Paradise Entertainment Limited announced that it entered into the Renewed Supply Framework Agreement with Mr. Feng for the sales of the Products to the Buyers for a term of one year commencing from 1 January 2020 and ending on 31 December 2020. Pursuant to the Renewed Supply Framework Agreement, the total transaction amount for the Term shall not be more than HKD 40 million. Pursuant to the Renewed Supply Framework Agreement, the Company shall supply (by itself or procure other members of the Group to supply) the Products to the Buyers for the Buyers' development, manufacture, sale, marketing and distribution (where applicable) of electronic gaming products in markets including but not limited to the U.S., Canada, Australia and elsewhere in accordance with the laws and regulations of the relevant jurisdictions on a non-exclusive basis. During the Term, individual supply agreements or Purchase Orders will be entered into between members of the Group and the Buyers to set out details of the quantity, price, specifications, standards, delivery time and settlement of the Products supplied. Pursuant to the terms of the Renewed Supply Framework Agreement, the supply of the Products shall be based on normal commercial terms agreed after good faith and arm's length negotiations between the Company and Mr. Feng, by reference to the prevailing market prices of the Products offered to independent third parties by the Company, and shall be no less favourable to the Group than those terms offered to independent third parties by the Group.