First Asia Holdings Limited: BIG STEP INTO INDIA!

Hong Kong, Dec. 12, 2014 (GLOBE NEWSWIRE) -- Memorandum of Understanding

This Memorandum of Understanding ("MOU") is made on 12th December 2014 between

(1) First Asia Holdings Limited, a company incorporated under the laws of Canada ("Investor");

(2) Italian Design Bag'Age Private Limited, a company incorporated under the laws of India (Corporate Identity Number: U74999MH2008PTC187194 2008-2009) of No. 304, Silver Pearl Building, Opp. China Gate, Water Field, Bandra (W) Mumbai - 400 050, India ("Company"); and

(3) Glen Rodrigues and Deborah Rodrigues, the owners of 5,999,999 and 1 shares in the Company respectively ("Sellers").


(a) The Company is a Hong Kong based leading luggage company trading soft luggage around the world and has been in the ladies handbag and luggage industry for the past 19 years.

(b) The Company has opened retail stores in major cities of India under the brand name "Rhysetta" promoting men's and ladies' wallets, beach bags, backpacks, hand bags, clutches, soft luggage, etc.

(c) The Company currently operates a centralised warehouse in Bhiwandi Mumbai with 6,000 sqm floor area, as well as 10 retail stores which are located in major high streets and shopping malls in India. The existing stores of the Company are located in:

(i) Phoenix Market City Mall, Bangalore

(ii) Amanora Mall, Pune

(iii) Phoenix Pune Market City, Pune

(iv) Oberoi Mall, Goregaon

(v) Infiniti 2 Mall, Malad

(vi) Korum Mall, Thane

(vii) Phoenix Market City, Kurla

(viii) R-City, Ghatkopar

(ix) Neptune Magnet Mall, Bhandup

(x) Growel Mall, Kandivali

(d) The Company also has wholesale distribution channels in:

(i) Kochi, Kerala

(ii) Chennai, Tamil Nadu

(iii) Hyderabad, Andhra Pradesh

(iv) Bengaluru, Karnataka

(v) Mumbai, Maharashtra

(vi) Patna, Bihar

(vii) Kolkata, West Bengal

(e) The Company has e-Commerce distribution partners including:

(i) Flipkart

(ii) Snapdeal

(iii) Amazon

(iv) Yebhi

(v) Jabong

(vi) Pepperfry

(f) The brand "Rhysetta" has been specifically designed and inspired by Italian designers to suit the requirements of dress fashion for modern consumers, and is a trademark registered in India.

(g) The Sellers are the 100% legal and beneficial owners of the Company free from any charges, liens or encumbrances.

(h) The Investor intends to acquire shares in the Company itself or through its nominee so as to become a majority and controlling shareholder of the Company.

The provisions of this MOU shall neither be a binding agreement nor create legally binding obligations on any Party, until a definitive formal agreement is finalized and agreed to by and among the Investor, the Company and the Sellers.

CONTACT: Source:First Asia Holdings Limited