Treasure Global Signs Licensing Agreement with Morganfield’s, a Southeast Asian Restaurant Chain, Granting Exclusive Sub-licensing of the Morganfield’s Brand and Agreement to Adopt TAZTE in Morganfield’s Franchisees
01 Maio 2023 - 8:30AM
Treasure Global Inc (NASDAQ: TGL) (“TGI”, or the “Company”), an
innovative e-commerce platform providing seamless technology
enabled solutions for lifestyle needs, today announced that it has
signed its previously announced licensing agreement with
Morganfield’s Holding Sdn Bhd (“Morganfield’s”), a restaurant chain
specializing in comfort food and American-style barbecue, in which
Morganfield’s has granted TGI an exclusive worldwide license to
grant sub-licensees to third parties to use Morganfield’s
trademarks for the restaurant business. Pursuant to the agreement,
Morganfield’s will also adopt TGI’s digital food & beverage
(“F&B”) management system, TAZTE, in its nine franchisees in
Malaysia, China, and Singapore, accelerating the rollout of TAZTE
in the region.
“At TGI we believe the future is digital. With that in mind, we
have set out to transform the F&B industry with TAZTE, our
innovative digital F&B management system that improves
efficiency of both the front and back operations of the F&B
industry. TAZTE provides partnered merchants in Southeast Asia with
an integrated technology ecosystem to manage their systems more
efficiently with automated solutions for all F&B business and
customer needs, reducing manual processes and superseding
conventional point-of-sale programs,” said Sam Teo, Chief Executive
Officer of TGI. “Through our licensing agreement with
Morganfield’s, not only will TAZTE be adopted into their nine
existing franchisees, but TGI will have the opportunity to grant
sub-licensees to third parties to open additional Morganfield’s
restaurants in the region that will also adopt TAZTE. TGI will act
as master franchisor by managing brand loyalty and raw material
supply to accelerate this process of expansion for TAZTE. This
agreement will provide TGI with additional revenue streams
including start-up fees from new locations, monthly licensing fees,
and supply chain.”
“Further, TGI plans to replicate this process with additional
popular F&B brands in Southeast Asia to become the largest
F&B chain, without owning any bricks-and-mortar. We believe
this strategy will help us to expand the use of our innovative
solutions more rapidly as well as to capture data on vital
components of supply chain to better understand, improve, and
innovate our solutions and future solutions,” concluded Mr.
Teo.
About Treasure Global IncTreasure Global Inc
(“TGI”) is an innovative Malaysian e-commerce platform providing
seamless technology enabled solutions for lifestyle needs with
instant rebates and affiliate cashback programs. On a mission to
bring together the worlds of online e-commerce and offline physical
retailers, TGI is developing a portfolio of leading digital
platforms for use throughout Southeast Asia (“SEA”) and Japan. In
June 2020, TGI launched its proprietary product, the ZCITY App, a
unique digital ecosystem that transforms and simplifies the
e-payment experience for consumers, while simultaneously allowing
them to earn rewards. In the ZCITY ecosystem, users can utilize
TAZTE, a revenue generating digital F&B management system
providing merchants with a one-stop automated solution to
digitalize their businesses. As of December 31, 2022, ZCITY had
over 2,300,000 registered users.
For more information, please
visit https://treasureglobal.co/.
Forward Looking StatementsThis press release
may contain forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Such
forward-looking statements are characterized by future or
conditional verbs such as “may,” “will,” “expect,” “intend,”
“anticipate,” “believe,” “estimate” and “continue” or similar
words. You should read statements that contain these words
carefully because they discuss future expectations and plans, which
contain projections of future results of operations or financial
condition or state other forward-looking information.
Forward-looking statements are not guarantees of future
performance, are based on certain assumptions and are subject to
various known and unknown risks and uncertainties, many of which
are beyond the control of the Company, including those set forth in
the Risk Factors section of the Company’s registration statement
and prospectus for the Company’s initial public offering filed with
the SEC. Copies of these documents are available on the SEC’s
website, www.sec.gov. These forward-looking statements cannot be
predicted or quantified and consequently, actual results may differ
materially from those expressed or implied by such forward-looking
statements. The Company undertakes no obligation to update these
statements for revisions or changes after the date of this release,
except as required by law.
For further information, please contact:
U.S. Investor ContactAllison SossKCSA Strategic
Communicationsir_us@treasuregroup.co
Malaysian Investor
Contactsir_my@treasuregroup.co
Media ContactSue Chuah, Chief Marketing
OfficerTreasure Global Incmediacontact@treasuregroup.co
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