-- Shareholders of the Group, formerly known as Auston, approve sale of
education business and change of name to Infinio
-- Group now well on its way to fulfilling vision of becoming Asia's
leading new media company
SINGAPORE, June 5 /PRNewswire-Asia/ -- Infinio Group Ltd (Infinio or the Group), previously known as Auston International Group Ltd, made its debut today after receiving approval from its shareholders for the name change at an extraordinary general meeting (EGM) on 22 May 2009. The change was completed on 26 May.
This name change marks a brand-new direction for the Group as it strides into the new media industry following the complete divestment of its education business, AIMT Pte Ltd - a move that was also approved by its shareholders at the EGM. The company now has a new management team led by Chief Executive Officer (CEO) Paul Ng.
Mr Ng said: "I would like to thank our shareholders for supporting this change in our business direction as we embark on a promising and exciting journey into the rapidly expanding new media industry.
"Our new name, Infinio, stands for 'infinite opportunities' -- chosen to reflect the tremendous growth potential and vast possibilities within the new media world. Backed by our shareholders and with this new strategic direction, we are now well-placed to tap into the immense opportunities offered by the sector."
By focusing on communication, content and commerce in its new business, Infinio aims to take a leadership role in providing innovative solutions such as e-commerce, e-shopping, e-education and other interactive applications that offer a rich media experience for users and real revenue potential for the Group.
Infinio entered the new media business earlier this year with the acquisition of the entire issued ordinary share capital of Broadband Network Systems Ltd (BNS), a leading provider of Internet protocol TV (IPTV) content and technology solutions. BNS is headquartered in Hong Kong, with regional offices in Beijing, Singapore and Taipei. Its CEO, Mr Jeffrey Soong, has joined Infinio's board as an executive director.
BNS has a wealth of exciting intellectual properties, including a proprietary interactive e-commerce platform that allows print media to converge seamlessly with the online world as well as interactive advertising and e-learning applications.
Given its solid relationships and ongoing projects with major service providers throughout the world (including telecommunication companies, IPTV operators, broadcasters and cable systems), BNS is strongly positioned to generate significant revenues over the medium term and become a major earnings driver for the Group. These earnings will also help provide the foundation for Infinio's ongoing expansion.
ABOUT THE COMPANY (SGX Sesdaq listing: April 2003)
Headquartered in Singapore, Infinio Group Ltd. (Infinio or the Group) focuses on communication, content and commerce in the new media business. Through wholly owned Broadband Network Systems Ltd (BNS), the Group offers IPTV-based content and technology solutions for broadband service providers and enterprises.
BNS has a solid track record and a reputable client base that includes major telecommunication companies such as Chunghwa Telecom, Hanaro Telecom, PCCW and Telekom Malaysia, as well as other leading groups including China Airlines, Cisco Systems and Nokia.
In November 2008, Infinio entered the new media space when its wholly owned subsidiary Travel Point Inc inked a revenue-sharing agreement with AsiaTravel.com to market worldwide hotel room nights and air tickets through Pomoho.com, one of China's largest online social networking websites.
Over the longer term, Infinio's vision is to become Asia's leading new media company encompassing online, e-commerce and interactive advertising.
FOR FURTHER ENQUIRIES
Mr Keith Wong
Infinio Group Ltd
Tel: +65-6336-2338
Email: keithwong@infiniogroup.com
Ms Anke Gill
Broadband Network Systems Ltd
Tel: +852-2180-9918
Email: agill@bnsltd.com
Mr Tan Kai Yuan
Oaktree Advisers
Tel: +65-9746-6415
Email: kaiyuan@oaktreeadvisers.com
Ms Eline Oh
Oaktree Advisers
Tel: +65-9839-0263
Email: elineoh@oaktreeadvisers.com
Other media releases on the company can be accessed at
http://www.oaktreeadvisers.com
