The Board of Directors of Theta Edge Berhad (TEB) announced that TEB had on 20 June 2022 entered into a Memorandum of Understanding (hereinafter referred to as "MOU") with IRIS Corporation Berhad (IRIS) to form and establish a joint venture (hereinafter referred to as "JVCo") to assist and work together in exploring and identifying future project(s) for both parties' mutual benefits. The execution of the MOU will allow the Parties to initiate further discussion and finalise the terms in the definitive agreement(s) for the formation of the JVCo. The JVCo will bring together the expertise of both Parties in information technology solutions and technical know-how in securing future project(s).

The MOU is non-binding and does not create any contractual relationship between TEB and IRIS. The Parties will establish a JVCo based on an equity shareholding structure of TEB: 30% and IRIS: 70%.