MEMORANDUM OF UNDERSTANDING

Company Name SANICHI TECHNOLOGY BERHAD
Stock Name SANICHI
Date Announced 28 Jun 2022
Category General Announcement for PLC
Reference Number GA1-28062022-00036

Type Announcement
Subject MEMORANDUM OF UNDERSTANDING
Description
SANICHI TECHNOLOGY BERHAD ("SANICHI" OR "THE COMPANY")
- TERMINATION OF MEMORANDUM OF UNDERSTANDING BETWEEN THE COMPANY, PNE PCB BHD ("PNE"), AT SYSTEMATIZATION BERHAD ("ATS") AND ARZON SOLAR, LLC ("ARZ")

Further to the announcements made by the Company on 18 May 2020, 20 May 2020, 27 May 2020, 17 August 2020, 27 November 2020, 25 February 2021, 12 May 2021, 31 May 2021, 30 August 2021, 30 November 2021 and 28 February 2022 and 31 May 2022 pertaining to the Memorandum of Understanding entered into between Sanichi, PNE, ATS and ARZ ("Parties") for the purpose of collaboration for Sanichi, PNE, ATS and ARZ or any of their subsidiaries to form a joint-venture company ("JVCo") among  the parties to design, research and development and production of medical grade mechanical air ventilators and to be distributed and marketed globally ("MOU"), the Board of Sanichi wishes to inform that the parties had mutually agreed to terminate the MOU with effecf from 28 June 2022 ("Terminattion").  The Parties agree that each party shall not make any claim against the other party due to the Termination.

 

The Termination does not have any financial impact to the Company and its subsidiares.

 

This announcement is dated 28 June 2022.






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