Announcements
Announcements
Date: 11 April 2018

MEMORANDUM OF UNDERSTANDING Cypark Resources Berhad ("CRB" or "the Company") - Memorandum of Understanding ("MOU") between Cypark RE Store Sdn. Bhd. ("CRS"), a wholly-owned subsidiary of the Company, and 21st Century Clean Energy GmbH & CoKG (the authorised TESVOLT agent for Malaysia) ("TESVOLT")


Type Announcement
Subject MEMORANDUM OF UNDERSTANDING
Description Cypark Resources Berhad ("CRB" or "the Company") - Memorandum of Understanding ("MOU") between Cypark RE Store Sdn. Bhd. ("CRS"), a wholly-owned subsidiary of the Company, and 21st Century Clean Energy GmbH & CoKG (the authorised TESVOLT agent for Malaysia) ("TESVOLT")
1. Introduction
 
The Board of Directors of CRB is pleased to announce that CRS, a wholly-owned subsidiary of the Company, has on 10 April 2018 signed a MOU with TESVOLT to collaborate and to co-operate in energy storage projects and to jointly expand their business opportunities in the area of renewable energy in Malaysia.
 
2. Salient Features of MOU
 
The areas of cooperation include the following:
- Encourage and promote technical cooperation.
- Develop business promotion and marketing strategy to potential customers for Battery Energy Storage projects in Malaysia.
- Jointly explore relevant business opportunities for vertical and horizontal market expansion.
- Collaborate in feasibility study to set up renewable energy facilities and development of Battery Energy Storage projects. -
Provide for Operation and Maintenance services.
 
The MOU comes into effect on the date of signing and will remain effective for a period of two (2) years and may be extended for a further period as may be agreed in writing by both parties.
 
3. Financial Effects
 
The MOU will not have any financial impact on the Company.
 
4. Directors' and/or Substantial Shareholders' Interest
 
None of the Directors and/or substantial shareholders or any person connected to the Directors and/or substantial shareholders of CRB has any interest, either direct or indirect in the MOU.
 
5. Directors' Statement
 
The Board of Directors of CRB is of the opinion that the MOU will have a positive impact on the business of CRB and is in the best interest of the CRB Group.
 
This announcement is dated 11 April 2018.
		                            




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