Item 8.01 Other Events
Cautionary note on forward-looking statements
All statements contained in this report, statements made
in press releases or in any place accessible by the public and oral statements that may be made by Noble Vici Group, Inc. and/or
its Subsidiaries or their respective directors, executive officers or employees acting on behalf of Noble Vici Group, Inc. and/or
its Subsidiaries (as the case may be), that are not statements of historical fact, constitute “forward- looking statements”.
Some of these statements can be identified by forward-looking terms such as “aim”, “target”, “anticipate”,
“believe”, “could”, “estimate”, “expect”, “if”, “intend”,
“may”, “plan”, “possible”, “probable”, “project”, “should”,
“would”, “will” or other similar terms. However, these terms are not the exclusive means of identifying
forward-looking statements. All statements regarding Noble Vici Group, Inc. and/or its Subsidiaries' financial position, business
strategies, plans and prospects and the future prospects of the industry which Noble Vici Group, Inc. and/or its Subsidiaries is
in are forward-looking statements. These forward-looking statements, including but not limited to statements as to Noble Vici Group,
Inc. and/or its Subsidiaries' revenue and profitability, prospects, future plans, other expected industry trends and other matters
discussed in this report regarding Noble Vici Group, Inc. and/or its Subsidiaries are matters that are not historic facts, but
only predictions or opinions. These forward-looking statements are not guarantees of future performance and involve known and unknown
risks, uncertainties, assumptions and other factors that may cause the actual future results, performance or achievements of Noble
Vici Group, Inc. and/or its Subsidiaries to be materially different from any future results, performance or achievements expected,
expressed or implied by such forward-looking statements.
Disclaimer
This is an update regarding the Company’s introduction
of a new product in its IoT business and is provided for informational purposes only. The information contained herein is incomplete
and does not contain certain material information about the Company, including important disclosures and risk factors disclosed
in the Company’s public reports filed with the Securities and Exchange Commission at www.sec.gov. This report is not intended
to be, nor should it be construed or used as an offer to sell, or a solicitation of any offer to buy, shares of the Company. No
offer or solicitation of the shares of the Company is being made herein. The information contained herein is a general update on
the business of the Company, is subject to change without notice, and does not take into account the particular investment objectives
or financial circumstances of any specific person who may receive it.
Noble Vici Group, Inc. and/or its Subsidiaries does not make
or purport to make, and hereby disclaims, any representation, warranty or undertaking in any form whatsoever to any entity or person,
including any representation, warranty or undertaking in relation to the truth, accuracy and completeness of any of the information
set out in this report. To the maximum extent permitted by the applicable laws, regulations and rules, Noble Vici Group, Inc. and/or
its Subsidiaries shall not be liable for any indirect, special, incidental, consequential or other losses of any kind, in tort,
contract or otherwise (including but not limited to loss of revenue, income or profits, and loss of use or data), arising out of
or in connection with any acceptance of or reliance on this report or any part thereof by you.
Business Updates
As previously disclosed in our quarterly report on Form 10 Q
for the period ended September 30, 2019, as amended on November 19, 2019, we introduced our smart coffee dispensing machines (the
V-More Express (“VX”)) as part of our new IoT product offerings. This Report is being provided as an update on the
development and progress of the VX.
Background
In developing our IoT business plan, we considered several key
strategic factors (the “VX Strategic Pillars”) as follows:
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1.
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Bank
and unbanked markets– Will our product be accessible to individuals who participate/do not participate in modern banking
systems?
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2.
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IoT
Hardware – Will the smart IoT device deliver core offerings and “capture” the users?
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3.
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Additional
Revenue/Locality AdTech – Will the smart IoT device deliver additional revenue such as through advertisements focused on
consumers within the proximity of the IoT device?
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4.
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User
Acquisition – Will the smart IoT device lead to increased users for our platform and ecosystem, driving traffic to both
online and offline retails?
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5.
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Advertising
Dollars Distribution – Will users benefit through discounts, rebates or sharing of advertising dollars?
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6.
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Pricing
– Will pricing of products and services be disruptive to the market and more broadly accessible to individuals and small
businesses?
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Based on internal research and findings, we believe that the
opportunity offered by the VX may help us address these VX Strategic Pillars while being synergistic with our platform and online
to offline/offline to online (“O2O”) ecosystem.
IoT Hardware
The VX includes a Smart Digital Panel Advertising Technology
and Barista grade beverage offerings. Other features also include a large interactive touch screen, 9 types of beverage in an optional
hot and ice varieties, 60 litres of distilled water tank and the capability to produce 400 cups of beverage.
VX Income Pillars
We anticipate the VX to generate revenue as follows:
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1.
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VX
IoT Sales – IoT machine sales
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2.
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Core
Sales – Product sales
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3.
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AdTech
– Advertising income from proximate advertisers
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The foregoing description of our business updates is qualified
in its entirety by reference to the VX Presentation which is filed as Exhibit 99.1 to this Report and incorporated herein by reference.