Treasure Global Inc (NASDAQ: TGL) saw its shares totter Monday, as the company announced that it has signed its previously announced licensing agreement with Morganfield’s Holding Sdn Bhd, a restaurant chain specializing in comfort food and American-style barbecue, in which
Morganfield’s has granted TGI an exclusive worldwide license to grant sub-licensees to third parties to use Morganfield’s trademarks for the restaurant business. Pursuant to the agreement, Morganfield’s will also adopt TGI’s digital food & beverage management system, TAZTE, in its nine franchisees in Malaysia, China, and Singapore, accelerating the rollout of TAZTE in the region.
CEO Sam Teo said, “At TGI we believe the future is digital. With that in mind, we have set out to transform the F&B industry with TAZTE, our innovative digital F&B management system that improves efficiency of both the front and back operations of the F&B industry. TAZTE provides partnered merchants in Southeast Asia with an integrated technology ecosystem to manage their systems more efficiently with automated solutions for all F&B business and customer needs, reducing manual processes and superseding conventional point-of-sale programs.
“Through our licensing agreement with Morganfield’s, not only will TAZTE be adopted into their nine existing franchisees, but TGI will have the opportunity to grant sub-licensees to third parties to open additional Morganfield’s restaurants in the region that will also adopt TAZTE.”
TGL shares lost four cents, or 2.6%, to $1.51.