Malvern International plc (AIM: MLVN), the provider of educational services in the UK, Europe and Asia, is pleased to announce it has entered into a collaboration agreement with Playware Studios Private Limited (“Playware”) whereby Malvern will be able to act as an exclusive sales and marketing partner and distributor for some of Playware’s educational related IT and technology products. In addition, pursuant to the agreement Malvern will receive IT advice which will enable Malvern to fast track some of its IT projects. In return Malvern will pay Playware a royalty on sales receipts achieved on Playware related products, the level of which will vary depending on the nature of the product.
This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.
Malvern is allowed to offer the agreed Playware courses and programmes in all of its locations. The agreement not only allows the use of the products by Malvern but also enables Malvern to act as an IT related educational supplier by having an exclusive right to distribute some of Playware’s products. These products include those of web-based and mobile applications that are in demand. The above projects are expected to help Malvern target a wider market in 2017, generate higher revenue and improve its competitive advantage.
Playware (www.playwarestudios.com) is a Singapore-based technology company specialising in the development of gaming for educational purposes. Its products and solutions have been adopted by a variety of corporate, government and educational institutions in Singapore and it has been the recipient of industry awards for its innovative offerings. Playware is owned and controlled by KSP Limited, which is a substantial shareholder in Malvern. For this reason the Collaboration Agreement is classified as a related party transaction for the purposes of AIM Rule 13. The independent directors, being directors not associated with KSP Limited, consider, having consulted with WH Ireland Limited, the Company’s nominated adviser, that the terms of the collaboration agreement are fair and reasonable insofar as the Company’s shareholders are concerned.
Commenting Sam Malafeh, Deputy CEO of Malvern, said: “We are delighted to have entered into this agreement which allows us to access to Playware’s innovative and internationally award winning products and courses. Access to the various Playware offerings will significantly expand the scope of our offering as an international education company and will help propel Malvern into the digital age. Malvern’s offering will now include cutting-edge technology (gaming, virtual reality, mobile applications) in addition to existing teaching and courses.”
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