MiLOC Group Limited - BUSINESS RESTRUCTURING
13/06/2022 12:06
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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 Tel: +44 (0) 20 7469 0930
PETERHOUSE CAPITAL LIMITED
Guy Miller
Mark Anwyl
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