February 14, 2005
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Name of Company: |
KAGA ELECTRONICS CO., LTD. |
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Stock Code: |
8154 |
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Stock Exchange Listing: |
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Headquarters: |
2-2-9, Hongo, Bunkyo-ku, |
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Representative |
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Title: |
Founder & CEO |
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Name: |
Isao Tsukamoto |
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Contact Person |
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Title |
Managing Director, Finance & Administration Headquarters |
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Name: |
Waichiro Shimoyama |
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Tel: |
+81-(0)3-4455-3111 |
Notice Regarding Acquisition of Business from KINDAI GOLF CO., LTD
KAGA ELECTRONICS CO., LTD. (Founder & CEO : Isao Tsukamoto, Headquarters : Bunkyo-ku, Tokyo,Capital : 9,660 million yen as of January 31, 2005) decided today to make FYT CO., LTD, a wholly owned subsidiary of KAGA ELECTRONICS, acquire the transfer of business from KINDAI GOLF CO., LTD and details are as follows:
1. Nature of Business Acquisition
FYT CO., LTD has agreed to take over KINDAI GOLF CO., LTD's golf business and to acquire the necessary operating assets from KINDAI GOLF CO., LTD.
In our judgment, we can expect to help this acquisition contribute to the further business growth of the KAGA ELECTRONICS Group.
2. Profile of FYT CO., LTD
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Name of Company: |
FYT CO., LTD |
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Headquarters: |
2-2-9, Hongo, Bunkyo-ku, |
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Date of Establishment: |
December 28, 2004 |
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Commencement Date of Business: |
February 1, 2005 |
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Capital: |
50 million yen (KAGA ELECTRONICS 100%) |
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Representative: |
Toshihiro Shimauchi |
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Description of Business: |
Manufacture, wholesale and sale of sporting goods |
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Fiscal Year-end: |
March 31 |
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Number of Employees: |
70 |
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Number of shares issued: |
1,000 shares |
3. Directors (as of February 14, 2005)
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CEO |
(Part-time) |
Isao Tsukamoto |
(Founder & CEO of KAGA ELECTRONICS) |
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President |
(Part-time) |
Toshihiro Shimauchi |
(Senior Managing Director of KAGA ELECTRONICS) |
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Director |
(Full-time) |
Hiroo Ide |
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Director |
(Full-time) |
Mitsuhiro Kumabe |
(On special assignment from KAGA ELECTRONICS) |
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Director |
(Full-time) |
Hirotada Miyazawa |
(On special assignment from KAGA ELECTRONICS) |
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Auditor |
(Part-time) |
Kenji Iwata |
(Part-time Auditor of KAGA ELECTRONICS) |
4. Outlook
Excellent performances of last year by young, professional lady golfers have started a boom to increase more popularity and demand for golf supplies has also expanded. Furthermore, needs for both video playback equipments to analyze form through videotaped swings and head speed measuring instruments has become evident at larger sized golf practice ranges. FYT CO., LTD is not only conducting sales activities for golf supplies, but also expecting to increase business opportunities in the area of golf related electronic equipments.
Based on the above, FYT CO., LTD is taking over both personal networks and marketing know-how that KINDAI GOLF CO., LTD has developed for thirty six years since its foundation. This, skillfully combined with KAGA ELECTRONICS' wholesale marketing know-how regarding information system products and home electric products, will enable FYT CO., LTD to expand further line-up of the products and to strengthen sales capabilities. As a result, FYT CO., LTD has set a goal of 3,000 million yens in net sales for the first fiscal year ending March 2006 and 5,000 million yen in net sales three years from now for the fiscal year ending March 2008.