10 October 2014(ASX: TUP)

TTG announces that it has signed a Memorandum of Understanding with Bingo (China) Supply Chain Management Co., Ltd. (referred to as Bingo).

Bingo is a well-known convenience store chain in China. Using the advantages of new technology, Bingo aims at consolidation of traditional convenience store chain and upstream supply chain management by providing storage, logistics and funds for supply chain integrated electronic trading platform.

According to this Memorandum of Understanding, TTG will provide its FEA services to Bingo, enhancing Bingo’s online and offline integration, O2O system design and solutions, and data mining. In return, TTG will receive a fee per Bingo transaction using FEA. In addition, TTG will get a 5% share of the new Bingo Company after a restructure. Details of the terms will be finalized in a definitive agreement in the near future.

“Our cooperation with Bingo extends our FEA services into retail sector, signifying the increasing importance of our FEA service.” TTG’s Chairman Mr. Xiong said today.