News

1. INTRODUCTION

• The Board of Directors of Prestariang is pleased to announce that its wholly-owned subsidiary, Prestariang Systems Sdn. Bhd. (“PSSB”) had on 18 October 2011 entered into a Teaming Agreement with KP to co-operate in order to identify and develop mutual opportunities in the Arabian Gulf Region with a view to entering into one (1) or more comprehensive agreements in the future to exploit such opportunities.
  
  KP is limited liability company registered under the laws of Abu Dhabi, United Arab Emirates (“UAE”) and is an established equipment and services provider to various UAE military, governmental and educational institutions.
  
  Following thereto, PSSB had entered into an agreement with KP to implement a derivative work of the 1Citizen Program to be known as the “Project Based Cyber Ethics Program” in the UAE region.

• The Teaming Agreement is in line with Prestariang’s geographical expansion into the Arabian Gulf Region to provide Information and Communication Technology (ICT) training and certification. The collaboration will provide Prestariang with opportunities for business growth, as well as to diversify any over dependency in Malaysia.
  
  The “Project-based Cyber Ethics Program” is an educational/training program specially developed and customised by PSSB for the UAE market. Under the terms of this Agreement, Prestariang owns the rights to Intellectual Property of certain element of software and content and facilitate the transfer of technology via Training of Trainers (ToT) to KP trainers and educators in the UAE. The Project-based Cyber Ethics Program Derivative adds functionality including, but not limited to localization of the training materials as well as a unique portal page.
  
  The total contract price for the development of the “Project-based Cyber Ethics Program” is USD750,000.00 for a period of three years.

• The Teaming Agreement and the development of the “Project-based Cyber Ethics Program” for KP is expected to contribute positively to the future earnings, net assets per share and gearing of Prestariang Group.
  
  The Teaming Agreement and the development of the “Project-based Cyber Ethics Program” will not have any effect on the share capital and substantial shareholders’ shareholding of Prestariang.

• The generally fast pace of technological advances in ICT products and services may lead to rapid obsolescence of, among others, hardware, software and ICT training and certification courses that are focused on outdated technologies and products. As technologies and products become obsolete, new or improved technologies and products will be created to replace them. There is a risk that demand for “Project-based Cyber Ethics Program” program may decline as newer technologies and product are developed and introduced.
  
  Moving forward, as part of our future plans, we will undertake more Research & Development activities and incorporate a continuous process of introducing new and upgrading existing training programmes and certifications. This is to keep up with technological and software advances, especially in tandem with our technology and software vendor partners.

• None of the Directors and/or major shareholders or any person connected to the Directors and/or major shareholders of Prestariang has any interest, direct or indirect, in the Teaming Agreement and the development of the “Project-based Cyber Ethics Program”.

• The Board of Directors of Prestariang is of the opinion that the Teaming Agreement and the development of the “Project-based Cyber Ethics Program” is in the ordinary course of business and are in the best interests of Prestariang.