Ni Hsin EV Tech Sdn. Bhd entered into a Memorandum of Understanding ("MOU") with VMOTO Limited (NH EV TECH and VMOTO are collectively referred to as the "Parties" and individually as the "Party") with the intention to enter into a strategic business cooperation for NH EV TECH to assemble, promote and distribute VMOTO high powered EV motorcycles branded F01, CPX Pro and TC Max models (collectively referred to as "VMT EVs") through Business-to-Consumer (B2C) sales, Business-to-Business (B2B) and Business to Government (B2G) marketing channels in Malaysia ("the Proposal").