The board of directors of IEV Holdings Limited announced that on 23 July 2018, the Company through its direct wholly owned subsidiary IEV Group Sdn Bhd had signed a memorandum of agreement with EXT Co. Ltd. of Korea ("EXT"). Under the terms of the MOA, IEV Group and EXT agree to cooperate to commercialise and market EXT's proprietary geotechnical engineering technologies in Malaysia, Indonesia and India and other markets as may be agreed between the parties. They will jointly conduct a feasibility study to explore introducing EXT technology including EXT pile, Screw Anchor Pile, Point Foundation Method and Modular Pile into selected regional markets. If commercially feasible, the parties will then negotiate to establish a joint venture or other business arrangement between the parties. The MOA is effective for a term of nine months and may be extended as mutually agreed between the parties. IEV Group and EXT agree to bear their own cost in performing their agreed responsibilities in conducting this feasibility study and will share the cost of commissioning third parties to develop market research information.