Ajax Completes Sale Process... Changes Name to 'YapX'

[Asia Economy Reporter Jang Hyowon] Egzax, an electronic components manufacturer that has completed the payment for acquisition by new major shareholders including YapX Holdings, is embarking on an all-around structural reform under new ownership.

On the 19th, Egzax announced plans to change its company name to ‘YapX’ through an extraordinary general meeting of shareholders and to undertake comprehensive structural improvements through business diversification into areas such as the Internet of Things (IoT) and Artificial Intelligence (AI). On the same day, the company appointed Choi Simyeong as the new CEO and added about 37 new business objectives aimed at diversification, including ▲purchase, manufacture, sale, lease, and customer service provision of electrical and telecommunications-related devices and equipment ▲development and supply of VR, AR, and XR-related products and services.

Newly appointed CEO Choi Simyeong is a professional manager who has led the social media platform company Sound & People, with particular experience in platform infrastructure construction. The company expects that CEO Choi’s professional leadership will create strong synergy in the IoT infrastructure construction and platform business sectors, which are currently being actively promoted.

Centered on the new management, Egzax plans to actively continue the organic business network with subsidiaries under Yap Company recently and prioritize the IoT beacon device supply business, which has been actively expanding mainly in Seoul’s local government areas.

Egzax is a specialized electronic components manufacturer producing and selling chemical materials for LCD, OLED, LED, NFC antennas, RFID tags, and printed electronic products. Established in 1999 and listed on the KOSDAQ market in 2002, the company leverages its competitive Roll To Roll printed electronics RFID tag production technology, recognized as a core technology in the IoT field. Recently, it signed a supply contract for up to 1 million beacon devices annually with Yap Mobile, which is expanding its IoT business, continuing comprehensive business partnerships.

Choi Simyeong, the new CEO of Egzax, stated, “We plan to actively pursue business diversification by applying our technologies to areas such as the IoT business sector, which is actively pioneering the market recently, and the metaverse industry incorporating augmented reality (AR) technology, thereby undertaking comprehensive structural reform.”