Announcement of Memorandum of Understanding for Launching Strategic joint venture of 5G network service business

PR82943

TOKYO, Feb. 19, 2020 /PRNewswire=KYODO JBN/--

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]

--Company's name: BitOne Group Company Limited (The second section of Tokyo

Stock Exchange Code:2338)

--Address: 1-10-9 kudankita, Chiyoda-ku, Tokyo, Japan

--Presentative title and name: Jyunichi Kimura

--Capital Fund: 2.49Billion JPY

--Business contents: Fintech business

                     Contents development and distribution

                     Software contract development

--Company's RL: https://www.bitone-g.co.jp/

SOURCE  BitOne Group Company Limited