BOE Varitronix Limited and the Subcontractors entered into the Master Subcontracting Agreement, pursuant to which the Company has agreed to provide subcontracting services of manufacturing TFT/TP modules and other products on a non-exclusive basis to the Subcontractors, for a term from 29 April 2022 to 31 December 2024. For the avoidance of doubt, the Group is not contractually bound to provide the subcontracting services to the
Subcontractors which is free to provide the subcontracting services to any other independent third-party customers during the term of the
Master Subcontracting Agreement. TFT modules are thin film transistor modules which generally refer to a unit comprises, among others, a panel, backlight and integrated circuits. TP modules are modules with touch panel displays. The other products are vehicle networking and automotive electronic systems which include, among others, electronic communications devices within a vehicle such as remote control of the headlights/air-conditioner using a smartphone app or a remote control, navigation system, electronic monitoring system, global positioning system module, radio and head-up display.