On the 15th, QuantaMatrix Incorporated announced that it held an extraordinary general meeting of shareholders and approved amendments to its articles of incorporation to change the company name and add new business objectives. The new name embodies the company’s commitment to realizing “Momentum,” “Innovation,” and “Convergence” based on precision technology (Quanta). It also reflects the company’s determination to solidify its partnership with MiCo Ltd. based on its accumulated technological capabilities and to enter a higher growth trajectory.
The new company name will take effect early next year. This decision was made with consideration for ongoing business operations that currently use the existing corporate name. The trademark dispute raised by a U.S. company using a similar trademark is also expected to be resolved following the name change.
Expanding into new businesses is a strategy to broaden its business scope through collaboration with MiCo Ltd. while securing stable revenue streams. QuantaMatrix Incorporated will pursue the local production and domestic and international distribution of medical supplies, including aesthetic products such as toxins, fillers, and skin boosters, as well as cosmetics and in vitro diagnostic devices.
Initially, the company plans to leverage MiCo Ltd.’s overseas network to grow its distribution business in countries such as Brazil and Indonesia. Going forward, it intends to expand its business scope to include local production, proprietary brands, and original design manufacturing (ODM) supply. The plan is to accelerate business expansion by collaborating with MiCo Ltd., which possesses overseas manufacturing infrastructure and marketing networks.
Hong Young-seok, CEO of QuantaMatrix Incorporated, explained, “MiCo Ltd. has experience expanding its business into various fields, such as energy and healthcare,” adding, “We have identified new business areas where we can maximize synergies between the two companies, such as the sales and marketing networks established in Brazil and Indonesia through the semiconductor materials and equipment business.”
The company also plans to strengthen its competitiveness in its existing core business—the innovative medical device sector—through collaboration with MiCo Ltd. The company’s flagship product, the rapid antibiotic susceptibility testing device “dRAST,” is already expanding its supply, focusing on high-potential markets such as India, the Middle East, and Southeast Asia. The company plans to boost price competitiveness and production efficiency by simultaneously developing the next-generation model, “dRAST evo,” and investing in automation equipment for kit production.
Previously, in December of last year, MiCo Ltd. acquired 36 billion won worth of perpetual convertible bonds from QuantaMatrix Incorporated through the Pentastone No. 3 New Technology Investment Fund. Since then, in June of this year, the company introduced a co-CEO system and has been working to reduce costs in its existing innovative medical device business, strengthen its overseas sales capabilities, and secure new revenue streams.
