NOVA MSC BERHAD
17 February 2022
NOVA MSC BERHAD
|Subject||MEMORANDUM OF UNDERSTANDING|
|Description||Nova MSC Berhad, Association of Malaysian Optometrists and Rhazes Consultancy Services
Sdn Bhd sign MOU to establish a mechanism of cooperation
Please find attached the Press Release of Nova MSC Berhad (“NMSC”) in respect of the signing of a Memorandum of Understanding (“MOU”) between NMSC, Association of Malaysian Optometrists (“AMO”) and Rhazes Consultancy Services Sdn Bhd (“RCS”).
We wish to inform that NMSC has today signed a MOU with AMO and RCS to establish a framework of cooperation to develop mutually beneficial programs and/or projects to promote periodic or annual Eye Screening in Malaysia using EyRIS’ AI deep learning technology, SELENA+.
2. DETAILS OF THE MOU
2.1. Background Information on AMO
The Association of Malaysian Optometrists (AMO) was formed in February 1984 consisting of 200 odd members throughout Malaysia and overseas. Today, AMO has more than 1,000 members and are the primary eye care professional who can recognise eye problems and plan a proper course of therapy related to the eye or carry out the appropriate referrals. AMO hope to unite all the optometrists throughout the country to promote by all reasonable means, the encouragement and advancement of the science of optics in its application to the preservation of sight.
2.2. Background Information on RCS
Rhazes Consultancy Services Sdn Bhd (RCS) is a pioneer in knowledge-based digital health-hub provider that fuses the expertise of digital technology and evidence-based health practice. RCS provides digital healthcare information and solutions to the public and professionals through Rhazes Telepharmacy and Rhazes TeleOpto. Rhazes Telepharmacy has almost 30 Pharmacy Consultants in various fields of services geared to provide online consultations that will be beneficial to the public. RCS has recently created the brand Rhazes TeleOpto, which will soon provide teleoptometry services to Community Optometrists or AMO members nationwide.
2.2. Salient Terms of the MOU
The MOU shall become effective from the date of the MOU and shall be in force for a period of 18 months commencing from the date of this MOU (“Initial Term”). It shall be automatically renewed for successive 18 months terms (“Successive Term”) unless either party gives a 30 days’ written notice of termination to the other party in advance prior to the expiration of the Initial Term or any Successive Term thereafter.
Although this MOU summarizes some of the terms on the basis of which the Parties would be prepared to jointly work together, it is not intended to be legally binding on either party and in the event that this MOU does not give rise to any collaboration for any reason whatsoever, neither party shall be liable to the other for any damages, compensation or costs whatsoever.
3. RATIONALE FOR ENTERING THE MOU
The MOU will provide the Parties an opportunity to explore and establish collaboration based on the respective party’s strength and forte in the primary eye care market and technology industry.
This MOU will allow EyRIS’ AI deep learning technology, SELENA+, to be deployed to AMO’s members’ practices across Malaysia through RCS’s Rhazes TeleOpto platform.
It will promote early screening and detection of up to 3 retinal diseases, principally diabetic retinopathy, glaucoma suspect and age-related macular degeneration. EyRIS’ SELENA+ has been approved for use by the Malaysian Medical Device Authority since 22nd June 2020. This synergistic partnership with AMO will see the launch of SELENA+ and it will be deployed initially in 55 practices across Malaysia, with an aim of reaching AMO’s expansive membership within a year.
4. RISK FACTORS
NMSC does not expect any material risk arising from the MOU other than the normal operational risk associated with the MOU.
5. INTERESTS OF DIRECTORS, MAJOR SHAREHOLDERS AND/ OR PERSONS CONNECTED WITH THEM
None of the Directors, major shareholders of NMSC and/ or persons connected with them have any interest, whether direct and/ or indirect, in the MOU.
6. FINANCIAL EFFECTS & PERCENTAGE RATIO
The MOU will not have any effect on the share capital and shareholding structure of Nova MSC Bhd. The MOU is also not expected to contribute materially to the result of the Group for the financial year ending 31 March 2022.
This announcement is dated 17 February 2022.
Please refer attachment below.
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