8-K: BlueOne Card Subsidiary, Millennium EBS, Enters Master Services Agreement with ABeam Consulting

Millennium EBS Inc., a subsidiary of BlueOne Card, Inc., has entered into a Master Services Agreement with ABeam Consulting (USA) Ltd. for consulting services.

Summary

• BlueOne Card, Inc. subsidiary, Millennium EBS Inc., has entered into a Master Services Agreement with ABeam Consulting (USA) Ltd.
• Under the agreement, ABeam Consulting will provide services to Millennium EBS as detailed in agreed-upon Work Orders.
• The compensation for ABeam Consulting's services will be specified in each Work Order.
• The agreement allows either party to terminate for material breach with 30 days' written notice, provided the breaching party has the right to rectify the breach within the notice period.
• The agreement can also be terminated for gross negligence, bad faith, bankruptcy-related events, or suspension of payments.
• Upon termination due to these events, all debts owed by the breaching party become immediately repayable.

Sentiment

Score: 6

Explanation: The sentiment is neutral as it reports a standard business agreement. There are no indications of significant positive or negative impacts.

Positives

• The agreement provides Millennium EBS with access to consulting services from ABeam Consulting.
• The structure of Work Orders allows for flexibility in defining the scope and cost of services.
• The termination clauses provide protection for both parties in case of breach or other adverse events.

Risks

• The success of the agreement depends on the effective collaboration between Millennium EBS and ABeam Consulting.
• Disagreements on Work Order terms or service delivery could lead to disputes or termination.
• The agreement could be terminated if either party experiences financial distress or engages in misconduct.

Future Outlook

The agreement sets the stage for future collaboration between Millennium EBS and ABeam Consulting, with specific projects and financial implications to be determined by subsequent Work Orders.

Management Comments

• James Koh, Chief Executive Officer of BlueOne Card, Inc., signed the report on behalf of the company.

Industry Context

Companies often engage consulting firms to provide specialized expertise and support for various business functions, such as IT, strategy, and operations. This agreement reflects a common practice of outsourcing specific tasks to improve efficiency and effectiveness.

Stakeholder Impact

• The agreement could potentially benefit shareholders by improving the efficiency and effectiveness of Millennium EBS.
• Employees of Millennium EBS may be impacted by the consulting services provided by ABeam Consulting.
• The agreement could indirectly impact customers and suppliers of Millennium EBS through improved operations.

Next Steps

• Millennium EBS and ABeam Consulting will need to agree on specific Work Orders to define the scope and cost of services.
• The parties will need to manage the relationship and ensure effective communication to achieve the desired outcomes.

Key Dates

Keywords

Master Services Agreement, Millennium EBS, ABeam Consulting, Consulting Services, BlueOne Card