SOFTBANK announces dissolution of its subsidiaryMay 25, 2004
SOFTBANK CORP. announces that Net Vintage Corporation (the “Subsidiary”), a wholly-owned subsidiary of SOFTBANK BB Corp. (Head office: Chuo-ku, Tokyo; Representative: Masayoshi Son), decided today on its dissolution.
1. Outline of the Subsidiary
|Trade name||Net Vintage Corporation|
|Address||24-1, Nihonbashi-Hakozakicho, Chuo-ku, Tokyo|
|Representative||President & CEO, Shinichi Shimokawahara|
|Type of business||Internet access service and support service, debt collection|
|Common stock||10,000,000 yen|
|Shareholder||SOFTBANK BB Corp. 100%|
|Schedule of dissolution||Liquidation is expected to be completed by the end of September 2004.|
2. Reasons for the dissolution
The Subsidiary was a narrowband Internet access service provider. With the recent diffusion of the broadband Internet connection, the number of the Subsidiary’s customers had been decreasing and decision was made that it would be difficult to make a profit in the future.
3. Impact on business results
The dissolution shall have negligible effect on SOFTBANK CORP.’s results.
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