VANCOUVER, British Columbia, April 18, 2024 (GLOBE NEWSWIRE) -- Summit Networks, Inc. (OTCQB: SNTW) ("Company") announces that its management team held its first post-acquisition meeting on April 16, 2024. Management discussed the Company's strategic plan and timelines for fully integrating St. Mega Enterprises' ("Mega") business operations. Over the next year, Management expects to execute its business plan focusing on sales, marketing strategies, and profitability targets. Mega has more than thirty (30) years of experience in designing, manufacturing, and installing wood products, including cabinets and the construction of houses.
Management is working with its auditors and legal professionals to file, by the end of June 2024, the audited financial statements on the St. Mega Enterprise acquisition. The Company expects to integrate its business model by September 2024, SNTW fiscal year-end.
Upon a successful financial raise, Management will hire high-tech professionals to expand current markets by promoting housing construction and related products. A new website platform will showcase product offerings, allow online sales, and provide customer service links.
Because building materials are in demand in British Columbia and the State of Washington, USA, Management seeks to set up an automated plywood panel production and cutting line to meet and expand the sales of Mega's environmentally friendly and energy-saving panels. SNTW believes it can build St. Mega into a group of entities with synergistic attributes and capabilities in design, production, warehousing, sales, and service.
During the meeting, SNTW's Management outlined its strategy to seek out high-quality business enterprises, accretive to the Company's overall financial position and aim to transform SNTW from a traditional business into a technology-based enterprise.
Mr. Stephen Kok Koon Tan, SNTW's newly appointed CEO, states, "If we complete our work plan as scheduled, we are fully confident we will reach our annual profit target around $750,000 in the next financial year."
Forward-Looking Statements:
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should carefully review various risks and uncertainties identified in this release and matters disclosed at www.otcmarkets.com. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements. The timing could be delayed or the uplisting may be unsuccessful for the potential uplisting described in today's announcement.
Corporate Contact:
Summit Networks, Inc
Delia Zheng
sntwus@gmail.com
+1-604-232-3968
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/885ba722-d5c9-4095-8162-d34510cbb965
