Starbox Secures 3-Year Contract Valued at $2.76 Million for Licensing its Software
Kuala Lumpur, Malaysia, May 22, 2023 (GLOBE NEWSWIRE) -- Starbox Group Holdings Ltd. (Nasdaq: STBX) (the “Company” or “Starbox Group”), announces that its Malaysian subsidiary, Starbox Rebates Sdn. Bhd., has entered into a software licensing agreement (the “Agreement”) with 1 Pavilion Property Consultancy Sdn. Bhd. (“1Pavilion”), a Kuala Lumpur-based company specializing in the sales and marketing of premium luxury properties.
Pursuant to the Agreement, the Company has agreed to provide technology support with its unique, internally developed IT system to help 1Pavilion use the Company’s data management system to better target customers and improve operational efficiency. The salient terms of the Agreement are as follows:
i) The contract period shall be for three years, commencing May 18, 2023,and ending May 17, 2026 (the “Contract Period”);
ii) The total contract sum during the Contract Period is RM12,400,000.00 (equivalent to US$2,757,087.92, based on the exchange rate of US$1.00: RM4.50 as of May 17, 2023); and
iii) The Company will grant 1Pavilion access to its data management system and will help train the staff of 1Pavilion with respect to its use.
Mr. Lee Choon Wooi, Chief Executive Officer and Chairman of the Board of Directors of Starbox Group, commented, "We are delighted to have signed the Agreement with 1Pavilion, demonstrating our market recognition and providing us with technology driven income stream for the next three years. Being a tech-driven company, Starbox Group will continue to dedicate itself to research and development and technological innovation. We believe our newly developed technologies, such as data management and the A.I. Calculation Engine, will help 1Pavilion to scale its business and improve operational efficiency. Looking forward, we will keep upgrading our technology system to meet the demand of our clients across various industries, which is expected to boost our business and revenue growth in the long term.”
About 1 Pavilion Property Consultancy Sdn. Bhd.
1 Pavilion Property Consultancy Sdn. Bhd. is a Kuala Lumpur-based company, specializing in the sales and marketing of premium luxury properties brand. All information about 1 Pavilion Property Consultancy Sdn. Bhd. contained herein has been reviewed and approved by 1 Pavilion Property Consultancy Sdn. Bhd.
About Starbox Group Holdings Ltd.
Headquartered in Malaysia, Starbox Group Holdings Ltd. is a technology-driven, rapidly growing company with innovation as its focus. Starbox is building a cash rebate, digital advertising, and payment solution business ecosystem targeting micro, small, and medium enterprises that lack the bandwidth to develop an in-house data management system for effective marketing. The Company connects retail merchants with retail shoppers to facilitate transactions through cash rebates offered by retail merchants on its GETBATS website and mobile app. The Company provides digital advertising services to advertisers through its SEEBATS website and mobile app, GETBATS website and mobile app and social media. The Company also provides payment solution services to merchants. For more information, please visit the Company’s website: https://ir.starboxholdings.com.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “assesses,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the U.S. Securities and Exchange Commission.
For more information, please contact:
Starbox Group Holdings Ltd.
Investor Relations Department
Email: ir@starboxholdings.com
Ascent Investors Relations LLC
Tina Xiao
Phone: +1 917-609-0333
Email: tina.xiao@ascent-ir.com
