Via an incorporation-type company split, Japan's Oki Electric Industry plans to spin off its telecommunications business into a new company OKI Networks, due to take effect on October 1, 2008, according to an August 28 press release by the company. The plan has been approved by Oki's board of directors. Oki added in the press release that the spinoff will merit product development and that OKI Networks will target advanced services providing seamless NGN (Next Generation Network)-based connection between telecommunications networks with enterprise networks.