VCPlus Limited announced that the Company had on 5 October 2023 entered into a Strategic Collaboration Framework agreement with Delta Investment Holding Group Ltd. Pursuant to the Framework Agreement, the Parties have agreed to incorporate a joint venture company as the exclusive distributor of the services of Veivo Web Technology Ltd. in Asia Pacific region (excluding China). Pursuant to the Framework Agreement, the indicative commercial arrangements comprise:- he Parties intend to incorporate a new joint venture company in Singapore and according to the terms and conditions in a joint venture agreement to be executed by the Parties to operate the Business (as defined below). The JVCo shall be 51% owned by the Company with the balance 49% owned by Delta or its subsidiary.

Veivo Tech shall appoint the JVCo as the exclusive distributor of the Veivo Services in Asia Pacific region (excluding China) . The Business will be responsible for the business development, management and operation of the Veivo Services. Veivo Group will provide the Company and JVCo with access to their proprietary software and platform, trademarks, copyrights, professional training, management and technical support in connection with the Business.

The Parties will also collaborate on the development of applications for the Company's digital assets business leveraging on Veivo Tech's expertise in software development. The Company intends to conduct a fund raising exercise to raise funds to finance the VCo and for the Group's working capital purposes ("Fund Raising Exercise"). Delta ill assist the Company with the Fund Raising Exercise.

It is the intention of the company that the JVCo will be incorporated after the completion of the Fund Raising exercise. erm of the Framework Agreement he Framework Agreement shall be effective commencing from and after the date of he Framework Agreement and ending on the earlier of: (i) six months after the signing f the Framework Agreement if no binding and enforceable JVA is entered into as envisaged in the Framework Agreement, subject to extension agreed by the Parties; r (ii) the termination of the Framework Agreement in accordance o he terms and conditions of the Framework Agreement as stated below.