Carnival Asset Management Company Limited (TiENCHAT) Announces KTL Technologies Limited Has Signed an MOU for Acquisition

Team from TiENCHAT

Joint Press Release

Richard Symon, the Chairman of KTL Technologies Limited, said that he was excited that TiENCHAT, an award-winning startup company in blockchain technology and communications decentralised application, will be established in Australia via KTL. KTL has signed an MOU to acquire TiENCHAT. The companies are working through the Australian Corporations Act requirements and due diligence which will include conducting a general meeting of KTL shareholders to consider the opportunity to acquire TiENCHAT.

Mr. Symon said that he has worked with William Tien, TiENCHAT founder, in previous corporate transactions and believes that the contemplated transaction will be in the best interests of KTL shareholders.

About TiENCHAT (registered as Carnival Asset Management Company Ltd)

TiENCHAT offers a free mobile messaging application (dApp), built based on proprietary blockchain technology, known as T8T. TiENCHAT's business model is similar to WeChat and WeChat Pay. TiENCHAT messaging can instantly translate over 11 languages including English, Chinese, Japanese and Korean.

TiENCHAT comes with a free blockchain-enabled wallet as a premium function, that permits subscribers of T8T utility tokens to conduct commercial transactions through a proprietary Point of Sale (POS) system, and, cash withdrawal secured by a proprietary biometric card within jurisdictions that TiENCHAT has partnered financial institutions with licences. Messaging is encrypted and secured using quantum resistance encryption.

TiENCHAT has been launched and based out of Cyberport, Hong Kong. The company was founded by William TIEN, as a mobile E-Wallet DApp in 2016. TiENCHAT is awarded as the Best Blockchain Start-up Award in Bloconomic Expo in Malaysia on 16 August 2019 in recognition of the positive impact on the blockchain sector. William had listed his previous IT company in Australia 20 years ago.

Carnival Asset Management Company Limited
Address: Smart-Space FinTech,
Room 45, Unit 405-414,
Level 4, Core E, Cyberport 3, No.100,
Cyberport Road, Kennedy Town,
Hong Kong


About KTL Technologies Limited
KTL Technologies Limited was first listed in Australia Securities Exchange (ASX) on 16 July 1987. The Company business focused on industrial insulation, other insulation-related construction activities and related industrial maintenance services, access management, asbestos removal and the manufacture of polyurethane and prefabricated insulation products. The Company was delisted on Monday, 29 August 2016.

KTL Technologies Ltd
ABN 75 009 089 981
9ABC, Level 9 443 Toorak Road
TOORAK Vic 3142
Telephone: +613 9021 9920
Facsimile: +613 9021 9929

Source: TiENCHAT