Business
Treasure Global Signs Letter of Intent with Southern Hospitality Restaurant Chain, Morganfield’s to Adopt TAZTE and Lease its Branding Rights
- TAZTE to be Adopted in Morganfield’s Nine Franchisees in Malaysia, China and Singapore – -Plans to Expand Morganfield’s Franchisees in Southeast Asia With
About this update from Treasure Global Inc.
[{"type":"text","content":"- TAZTE to be Adopted in Morganfield’s Nine Franchisees in Malaysia, China and Singapore – -Plans to Expand Morganfield’s Franchisees in Southeast Asia With TAZTE – NEW YORK and KUALA LUMPUR, Malaysia, April 03, 2023 (GLOBE NEWSWIRE) -- Treasure Global Inc (NASDAQ: TGL) (“TGI”, or the “Company”), an innovative e-commerce platform providing seamless technology enabled solutions for lifestyle needs, today announced that it has signed a Letter of Intent (“LOI”) with Morganfield’s Holding Sdn Bhd (“Morganfield’s”), a restaurant chain specializing in comfort food and American-style barbecue, to adopt TGI’s digital food & beverage (“F&B”) management system, TAZTE, in Morganfield’s Southeast Asia franchisees with respect to Morganfield’s granting of an exclusive worldwide license to grant sub-licensees to third parties to use Morganfield’s trademarks for the restaurant business. Currently, Morganfield’s has nine franchisees in Malaysia, China, and Singapore which will be required to adopt TAZTE upon the closing of the agreement. The benefits of TAZTE for F&B managers are expected further entice new franchisees assisting Morganfield’s in its expansion plans throughout Southeast Asia. At the same time, TGI will have the opportunity to grow its brand exposure, membership base of retailers, and leverage restaurant data. TGI will also collect technical fees, licensing fees and income from supply chain. Morganfield’s and TGI, will leverage the well-known Morganfield’s brand with its award-winning Sticky Bones and Signature spare ribs, in conjunction with TAZTE, TGI’s innovative automated F&B management solution, as they target expansion within the market. TGI will act as master franchisor by managing brand loyalty and raw material supply to accelerate this process of expansion for TAZTE. “TGI is focused on expanding TAZTE’s reach across Southeast Asia. Signing the LOI with Morganfield’s, a popular restaurant chain with nine locations in Southeast Asia, and plans to expand further, is an important step in achieving this strategic goal. With the worldwide branding rights to Morganfield’s, a brand recognized by many in Southeast Asia for its Sticky Bones and Signature spare ribs, TGI will assist Morganfield’s in their expansion plans, simultaneously increasing awareness and use of TAZTE,” commented Sam Teo, Chief Executive Officer of TGI. “We b...