New Trend Lifestyle Group plc Business Partnership Agreement (4010V)

TIDMNTLG

RNS Number : 4010V

New Trend Lifestyle Group plc

08 April 2019

8 April 2019

RNS ANNOUNCEMENT: The information communicated in this announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

New Trend Lifestyle Group plc

("NTLG" or the "Company" or the "Group")

Business Partnership Agreement

New Trend Lifestyle Group plc (AIM: NTLG), the Singapore-based Feng Shui products and services group, announces a new business partnership agreement ("the Agreement") between New Trend Lifestyle Pte Ltd ("NTLSG"), the trading subsidiary of the Group and GDI Capital Corporation Pte Ltd ("GDI").

GDI has a database and platform targeting English-speaking customers in Asia, and has developed an App, which is a mobile application which includes Feng Shui daily forecasts, tarot readings as well as instant advice from a consultant team. Under the terms of the Agreement, NTLSG will provide content for this App.

The main terms of the Agreement are as follows:

   --     NTLSG and GDI will share revenue earned under the terms of the Agreement equally; 
   --     GDI will bear the marketing and operating costs of the App; 
   --     NTLSG will provide the Feng Shui Masters' time and consultancy services; and 

-- The Agreement will run for a period of two years, with an option to extend by a further two years by agreement.

GDI has also agreed to subscribe SGD100,000 by way of a new issue of 500,000 shares in New Trend Lifestyle Pte Ltd ("New Shares"). Following this share issue, the share structure of NTLSG will be:

 
                        Shares in NTLSG        % 
 New Trend Lifestyle 
  Group plc                   3,000,000    85.71 
 GDI                            500,000    14.29 
 Total                        3,500,000   100.00 
 

There is an understanding in the Agreement that NTLSG intends to buy back the New Shares from GDI after two years for a price of SGD200,000, if the venture is successful and further conditions are met. Further announcements will be made on that, as appropriate, at the time.

The Directors believe that business partnership agreement with GDI further enhances the sales and marketing initiatives of the Group, and the Board are hopeful of a positive outcome to the partnership.

END

For further information:-

 
 New Trend Lifestyle Group Plc 
  Gregory Collier, Non-Executive Chairman    [phone] 
 SPARK Advisory Partners Limited (NOMAD)     [phone] 
  Mark Brady/Neil Baldwin                     3551 
 SI Capital Ltd (Broker) 
  Nick Emerson                               [phone] 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

AGREASLPESANEEF

(END) Dow Jones Newswires

April 08, 2019 02:00 ET (06:00 GMT)