June 29 (Reuters) - Roolife Group Ltd (RLG) :
- SIGNS BINDING TERM SHEET FOR CHINA SALES
- EXECUTED BINDING TERM SHEET WITH CROSS BORDER E-COMMERCE COMPANY AULIFE INTERNATIONAL
- AGREEMENT IS IMMEDIATELY REVENUE-GENERATIVE, WITH FIRST SALES TO BE REPORTED IN JULY 2023
- TWO PARTIES WILL INCORPORATE NEW ENTITY THAT WILL BE 51%-OWNED BY RLG AND 49%-OWNED BY AULIFE
- ADDITIONAL PROFITABILITY CONTRIBUTION WITH A REDUCED COST BASE EXPECTED TO CONTRIBUTE TOWARDS COMPANY PROFITABILITY IN FY24
- TWO PARTIES WILL INCORPORATE NEW ENTITY WITH PROFIT SHARING OF 80% TO RLG AND 20% TO AU LIFE (NET PROFIT BASIS)
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