SOFTBANK ANNOUNCES SALE OF TREND MICRO SHARES
Tokyo, Japan, March 22, 2000 - SOFTBANK CORP. (TSE: 9984) announced that SOFTBANK America, Inc., a wholly owned U.S.-based subsidiary, had completed the sale of equity held in Trend Micro Incorporated. Following the transaction, SOFTBANK America’s equity stake in Trend Micro decreased from 4.85% to 0%.
SOFTBANK America recorded approximately 66.9 billion yen on the sale of 3,150,000 Trend Micro shares. The resulting capital gain that SOFTBANK America will record on the sale of Trend Micro shares is approximately 61.3 billion yen.
The 61.3 billion yen capital gain that SOFTBANK America, a consolidated subsidiary of SOFTBANK’s wholly owned U.S.-based SOFTBANK Holdings, Inc., recorded will significantly impact SOFTBANK’s consolidated income statement for the current fiscal year. However, SOFTBANK is not able to provide a consolidated earnings forecast at this time, because the re-appraisal of assets accompanying Ziff-Davis’ (NYSE: ZD) reorganization have not been finalized. SOFTBANK will release a consolidated earnings forecast for the year ending March 31, 2000 as soon as these appraisals figures are finalized.
The business relationship between SOFTBANK and Trend Micro remains very strong with two SOFTBANK executives on Trend Micro’s board of directors as well as SOFTBANK being the largest distributor of Trend Micro products in Japan. Trend Micro has also entered into a joint venture with SOFTBANK INVESTMENT CORPORATION to establish an Internet-related venture fund capital management company, SOFT TREND CAPITAL Corp. Moreover, SOFTBANK and SOFTBANK INVESTMENT plans to fully leverage the expertise of Trend Micro throughout its venture consortium and in other areas of their business. Although the sale of Trend Micro’s shares marks the end of the capital alliance between the two companies, it will continue to remain a strategic partner of the SOFTBANK Group and both companies intend to continue to work together to develop new businesses and further unlock operational synergies.
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SOFTBANK FINANCE CORPORATION
Investor Relations Department
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