The Board of Directors of Iconic Worldwide Berhad announced that Iconic Medicare Sdn Bhd, a wholly-owned subsidiary of the company, has on April 8, 2021 entered into a Memorandum of Understanding for the sale & purchase of Iconic Powder Free Nitrile Examination Gloves with Limmas Corporation Limited, a limited company incorporated in Hong Kong under the Companies Ordinance with its registered address and business address at Room 20A, Kiu Fu Commercial Building, 300 Lockhart Road, Wan Chai, Hong Kong. The MOU sets out the understanding between IMED and Limmas in respect of the proposed sale and purchase of the Iconic Powder Free Nitrile Examination Gloves. The Supplier intends to sell and the Customer intends to purchase one hundred million pieces of the Products in various available sizes each month for a period of twelve months or as may be ordered by the Customer from time to time and accepted by the Supplier subject to a Formal Agreement to be entered within three months from the date of the signing of MOU or at any date to be mutually agreed in writing by IMED and Limmas. The rationale of IMED entering into the MOU is to enable IMED to take leverage on the future demand pattern of the Customer for its Products and provide a strong indication on the future output requirements of the Products. The MOU will also provide valuable data for the manufacturing and financial planning processes. The MOU will also enable ICONIC Group to offer new business opportunities that will expand its revenue base and enhance shareholders' value and reduce the reliance on existing business ventures.