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Signs Manufacturing Agreement for Wi-Fi Equipment to Accelerate the Development of Municipal Wireless Networks in the PRC
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HONG KONG, May 13, 2014 - (ACN Newswire) - Alltronics Holdings Limited ("Alltronics" or the "Group") (Stock code: 833) has announced that its indirectly wholly-owned subsidiary, Alltronics Tech. Mftg. Limited ("ATM"), has entered into a Manufacturing Agreement with P2 United Limited ("P2 United") whereby ATM has been granted restricted exclusive rights to manufacture and supply the Patented Wi-Fi Products to P2 United. This agreement marks the milestone of Alltronics in its effort to expand into PRC's fast-growth Wi-Fi sector.
Tapping into the PRC's Wi-Fi market, P2 United has established a strategic partnership with a state-owned enterprise (the "State-owned Enterprise"), which is administered by the State-owned Assets Supervision and Administration Commission of the State Council, the PRC. The State-owned Enterprise is a market leader with prominent market resources in the communication and electronic industry in the PRC. This cooperation presents huge potential for Alltronics to capture positive momentum in developing smart cities by deploying municipal wireless networks across the PRC.
The Ministry of Housing and Urban-Rural Development of the PRC had announced a proposed list of the establishment of 103 smart cities for the year 2013 , providing the enormous business opportunities for companies to enter that market segment.
Mr Lam Yin Kee, Chairman of Alltronics, said, "We are very pleased to enter the PRC's Wi-Fi sector, the first step for the Group to realise the greater business potential in this segment and the region, through this manufacturing agreement with P2 United. In view of the strong support from the PRC Government for developing smart cities, we believe that there will be a significant demand for the Patented Wi-Fi Products, offering us tremendous opportunities to broaden revenue sources. Additionally, our continuous investment in R&D positions us well to capture the market share in the municipal wireless network industry. We are confident that this partnership will enhance long term value to our shareholders."
Contact:
Strategic Financial Relations Limited
Vicky Lee Tel.: +852 2864 4834 Email : vicky.lee@sprg.com.hk
Katrina Leung Tel.: +852 2864 4857 Email : katrina.leung@sprg.com.hk
Cecilia Shum Tel.: +852 2864 4890 Email : cecilia.shum@sprg.com.hk
Fax: +852 2527 1196
Topic: Press release summary
Source: Alltronics Holdings Limited
Sectors: Electronics, Daily Finance, IT Individual, Daily News
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From the Asia Corporate News Network
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