Owner and operator of bulk carriers Courage Marine Group has entered into a memorandum of agreement (MOU) with Dragon Net, and its owner, to form a joint venture.
Under the deal, reached on October 20, Courage Marine will explore the possibility of cooperation by way of setting up of a joint venture with Dragon Net or acquiring a part of the equity interest in the company.
The parties have agreed upon an exclusivity period of thirty days from the date of the MOU, which is not legally binding save for the provisions for confidentiality, exclusivity and jurisdiction.
Courage Marine expected to commence due diligence works on Dragon Net upon the signing of the MOU.
Dragon Net, incorporated in the People’s Republic of China with limited liability, is owned as to 90% by Mr. Zhou and 10% by another PRC resident. The company is principally engaged in the research and development of blockchain technology, as well as asset digitisation and exchange platform.
As blockchain technology could be applied to certain principal activities of Courage Marine Group, such as marine transportation services and merchandise trading, and could “improve management efficiency, enhance security and lower information management costs,” it is expected that the development into blockchain technology can enhance its financial performance.
As the MOU is not legally binding and is subject to the entering into of the formal agreement, the possible cooperation under the MOU “may or may not proceed,” according to Courage Marine.