Feb 01, 2012 ITOCHU Techno-Solutions Corporation
ITOCHU Techno-Solutions Corporation (head office: Chiyoda-ku, Tokyo; President & CEO: Yoichi Okuda; hereinafter, "CTC") announces that today, following a resolution of a meeting of the Board of Directors, it will acquire all of the shares of ITOCHU Technology, Inc. (hereinafter ITI) and make ITI a wholly owned subsidiary.
1. Reasons for the acquisition of shares
One of the growth strategies in the CTC's Medium-Term Management Plan is to expand global business. On this occasion, through the acquisition of ITI's shares, CTC will extend its research into state-of-the-art technology and market trends and its marketing activities in the North America region, and, in addition, by establishing its second independent overseas base after Singapore, plans to strengthen its global support framework for domestic customers.
2. ITOCHU Technology, Inc. Outline (as of February 1, 2012)
| 1) | Name | ITOCHU Technology, Inc. |
|---|---|---|
| 2) | Offices | [Santa Clara Office(Headquarters)] 3945 Freedom Circle, Suite 350, Santa Clara, CA 95054 [New York Office] 317 Madison Avenue, Suite 1100, New York, NY 10017 |
| 3) | President & CEO | Shinichi Uemura |
| 4) | Main Business | Maintenance and support of computers and network systems, Exportation of IT products, Research into state-of-the-art technology and market trends |
| 5) | Paid-in Capital | $3,750,000 |
| 6) | Established | 1990 |
| 7) | Major shareholders and ownership | ITOCHU Corporation 80% ITOCHU International Inc. 20% |
3. Number of shares to be acquired and share ownership before and after the acquisition
| 1) | Number of shares owned before the transfer | 0 shares (percent owned -%) |
|---|---|---|
| 2) | Number of shares to be acquired | 375 shares (voting shares 375 shares, percent owned 100%) |
| 3) | Number of shares owned after the transfer | 375 shares (voting shares 375 shares, percent owned 100%) |
| 4) | Investment percentage following the acquisition | ITOCHU Techno-Solutions Corporation 100% |
4. Schedule
| February 1, 2012 | Resolution by Board of Directors |
|---|---|
| March 31, 2012 | Acquisition of shares (schedule) |
| April 1, 2012 | Corporate name changed to ITOCHU Techno-Solutions America, Inc. (schedule) |
5. Impact on future business results
The acquisition of the subsidiary in question will have an insignificant impact on consolidated business results for the March 2012 term.
Contact Information
ITOCHU Techno-Solutions Corporation, Corporate Communications Dept.
E-mail：press@ctc-g.co.jp
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