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. STRATEGIC COOPERATION FRAMEWORK AGREEMENT
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. 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. 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. 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. Upon the entering into of the Lease Agreement, the Lessor and Shandong New Energy ceased to operate the new energy business during the period of Lease Agreement and will lease the Factory, Equipment and the Land to the Lessee and receive rental income as a landlord under the Lease Agreement. Such change of business model will not affect the revenue and profits recorded by the Group under the new energy operations business segment for the ten months ended 31 October 2023 and therefore will not have any material adverse effect on the annual results of the Group for the year ending 31 December 2023. As at the date of this announcement, Shandong New Energy and the Lessee entered into a coal supply framework agreement pursuant to which Shandong New Energy agreed to supply coal to the Lessee at the prevailing market price according to the demand of the Lessee for the operation of the Factory for a term of three years up to 31 October 2026. The Lessee is expected to require 100,000 to 120,000 tons of coal per annum and will place order with Shandong New Energy for the supply of coal from time to time pursuant to the coal supply framework agreement. It is expected that the Group will be able to increase its revenue stream and receive revenue income by supplying coal pursuant to the coal supply framework agreement and the coal supply framework agreement will be in the interests of the Company and the Shareholders as a whole. Going forward, the Group will continue to carry on its existing businesses by formulation and implementation of its own business plans and strategies and leveraging its own business model, competitiveness and strengths so as to develop, maintain and enhance its existing businesses. The Company will also actively look for new business investment opportunity to diversify the businesses of the Group, which will be viable and sustainable and will be able to enhance the value of the Group and maximise the return to the Shareholders.
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.
