Ilantec Absorbs and Merges with Life Korea

ILANETEC announced on the 21st that it has decided to merge with Life Korea through an absorption-type merger.

Currently, ILANETEC owns 100% of the issued shares of Life Korea. Upon completion of the merger, ILANETEC will remain as the surviving company, and Life Korea, the dissolved company, will be liquidated after the merger. There will be no change in ILANETEC's largest shareholder after the merger is completed.

The company stated, "We expect to reduce unnecessary costs and efficiently combine human and material resources, thereby increasing management efficiency," adding, "This will have a positive impact on the company's performance improvement and financial structure enhancement."