|Continues to create substantial value to the Group's business|
HONG KONG, Nov 5, 2014 - (ACN Newswire) - O-Net Communications (Group) Limited ("O-Net" or the "Group") (stock code: 877), a leading supplier of passive optical networking subcomponents, components, modules and subsystems used in high-speed telecommunications and data communications networking systems, has presented its strategy to increase its coating capacity on the cover glasses for touch panel products primarily used for the mobile phone and tablet market segments. This marks significant progress in the Group's diversification into the consumer electronic business which is expected to generate revenue and a profit contribution in fourth quarter of 2014 and 2015.
The Group has successfully launched three patented coating machines during the third quarter of 2014 and commenced the provision of coating service to several leading smartphone manufacturers in October. The coating machines feature simultaneous completion of anti-reflective (AR) and anti-finger print (AF) coating processes, a breakthrough in conventional coating technology. Due to the rising demand for O-Net's coating service from several global customers, the Group has decided to increase its coating capacity by adding new coating chambers including self-designed and off-the-shelf equipment from outside suppliers. Some of the new coating equipment is expected to be in operation before the end of this year, while most of the new machinery will start contributing to business in the first quarter of 2015.
Mr Austin Na, Co-Chairman and CEO of O-Net Communications, said, "The Group sees a strong demand and is optimistic about the potential of various high-end coatings for touch panel devices. We are very pleased to see the initial success of the new business, as this also represents the Company's first step to tap the consumer electronic industry. The Group will continue to leverage its optical, mechanical and electronic technology platforms to further expand our business footprint and bring new value to our business."
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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Nov 5, 2014 19:52 HKT/SGT
Source: O-Net Technologies (Group) Limited
Topic: Press release summary
Sectors: Electronics, Daily Finance, IT Individual, Daily News
From the Asia Corporate News Network
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