TOKYO, Feb. 19, 2020 /PRNewswire/ -- BitOne Group Company Limited (hereinafter "The Company") and IBO Telecom Company Limited (hereinafter "IBO Telecom"), a Hong Kong-based subsidiary of IBO Technology Company Limited ("IBO Technology") are pleased to announce that we have signed a memorandum of understanding today to commence negotiations to enter a joint venture agreement (hereinafter referred to as the "Joint Venture Agreement") for launching the 5G network service business.
1. Background and purpose of the joint venture
We believe that 5G technology will open up great potential for remote medical services. Remote medical services allow healthcare professionals to stay in touch with patients and other healthcare professionals anywhere, significantly improving the reach of remote and rural healthcare. 5G technology, which features high bandwidth and high speed, will overcome distance and other geographical constraints and enable the commercialization of remote medical services.
IBO Technology, the substantial controlling party of IBO Telecom, develops a range of 5G pico base stations based on proprietary 5G baseband chips and algorithms. The main businesses of IBO Technology and its subsidiaries (the "IBO Group") include the sale of 5G backbone equipment (ie, pico base stations) and the 5G We provide pico base station network design, communication private network construction services, and 5G pico base station installation and maintenance services.
The IBO Group also offers remote medical device connection services for medical institutions. To take advantage of the IBO Group's strengths in the field of 5G technology, the Company intends to welcome the IBO Group as a strategic partner in this joint venture.
2. Details of the joint venture
IBO Telecom and the Company will (i) provide 5G infrastructure, 5G network design and implementation services, 5G smart solutions and services, and related network connections, installation, ongoing maintenance, technical support and customer services to medical institutions in China And (ii) intend to launch this joint venture in Japan to sell 5G backbone equipment and provide related network connection services, installation, ongoing maintenance, technical support and customer service. Details of the terms and conditions of this strategic investment will be negotiated between the parties and a legally binding joint venture agreement will be signed.
3. General information of IBO Telecom
1.Company name |
IBO Telecom Company Limited |
2.Address |
23rd Floor, Sunshine Plaza, 353 Lockhart Road, Wan Chai, Hong Kong |
3.Presentative title and name |
Director Lai Tse Ming |
4.Capital fund |
100,000HKD |
5.Business contents |
Product development of 5G technology |
4. General information of IBO Technology
1.Company name |
IBO Technology Company Limited（2708：HKG） |
2.Address |
Conyers Trust Company (Cayman) Limited Cricket Square Hutchins Drive PO Box 2681 Grand Cayman, KY1-1111 Cayman Islands |
3.Presentative title and name |
Director Lai Tse Ming |
4.Capital fund |
3,349K RMB |
5.Business contents |
Product development of 5G technology |
5. Schedule
The Company and IBO Telecom will discuss exclusively within 60 calendar days (unless both parties have agreed in writing to extend) to reach an agreement on the detailed terms of the Joint Venture Agreement. In addition, as of today, IBO Technology plans to disclose information related to this press release in the Hong Kong Stock Exchange and other markets.
[BitOne Group Company Limted General Information]
