Agreement Signed with Hong Kong Broadband Network
Sydney, Jan 20, 2021 AEST (ABN Newswire) - Global digital health and fitness company OliveX Holdings Limited (
NSX:OLX) is pleased to announce that it has entered into a binding Memorandum of Understanding ("MoU") with leading Hong Kong telecommunications network operator Hong Kong Broadband Network Limited, a wholly owned subsidiary of HKBN Ltd. (HKG:1310) ("HKBN").
HKBN is a high-profile integrated telecommunications and technology solutions provider with over 880,000 residential broadband subscription customers and a network that covers over 2.4 million homes in Hong Kong and with operations in the wider Asia Pacific region. HKBN provides broadband and other communications solutions to 1 in every 3 households in Hong Kong.
Under the MoU, HKBN will initially purchase a minimum of 1,000 KARA Smart Fitness Mirrors for its Hong Kong-based customers, who will receive bundled rates for on-demand access to OliveX's immersive fitness content. OliveX and HKBN will jointly develop new celebrity-led content which will be made available to all users of the KARA Smart Fitness Mirror, advancing OliveX's strategy for AI-powered personal coaching using guest appearances by fitness celebrities and influencers.
"We are thrilled to be working with HKBN to bring our service to life for their customers and to rapidly accelerate our rollout in the Hong Kong market," said Keith Rumjahn, Chief Executive Officer at OliveX. "Through this collaboration we'll derive immediate revenue from the sale of our mirrors, which will be added to the catalogue of quality tech products offered by HKBN and its affiliates to their customers. The profiling and brand awareness opportunities that this will bring are huge. We're also in advanced discussions with influencers and celebrities who will develop new and exciting celebrity-led workouts for our customers, and we look forward to announcing these collaborations in due course."
Elinor Shiu, HKBN Co-Owner & Chief Executive Officer - Residential Solutions said, "We look forward to working with OliveX and introducing the KARA mirror to our own customers in Hong Kong. We're proud of our innovative partnership approach which is enabling us to deepen our residential customer engagement with more exclusive rewards and offers, and the KARA mirror is a natural fit for our model. We see huge opportunities in the digital at-home fitness space and we're excited to diversify our own product and reward offerings through our partnership with OliveX."
Notwithstanding the binding nature of the MoU, OliveX and HKBN propose to replace the MoU with a longer form agreement within a three-month period, to further cement the collaboration and to roll out the OliveX at-home fitness solution to customers of HKBN and its affiliates more broadly.
About Hong Kong Broadband Network
Hong Kong Broadband Network Limited is a residential solutions arm of HKBN Group ("HKBN" or "The Group"). Headquartered in Hong Kong with operations spanning across Hong Kong, Singapore, Malaysia, mainland China and Macau, HKBN is a leading integrated telecom and technology solutions provider. HKBN's Core Purpose is to "Make our Home a Better Place to Live". The Group is managed by around 990 of Co-Owners (majority of supervisory and management level Talents in the Group) who have skin-in-the-game through investing their family savings to buy shares of HKBN Ltd. (SEHK Stock Code: 1310) or investing a portion of their salary towards a common KPI for the beyond-Hong Kong business of the Group. HKBN operates through three core brands, Hong Kong Broadband Network, HKBN Enterprise Solutions and HKBN JOS. The Group offers a comprehensive range of solutions that include broadband, data connectivity, managed Wi-Fi, integrated cloud solutions, information security, mobile, voice communications, digital solutions, IoT, big data, enterprise applications, data centre facilities, business continuity services, system integration that cumulative to our onestop-shop offering of Transformation as a Service (TaaS) and OTT entertainment. HKBN's tricarrier fibre infrastructure in Hong Kong covers about 2.4 million residential homes and over 7,300 commercial buildings and facilities.
To learn more, visit www.hkbn.net
About OliveX Holdings Limited
OliveX (NSX:OLX) is a digital health and fitness company selling innovative products and applications to deliver a unique user experience using artificial intelligence, gamification and premium content. With its flagship product the KARA Smart Fitness Mirror and associated subscription-based applications, OliveX provides a platform that links and engages consumers with brands, influencers and fitness coaches and that enables any space to become a personal fitness studio. OliveX has a market reach that spans over 170 countries.
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