The Board of Directors (“Board”) of XOX Bhd (“XOX” or the “Company”) wishes to inform that the Company, had on 17 September 2020 entered into a Provisional Technology Partnership Agreement (“Agreement”) with Nexion Technologies Limited (“Nexion”) to establish a long-term and stable strategic partnership in order to ensure XOX and Nexion (collectively as, “Parties”) competitiveness and offerings to a more challenging global market.

Nexion was incorporated in the Cayman Islands with limited liability and listed on Hong Kong Stock Exchanges Gem Board, which is principally engaged in provision of cyber infrastructure solutions services, cyber security solutions services and SaaS.

Pursuant to the Agreement, the Parties will finalise a formal agreement with the other party setting forth :

(a) the respective undertakings of the Parties;

(b) the effective date and duration of the arrangement between the Parties;

(c) Nexion will supply its equipment and system to XOX for the cybersecurity risk and susceptible to data breaches, malware attack and phishing exposed by digital transformation;

(d) XOX will assist Nexion to operate software-as-a-service (“SaaS”) platform to provide integrated services to individuals and enterprises in Malaysia;

(e) both Parties will enter into a cooperation about operating sharing economy clearing payment platform through SaaS system in the Malaysia and/or other countries;

(f) deepen technical exchanges between the Parties about digital technology, intelligent, cyber infrastructure solutions and cyber security solutions;

(g) Nexion will supply the cyber security system of new mobile subscription plan based on embedded SIM card (“eSIM”) technology in Malaysia (“XOX eSIM”) of XOX; and

(h) other terms and conditions (legal and/or commercial) as the Parties may agree, such as, but not limited to, volume of traffic that each Party may provide, limitation of liability, assignment, dispute resolution, etc

The Agreement shall commence on 17 September 2020 and may be terminated by :

(a) subsequent written agreement of the Parties;

(b) the Parties’ execution of or failure to execute a formal agreement within one (1) month from the date of the Agreement; or

(c) any beach of a material term of the Agreement, any material misrepresentation, or the insolvency or commission of any act prejudicial to the interests of any party by the other party.

The Agreement will not have any effects on the share capital and shareholding structure of the Company and is not expected to have any material immediate effect on the earnings per share, net assets per share and gearing of XOX for the financial year ending 30 September 2020.

Similar to all business entities, the risk factors affecting the execution of the Agreement, including but not limited to business risks such as prudent financial management, changes in political, economic and regulatory conditions. However, the Board will continue to exercise due care in considering the risks associated with the Agreement and will take appropriate measures in planning the successful execution of the Agreement.

The Agreement being incurred in the ordinary course of business of the Group, is not subject to the approval of the shareholders.

None of the Directors and/or other major shareholders of the Company and/ or any persons connected to them have any interest, direct or indirect, in relation to the Agreement.

The Board, after due consideration, is of the opinion that the Agreement is in the best interest of the Group.

This announcement is dated 17 September 2020.