CityLabs, Renamed from 'BFLabs'... Achieving Comprehensive Structural Improvements Including Order Expansion

City Labs, which has completed its name change to 'BFLABS,' announced on the 2nd that it is visualizing the results of structural improvements such as business division reorganization and order expansion.

In December last year, it secured an 8.8 billion KRW contract for the 'Seoul Regional ITS Operation and Management Project.' This project is an extension contract solely awarded to BFLABS in 2022. BFLABS plans to operate an information center that monitors and manages ITS facilities and road traffic information across 18 routes totaling 1,261 km, including National Route 1. The company explained that, in addition to this, it has signed multiple contracts in the aviation maintenance sector and recently secured numerous orders, demonstrating stable growth in its core business.

Since December, BFLABS has been signing multiple contracts, indicating smooth progress in its core business. The company plans to focus on establishing a foundation for performance improvement through business diversification. At the recent extraordinary general meeting of shareholders, the company changed its name and excluded previous business purposes such as glass processing and silicon raw material sales, while adding several new business areas including distribution and import-export.

A BFLABS representative stated, “With multiple contracts secured in December, including the Seoul Regional project, we expect our core business to continue serving as a stable cash cow next year. Furthermore, with the establishment of an efficient business operation foundation through business restructuring and structural improvements, we will concentrate our capabilities to ensure that performance growth becomes visible next year.”