Longhui Intl (01007) announced that on August 2, 2024, after the trading session, the company signed a non-binding memorandum of understanding with Frontium Labs Sdn. Bhd. (partner) regarding potential strategic cooperation in the fields of artificial intelligence (AI) technology development and application, dining data collection, big data analysis and business intelligence, as well as chip set development related to dining branches.
According to the memorandum of understanding, the partner agrees to cooperate with the company in developing and operating chip sets and software for the catering business to promote the group's business; and to provide the group with full access and control rights to the chip set and software data. The company agrees to provide resources and data to the partner for developing chip sets and software and testing individual cases.
The company and the partner agree to make sincere efforts to explore and seek more opportunities for strategic cooperation, including but not limited to wholesale and VIP service cooperation involving the catering industry.