NOVA MSC BERHAD
12 Nov 2020
INTRODUCTION
The Board of Directors of Nova MSC Berhad (“NOVAMSC”) is pleased to announce that the Company’s subsidiary, EYRIS Pte Ltd (“EYRIS”) has signed a Reseller Agreement (“RA”) with Topcon Healthcare Solutions Asia Pte Ltd (“Topcon”) today.
The press release in respect of the above is also attached herewith for information.
INFORMATION ON TOPCON
Topcon, a company incorporated in Singapore, is a subsidiary of TOPCON Corporation, a company incorporated in Japan, who is the world leading Optomechatronics – Optics, Mechatronics, Electronics – manufacturer since its establishment in 1932. The Topcon name carries a reputation of integrity and products of the highest quality, receiving ISO 9001 certification for both its positioning and medical divisions. Topcon Group has revenues of over $600 million annually and employs over 3,000 people worldwide with 14 domestic subsidiaries, and 26 overseas sales and manufacturing subsidiaries.
SALIENT TERMS OF RA
EYRIS appoints Topcon and Topcon accepts the appointment, as EYRIS’s reseller to market and distribute EYRIS’s products and services (“Products”) directly or through its distribution network in 18 countries in the South and Southeast Asia (including Thailand, India and Hong Kong).
The initial term of this RA begin on 1 November 2020 for a period of seventeen months, ending on 31 March 2022 (“Initial Term”). The RA shall automatically renew for additional one (1) year periods (each, the “Renewal Term”) unless, by giving a written notice at least sixty (60) days prior to the end of the Initial Term or any Renewal Term, either party notifies the other of its decision not to renew.
RATIONALE
The partnership will bring EyRIS SELENA+ to Harmony’s users in 18 countries in South and South East Asia. SELENA+ is a deep learning system (DLS) that can detect 3 types of eye diseases – diabetic retinopathy, glaucoma suspect and age-related macular degeneration. Harmony is an Eye Health Screening solution developed by Topcon that enables screening sites to be linked with eye professionals in a seamless and efficient manner.
RISK FACTORS
NOVAMSC does not expect any material risk arising from the execution of the RA other than the normal credit and operational risk associated with the RA.
FINANCIAL EFFECT OF THE RA
The execution of the RA will not have any effect on the share capital and shareholding structure of NOVAMSC and is not expected to have material effect on the earnings, net assets and gearing of NOVAMSC Group for the financial year ending 31 March 2021. Nonetheless, NOVAMSC expects the RA to contribute positively to the overall earnings in the future.
DIRECTORS AND MAJOR SHAREHOLDERS’ INTERESTS
None of the directors, major shareholders and persons connected with a director or a major shareholder of NOVAMSC has any interest, direct or indirect in the RA.
STATEMENT BY DIRECTORS
The Board, having taken into consideration of all aspects of the RA, is of the opinion that the RA is in the best interest of NOVAMSC.
This announcement is dated 12 November 2020.
Please refer attachment below.
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