Friday 29 Mar 2024
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KUALA LUMPUR (May 8): Eduspec Holdings Bhd said today it will no longer distribute any Robomatter or iCarnegie product or licensed material.

Eduspec said Robomatter Inc had yesterday written to the group stating its intention to terminate the collaboration agreements effective May 17, adding that the termination will have a material effect on the group's net assets, earning per share and gearing for the financial year ending Sept 30, 2018.

"The letter of termination indicates that until and unless a means to resolve both parties’ differences is reached on or before May 17, Eduspec and its authorised resellers are no longer permitted to distribute, provide, market or promote any Robomatter or iCarnegie product or licensed material," said Eduspec in a filing with Bursa Malaysia today.

"Nevertheless, the company is in the midst of studying the implications of the unilateral termination, examining our remedies and options as well as negotiating with Robomatter on the matter," it added.

"Taking into consideration the financial impact arising from the termination, the directors are negotiating with Robomatter to resolve the differences. The company will make the necessary announcement on the outcome of the negotiation and development in due course.

"The board of directors is in consultation with their legal advisors on the remedies available to the group," said Eduspec.

On July 17, 2014, Eduspec had signed a strategic collaboration agreement with iCarnegie Global Learning LLC whereby Eduspec was granted exclusive rights to distribute and appoint resellers for iCarnegie's products in Malaysia, Singapore, Indonesia, Vietnam, Thailand, Myanmar and the Philippines.

Eduspec shares closed up 0.5 sen or 10% at 5.5 sen today, with 632,100 shares done, for a market capitalisation of RM55.1 million.

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