MiLOC Group Limited - BUSINESS RESTRUCTURING
RNS Number : 6685O
MiLOC Group Limited
13 June 2022
 

13 June 2022

 

MiLOC GROUP LIMITED

("MiLOC", the "Group" or the "Company")

 

BUSINESS RESTRUCTURING

 

The Company announces that it plans to restructure the business of the Group. Due to the covid-19 pandemic in Hong Kong, following the suspension of the Traditional Chinese Medicine Centre ("TCM Centre") since October 2021, the Company decided to officially close the TCM Centre. The Company believes that by closing the TCM Centre, it can better utilise the capital resources of the Company and focus on more profitable business lines which includes, but not limited to, the sales and distribution of the designer products with our Partner, CRUSHMETRIC Limited.

 

The Company has shifted more resources to the business of CRUSHMETRIC SwitchPen, through online (currently mainly through www.crushmetric.com) and offline platforms. We expect to launch more products of CRUSHMETRIC in the foreseeable future including but not limited to special designed stools, drinks, etc. We expect the revenue in 2022 to grow and come out of the year stronger both organisationally and financially.

 

As announced on 2 March 2022, the Company's wholly-owned subsidiary was granted the exclusive distribution rights by CRUSHMETRIC Limited.

 

In due course, the Company may propose a resolution to shareholders, together with an explanatory circular, proposing the change of the Company's business to include the sales and distribution agreement, as the Company moves away from Traditional Chinese Medicine ("TCM").

 

The directors of the Company accept responsibility for the contents of this announcement.

 

For further information, please contact:-

 

MiLOC

ONG Ban Poh Michael - Chief Executive Officer

Lilian Lo - Acting Chief Financial Officer

 

 

 

 

Tel: +852 2110 4221

 

AQSE Growth Market Corporate Adviser

PETERHOUSE CAPITAL LIMITED

Guy Miller

Mark Anwyl

Tel: +44 (0) 20 7469 0930

 

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