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Announcement Details/Table Section :
(1) INTRODUCTION
The Board of Directors of Prestariang is pleased to announce that Prestariang Systems Sdn. Bhd. (“PSSB”), a wholly-owned subsidiary of the Company had on 3 April 2012 entered into a MOU with Accreditation Service for International Colleges (“ASIC”) to market, promote, sell and deliver the 1Citizen Program (duly modified for the target market segment/country/professionals) through ASIC accredited colleges (“the Purpose”).
(2) DETAILS OF THE MOU
2.1 Background on ASIC
Accreditation Service for International Colleges (“ASIC”), is an organisation incorporated in the England, United Kingdom. ASIC is an independent body providing an accreditation service for schools, colleges and Universities worldwide.
2.2 Objectives of the MOU`
The objective of the MOU is to briefly summarise the general consensus of PSSB and ASIC and to lay out the way forward towards implementing the Purpose for the mutual benefit of PSSB and ASIC.
2.3 Salient Terms of the MOU
The Purpose shall be performed vide a Business Agreement that shall incorporate salient terms of agreement between PSSB and ASIC.
PSSB and ASIC agreed that they shall work diligently and cooperate to find consensus on the issues to be covered in the Business Agreement. PSSB and ASIC agree that a draft Business Agreement should be ready within during the duration this MOU.
2.4 Financial Arrangements
Each party will bear its own cost in the performance of the MOU.
2.5 Effect of the MOU
The MOU serves only as a record of PSSB’s and ASIC’s intentions and does not constitute or create, and is not intended to constitute or create, obligations under domestic or international law and will not give rise to any legal process and will not deemed to constitute or create any legally binding or enforceable obligations, express or implied.
2.6 Duration of the MOU
The MOU shall be effective as of the date of the MOU and will continue for a duration of twelve (12) months. The duration may be extended by mutual consent of PSSB and ASIC vide a written agreement
(3) RATIONALE
The MOU will enable Prestariang to leverage and to generate revenue from PSSB’s home grown Intellectual Property and to venture into the European market.
(4) FINANCIAL EFFECT OF THE MOU
The MOU is not expected to have any material effect on the earnings, net assets and gearing of Prestariang for the financial year ending 31 December 2012. However, the MOU will contribute positively to the future earnings of Prestariang.
The MOU will not have any effect on the issued and paid-up share capital of the Company as well as its substantial shareholders’ shareholdings.
(5) DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTEREST
None of the Directors and major shareholder(s) of Prestariang or any persons connected to them has any interest, direct or indirect in the MOU.
(6) STATEMENT BY DIRECTORS
The Board of Directors of Prestariang is of the opinion that the MOU is in the best interest of the Company.
(7) APPROVAL REQUIRED
The MOU is not subject to the approval of the shareholders of the Company or any regulatory authorities.
(8) DOCUMENT AVAILABLE FOR INSPECTION
The MOU is available for inspection at the registered office of the Company at Level 7, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights, 50490 Kuala Lumpur during normal business hours from Monday to Friday for a period of one (1) month from the date of this announcement.
The Board of Directors of Prestariang is pleased to attach herewith a Press Release in conjunction with the above.
This announcement is dated 3 April 2012.
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