Treasure Global Secures Licensing Agreement with Fast-Growing Malaysian F&B Brand, Abe Yus, Granting Exclusive Sub-Licensing of its Brands
06 Junho 2023 - 9:00AM
Treasure Global Inc (NASDAQ: TGL) (“TGL”, “Treasure Global,” or the
“Company”), an innovative technology solutions provider, today
announced that it has entered into a licensing agreement with Sigma
Muhibah Sdn Bhd (“Abe Yus”), a fast-growing Malaysian group of Food
& Beverage (“F&B”) brands, in which Abe Yus has granted TGL
the exclusive worldwide right to grant sub-licensees to third
parties to use Abe Yus’ trademarks for the F&B business chain,
in line with the Company’s strategic plan to become a leading
franchisor of F&B companies in Southeast Asia.
Under the agreement, TGL is authorized to grant sub-licenses to
any third parties to open additional Abe Yus businesses in
Malaysia. As the master franchisor, TGL will manage brand loyalty
and raw material supply. In addition, all the Abe Yus F&B
outlets will be obligated to adopt TAZTE, TGL’s digital F&B
management system, across all their businesses. TGL therefore will
gain additional revenue streams from monthly licensing fees,
start-up fees for new locations, and supply chain management.
Abe Yus’ F&B group of businesses include the high-selling
“Kari Puffs” from grab and go food carts, as well as the Abe Yus
Warung street food kiosks, Abe Yus Café restaurants, and Abe Yus
Marts B2C online e-commerce delivery service. The chain currently
has 12 outlets operating across Malaysia, with plans to open 35
outlets by the end of 2023 and 300 outlets to be opened over the
next five years in the country. In addition, Abe Yus plans to
expand further into Southeast Asian market in the future.
Sam Teo, Chief Executive Officer of TGL, commented, “TGL is
executing our plan to become a master franchisor of F&B
companies in Southeast Asia. The agreement with Abe Yus is another
step in this direction following our first licensing agreement with
Morganfield’s in May. TGL continues to provide innovative solutions
in the F&B and technology space, growing its revenue streams
and customer base as it expands across Malaysia and Southeast Asia
with leading retail partners. Through implementation of our digital
management system, TAZTE, Abe Yus' F&B outlets will contribute
monthly licensing fees to TGL while enhancing their business
operational efficiency. Finally, the licensing agreement will allow
TGL to tap into critical data on the F&B processes, so that we
can further innovate our solutions for similar customers in the
future.”
About Abe YusAbe Yus is a fast-growing group of
Malaysian F&B businesses including the high-selling “Kari
Puffs” from grab and go food carts, as well as the Abe Yus Warung
street food kiosks, Abe Yus Café restaurants, and Abe Yus Marts B2C
online e-commerce delivery service. The chain currently has 12
outlets operating across Malaysia, with plans to reach 35 outlets
open by the end of 2023 and 300 outlets to be opened over the next
five years. In addition, Abe Yus plans to expand further into
Southeast Asian in the future. Established in January 2021 during
the pandemic period, Abe Yus’ brand has proven to be pandemic
proof, expanding successfully during the lockdown period in
Malaysia.
About Treasure Global IncTreasure Global is a
Malaysian solutions provider developing innovative technology
platforms. Treasure Global has developed two technology solutions:
the ZCITY App, a unique digital ecosystem that transforms and
simplifies the e-payment experience for consumers, while
simultaneously allowing them to earn rewards; and TAZTE, a digital
F&B management system providing merchants with a one-stop
management and automated solution to digitalize their businesses.
Treasure Global also acts as a master franchiser in SEA for popular
restaurant chains, while providing them with the TAZTE solution. As
of March 31, 2023, ZCITY had over 2,400,000 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 Contact
Phil Carlson
KCSA Strategic Communications
ir_us@treasuregroup.co
Malaysian Investor Contacts
ir_my@treasuregroup.co
Media Contact
Sue Chuah, Chief Marketing Officer
Treasure Global Inc
mediacontact@treasuregroup.co
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