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OMRON Announces Dissolution of Subsidiary
KYOTO, Japan-(Business Wire)-June 18, 2008 - OMRON Corporation (TOKYO:6645)(ADR:OMRNY), a global leader in automation, sensing and control technology, decided today to dissolve its subsidiary PiTaPa-Goopas Co., Ltd. ("PTGP"). The details of the dissolution are as follows.
1. Reason for Dissolution
To date, PTGP has provided services related to automatic ticket gate-based information delivery for users of the "PiTaPa" IC card, which is issued mainly by railway companies in Japan's Kansai region. However, because PTGP could not ensure the profitability of its initial business plan and there is no prospect for improvement, OMRON has decided to dissolve the company. -0- *T 2. Company Profile (1) Trading name PiTaPa-Goopas Co., Ltd. ——————————————————————————————————— 3-11-18 Minamisenba, (2) Headquarters Chuo-ku, Osaka 542-0081 Japan ——————————————————————————————————— (3) Representative Hiroshi Kawakita, President ——————————————————————————————————— Provision of services (4) Description of business related to automatic ticket gate-based information delivery ——————————————————————————————————— (5) Date of establishment March 12, 2004 ——————————————————————————————————— (6) Capital JPY 100 million ——————————————————————————————————— (7) Major shareholders and their equity OMRON Corporation: 65%, participation Surutto-Kansai Co., Ltd.: 35% ——————————————————————————————————— *T -0- *T 3. Date of Dissolution July 31, 2008 (scheduled) Resolution to dissolve at extraordinary meeting of PTGP shareholders October 31, 2008 (scheduled) Completion of liquidation *T
4. Forecast
The effect on OMRON's consolidated and non-consolidated financial results for the fiscal year ending March 2009 will be minimal.
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