PRESS RELEASE
2 September 2019: Smart building materials company ClearVue Technologies Limited (ASX:CPV) (“ClearVue” or “the Company”) is pleased to announce that it has created a Singapore based operating entity, ClearVue Asia Pte Ltd as a 100% owned private subsidiary of ClearVue (“CV Asia”) to support its expansion and market entry into the South East Asian region, a part of the Company’s global expansion plans.
CV Asia is to be licensed by ClearVue Technologies Limited to operate the ClearVue business in Singapore and Malaysia with the rights to sub-license manufacturers and distributors as applicable in and for that region.
Further, and with a view to fast tracking its market presence in South East Asia, CV Asia as part of the arrangement and expansion plans has signed a Collaboration Agreement with CSME Power Systems Pte Ltd (CSME).
CSME is a well-established family owned business operating in Singapore since 1994 with extensive contacts and connections into Government in the region including housing and defence. CSME’s core business is in providing complete turnkey power generation services, comprising of EPC contracting and mechanical and electrical engineering solutions and support. CSME’s footprint in this area includes with corporates involved in high-rise construction, large scale infrastructure projects and data centre establishment.
Under the terms of the Collaboration Agreement CSME will support ClearVue’s market entry and marketing efforts in the region including via establishment of relationships with local government agencies and commercial businesses, introduction to and support with local and regional project opportunities leveraging local industry knowledge and synergies.
In consideration of such support, ClearVue will issue CSME $50,000 worth of CPV shares at $0.25c and a 5% revenue share from projects introduced and signed. CSME are also entitled to 4.45% revenue share, 3.5% revenue share and 2.5% revenue share (respectively) every year, over a 3-year period after early termination or expiry of the Collaboration Agreement.
CSME also looks forward to being able to provide technical support including mechanical and electrical support and installation services to ClearVue and its licensee’s customers in Singapore and Malaysia.
