SINGAPORE (THE BUSINESS TIMES) - Ellipsiz Distribution & Services Solutions (Ellipsiz DSS), a subsidiary of mainboard-listed Ellipsiz, has entered into an agreement with Aitech Robotics and Automation to establish a joint venture (JV) company.
The JV company, EllipTech Solutions, was incorporated for the marketing, distribution/trading and provision of engineering services, product research and development and solutions for temperature screening, facial recognition and security, Ellipsiz said in a bourse filing on Monday morning (May 11) .
This comes as the Covid-19 pandemic has adversely affected countries globally and governments and institutions are implementing new protocols and measures to address health and safety issues, the company said.
According to Ellipsiz, the JV will work with its clients to focus on developing customised solutions by combining different platforms into a unified platform, thus catering to the different needs of the retail, commercial, institutional as well as industrial sectors. This is done in a bid to ease and facilitate better management of the work and social environment arising from the implementation of Covid-19 related measures, the company added.
Ellipsiz DSS has a portfolio of solutions and services that cater to the needs in the semiconductor and electronics ecosystem. It is in the business of providing solutions for the functional testing and trading of scientific instruments and electronic equipment, as well as the trading of consumable products to hospitals, pharmaceutical, electronic and food processing industries, among others.
Meanwhile, Aitech is a home-grown robotics company which designs and develops applications and robotic devices, offering automation solutions to the hospitality, healthcare, food and beverage, logistics and construction industries.
The JV company, EllipTech, was incorporated with an issued and paid-up share capital of $1,000 comprising 1,000 ordinary shares. Ellipsiz DSS and Aitech each holds a 50 per cent stake in EllipTech Solutions.
The subscription of shares in the JV company was funded through Ellipsiz's internal resources and is not expected to have any material impact on the group's earnings per share and net tangible assets per share for the financial year ending June 30, 2020.
Shares in Ellipsiz last traded on May 6 at $0.31, down $0.01 or 3.1 per cent.