The board of directors of the Company announced that on 1 November 2021, the Company entered into separate non-legally binding memorandums of understanding (each a MOU' and collectively, the MOUs) with UPS Technology Limited (Prospective Partner 1) and China On Family Office Co., Limited (Prospective Partner 2) in relation to potential business cooperation. Pursuant to the MOU with Prospective Partner 1 (MOU 1), the Company and Prospective Partner 1 will explore cooperation in the development of new businesses focusing on the medical industry, which includes information management systems. Prospective Partner 1 is expected to provide the Group with the relevant technological support through its proprietary software and hardware technical support, helping the Group achieve digital transformation and enhancements to its business. The Group's experience as an operator of a chain of medical general practice (GP) clinics in Singapore will help Prospective Partner 1 in developing a cloud-based information management system that focuses on the medical industry. Pursuant to the MOU with Prospective Partner 2 (MOU 2), the Company and Prospective Partner 2 will explore cooperation in developing medical related business opportunities. Prospective Partner 2 is expected to provide the Group with a network of high-net-worth individuals and the potential to develop medical related businesses in the People's Republic of China (PRC). The Group's experience as an operator of a chain of medical GP clinics in Singapore will provide Prospective Partner 2 with valuable insights in the development of medical related business opportunities. Reasons for And Benefits of Entering into The MOUs: The Group is principally engaged in the business of operating medical GP clinics in Singapore. However, as disclosed in the Company's interim report for the six months ended 30 June 2021, the uncertainties arising from the COVID-19 pandemic and the constant implementation of social gathering controls had posed a challenge to the businesses of the clinics under the Group. In addition, the Group foresees a consolidation of GP businesses in the near future and the need to expand its market as well as look for collaboration opportunities to re-calibrate itself to stay abreast and/or above the intense competition. The Directors consider that the entering into of the MOUs is in the interests of the Company and its shareholders as a whole as the transactions contemplated under the MOUs, if materialized, are expected to enhance its business operations and revenue streams. As part of the Company's expansion plan into the PRC, the company will also propose to adopt and register the Chinese name of as the dual foreign name of the Company.