MLAB

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MEMORANDUM OF UNDERSTANDING MLABS SYSTEMS BERHAD - TERMINATION OF MEMORANDUM OF UNDERSTANDING WITH XOX MEDIA SDN. BHD.

MLABS SYSTEMS BERHAD

Type Announcement
Subject MEMORANDUM OF UNDERSTANDING
Description
MLABS SYSTEMS BERHAD 
- TERMINATION OF MEMORANDUM OF UNDERSTANDING WITH XOX MEDIA SDN. BHD.

Reference is made to the Company’s announcement dated 18 August 2017.  


Mlabs Systems Berhad (“Mlabs” or “the Company”) wishes to announce that on 17 August 2017, Mlabs Research Sdn. Bhd. (formerly known as Multimedia Research Lab Sdn. Bhd.) (“MRSB”), a wholly owned subsidiary of the Company, had entered into a Memorandum of Understanding (“MOU”) with XOX Media Sdn. Bhd. (“XOX Media”) to cooperate and collaborate with the aim of enhancing the functions of Voopee mobile application by sharing and incorporating MRSB range of video conferencing and server technology to exploit market that arises from XOX Media collaboration with PT. Inovasi Telematika Nusantara (“PT Inovasi”) and Pengurus Besar Nahdlatul Ulama (“PBNU”). The discussion on business arrangement was put on hold as the business plan in Indonesia has been halted. On 30 November 2021, MRSB had received a termination letter from XOX Media to terminate the MOU due to unforeseeable COVID-19 pandemic (“Termination”).


Pursuant to the MOU, the MOU shall be deemed terminated after the expiration of the 3 months from 30 November 2021. Upon the Termination, the MOU shall have no further force or effect and neither party shall have any claim whatsoever against the other, whether directly or indirectly in respect of the MOU. 

 

The Termination will not have any material financial impact on Mlabs and its subsidiaries.

 

This announcement is dated 30 November 2021. 






Announcement Info

Company Name MLABS SYSTEMS BERHAD
Stock Name MLAB
Date Announced 30 Nov 2021
Category General Announcement for PLC
Reference Number GA1-30112021-00085