Treasure Global and VCI Global agree to develop AI travel platform; $1M fee, 50/50 profit share

TREASURE GLOBAL INC

VCI Global will pay Treasure Global $1M in cash or stock for platform development.
Platform to function as AI-powered portable concierge app for travelers in Malaysia.
Targeted launch in 2024; ownership and profits shared 50:50 between the two firms.
Malaysian online travel market projected at $8B by 2025, per press release.

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Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TREASURE GLOBAL INC entered into Collaboration Agreement with VCI Global Limited (effective 2023-07-19).

Action: entry
Agreement: collaboration
Counterparty: VCI Global Limited
Effective: 2023-07-19

Exact text from the filing

On July 19, 2023, Treasure Global Inc (the “Company”) entered into a Collaboration Agreement (the “Collaboration Agreement”) with VCI Global Limited (NASDAQ: VCIG) (“VCI Global”), a multi-disciplinary consulting group focused on business and technology, in which the Company and VCI Global shall collaborate to develop an AI-powered travel platform (“Platform”) which utilizes advanced technology, including high-tech and predictive technology, to assist its users in discovering the best places to visit, explore, dine and engage in various activities during their travel in Malaysia.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TREASURE GLOBAL INC entered into Software Development Agreement with VCI Global valued at USD $1 million (effective 2023-07-20).

Action: entry
Counterparty: VCI Global
Value: USD $1 million
Effective: 2023-07-20

Exact text from the filing

On July 20, 2023, Gem Reward Sdn Bhd (“Gem”), a wholly owned subsidiary of the Company, entered into a Software Development Agreement (the “Software Agreement”) with VCI Global, in which Gem shall create, design, produce, develop, finalize, commission and deliver to VCI Global the Platform.

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Source: SEC EDGAR

accession 0001213900-23-058666

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