August 2020, the Licensee, a wholly-owned subsidiary of the Company, entered into the License Agreement with the Licensor pursuant to which the Licensee is authorised to act as an exclusive agent for the marketing, publishing, operation and distribution of the Mobile Game in the Designated Territories for an initial term of three years commencing from the date of signing of the License Agreement, subject to renewal upon expiry. Details of the License Agreement are set out below: THE LICENSE AGREEMENT Date: 18 August 2020 Parties: (1) Asobimo, Inc., as licensor; and (2) Seven Senses Game Company Limited, as licensee To the best of the Directors’ knowledge, information and belief having made all reasonable enquiry, the Licensor and its ultimate beneficial owner(s) are third parties independent of the Company and connected persons (as defined in the Listing Rules) of the Company. Subject Pursuant to the License Agreement, the Licensee is authorised to act as an exclusive agent for the marketing, publishing, operation and distribution of the Mobile Game in the Designated Territories during the term of the License Agreement. The Mobile Game shall be commercially launched (i) in Japan on or before 31 December 2020; and (ii) in the Designated Territories on or before 31 March 2021. The Licensee shall invest a minimum amount of US$1,500,000 for promoting the Mobile Game by implementing its online or offline marketing plans, including advertising, joint cooperation, press conference or other non-freemium marketing events, in the Designated ...
BUSINESS UPDATE. The entering into of the License Agreement will enable the Group to enrich its online games portfolio, which is in line with the Group’s business strategy to expand into the lucrative online games segment in the PRC and to develop its online games business into a prominent regional game distributor. Based on the information currently available to the management of the Group, apart from the Mobile Game which is expected to be launched in the Designated Territories in the first quarter of 2021, the Group also plans to launch two other new online games in the second half of 2020, including the game titled “Iron conflict” (“烈火戰馬”). For details of the game titled “Iron conflict” please refer to the Company’s announcement dated 6 December 2019.
BUSINESS UPDATE. Reference is made to the announcements of SouthGobi Resources Ltd. (the “Company”) dated June 21, 2020, June 30, 2020 and July 24, 2020 (collectively, the “Announcements”) in relation to the delay in publication of the 2019 Audited Annual Results and the despatch of the 2019 Annual Report. Unless otherwise stated herein, capitalized terms used herein shall have the same meanings as that ascribed to them in the Announcements. Delay in Publication of 2019 Audited Annual Results and Despatch of 2019 Annual Report In its announcement dated July 24, 2020, the Company disclosed that it expected to be in a position to issue its 2019 Audited Annual Results and 2019 Annual Report by August 14, 2020, provided the following assumptions hold true: (i) the Company concludes written settlement agreements with each of the key creditors that has provided a verbal commitment to the Company to do so on or before July 30, 2020; and (ii) the Company and its major shareholder conclude an agreement on an avenue of support for the Company that the Auditors consider as acceptable evidence to support the Company’s going concern assumptions. As of the date hereof, the Company has not entered into a written settlement agreement with one of the aforementioned key creditors and has not reached an agreement with its major shareholder in * For identification purposes only relation to an avenue of support that is acceptable to the Auditors. Accordingly, the Company will be unable to issue the 2019 Audited Annual Results and 2019 Annual Report by August 14, 2020 as previously anticipated. The Company continues to work closely with the Auditors and provide them with audit evidence to support the going concern assumptions for the Company’s 2019 Financial Statements in order to issue the 2019 Audited Annual Results at the earliest possible date.
