|Strengthens Leadership within the Electronic Cigarette Industry|
HONG KONG, July 31, 2014 - (ACN Newswire) - O-Net Communications (Group) Limited ("O-Net Communications" or the "Group") (HKSE: 877), a leading supplier of passive optical networking subcomponents, components, modules and subsystems used in high-speed telecommunications and data communications networking systems, has successfully designed and manufactured an automated E-liquid Filling & Assembly Machine utilised in the manufacturing of electronic cigarettes for filling the E-liquid into the electronic cigarettes. This marks a significant advance in the Group's diversification into the automation industry and strengthens its leadership within the electronic cigarette industry.
Mr Austin Na, Co-Chairman and CEO of O-Net Communications, said, "To capture the huge demand driven by increasing labour costs, the Group has tapped the automation business since 2012. This new business has started to generate revenue contribution in FY2013 by supplying the heating coils with our automation equipments to the electronic cigarette makers in China from the last quarter of 2013. We are most pleased with the substantial advance represented by these highly innovative automatic machines into the electronic cigarette industry."
The Group has been successfully shipped the E-liquid Filling & Assembly machines to a leading overseas player in electronic cigarette industry. Rising demand for the machines is expected as the electronic cigarette industry is generally facing a challenge of filling e-liquid to electronic cigarettes in China. Traditionally e-liquid produced in US or Europe is manually filled into the electronic cigarettes in China due to high cost of manual filling overseas. With the introduction of the fully automated E-liquid Filling & Assembly Machine, both the E-liquid production and filling process can be completed locally. The higher level of safety guaranteed by these end products shall greatly enhance consumer confidence towards electronic cigarettes.
Mr Na concluded, "Looking ahead, the Group intends to consolidate its position as a leading supplier of components and automation solutions in the electronic-cigarette industry. Through further innovation and diversification, the Group is confident that the automation business can broaden its income stream, leading to sustainable balanced growth that is in the best interest of our shareholders."
About O-Net Technologies (Group) Limited
O-Net Communications (Group) Limited, with headquarters in Shenzhen, was listed on the Stock Exchange of Hong Kong Limited on 29 April 2010. It is a leading supplier of passive optical networking subcomponents, components, modules and subsystems used in high-speed telecommunications and data communications network systems. To broaden the product offerings through innovation and diversification, the Group started the research and development ("R&D") of certain active optical networking products used in the next generation telecommunication and data-communication systems. Building on its unique vertically integrated business model, the Group designs, manufactures and delivers cost-competitive customised products and solutions based upon individual customers' product needs and specifications. Apart from strengthening the core optical networking businesses, the Group adopted a new strategy "Diversity for Growth" and identified certain new businesses included automation and touch panel with an aim to become a leading high-tech company.
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July 31, 2014 13:30 HKT/SGT
Source: O-Net Technologies (Group) Limited
Topic: Production report
Sectors: Daily Finance
From the Asia Corporate News Network
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