NOVA MSC BERHAD
26 Aug 2005
|Subject||FUNDING UNDER INTELLECTUAL PROPERTY ENRICHMENT SCHEME|
The Board of Directors of Nova MSC Berhad (“NMSC”) is pleased to announce that NMSC’s subsidiaries, novaCITYNETS Pte Ltd and novaHEALTH Pte Ltd (collectively known as “Group”), will undertake to enhance the core products of the Group, namely PAVO™, FORNAX™ and VESALIUS™. The Group will invest about RM5.6 million for the enhancements while the Infocomm Development Authority of Singapore, vide their letters of offer dated 12 August 2005, will support part of the development costs with a grant amount of up to SGD0.82 million or approximately RM1.84 million. This grant amount will be reimbursed upon successful completion of the stated milestones.
The Group had accepted the offer on 26 August 2005. Under the grant condition, the Group will enhance PAVO™ and FORNAX™ from 1 April 2005 to 31 May 2006 and VESALIUS™ from 1 April 2005 to 31 March 2006.
This announcement is dated 26 August 2005.
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