|The Board of Directors of PROTON Holdings Berhad wishes to announce that Perusahaan Otomobil Nasional Sdn Bhd ("PONSB"), a wholly owned subsidiary, has today entered into the following agreements with Mitsubishi Motors Corporation ("MMC"), a company incorporated and existing in Japan: |
1. A Development Agreement, to develop a new Vehicle Model for PROTON based on details of work, target specifications, job sharing and time schedule as determined by both parties ("Licensed Product").
2. A Licence Agreement, where MMC grants PROTON a non-exclusive license to use technical assistance and patents solely for the purpose of utilization of technical information for restyling, modification and improvement work, manufacturing of local parts, assembling, selling and after sales services / support of the Licensed Product to be sold under PROTON's trademark and styling; and
3. An Engineering Services Agreement, wherein MMC will provide the work and services for PROTON's manufacturing of the Licensed Product.
an Understanding with ") in relation to product collaboration for the development of a new model vehicle for PROTON.
At the same time, PONSB has entered into an understanding with MMC in relation to product collaboration for the development of a new Vehicle Model for PROTON. The understanding encompasses initiatives to be taken by both companies to improve both build and component quality for PROTON vehicles. Concurrently, both companies shall explore possibilities on export and contract assembly wherein the parties commit to conduct feasibility studies on the said areas within three (3) months from the date of signing.