Mitsui & Co.,Ltd. ("Mitsui") and JFE Engineering Corporation ("JFE-E") established a fifty-fifty joint venture called Agricompass Inc. ("Agricompass") in May 2009.
To date, Mitsui, through the subsidiary, has developed Personal Digital Assistance ("PDA") service which enables cultural process management at the farm and JFE-E has been engaged in IT systems, as represented by automatic auction system at a wholesale market of agricultural products and the products' in-and-out control system at a delivery center, and engineering services for logistics facilities for 20 years. Mitsui and JFE-E launch an integrated Information-processing service on agricultural products for farmers including JA and the incorporations, logistics, wholesalers, retailers, restaurants and the end users by uniting both services at Agricompass. This is the first and new challenge and expected to increase the value of whole agricultural products supply chain in Japan. Agricompass will launch the service in autumn 2009 and the annual sales is anticipated to be 2 billion yen by 2014.
This new service will realize a unified traceability management on agricultural products supply chain and it will enable all of the users to approach not only the products and quality data but the cultural and logistics process record. For farmers, it will enable to record and monitor the cultural process and proper agrichemical application through PDA and expected to contribute agri-productivity growth. This can be served through internet from a data storage center owned by Agricompass and enables farmers to realize more accurate cultural process management with less cost and simpler task. In addition, it is also remarkable that logistics, wholesalers, retailers, restaurants and the end users can approach "Food-Safety" information from anywhere.
Mitsui and JFE-E will grow Agricompass as an "Information Platform Enterprise providing the end users with Food-Safety and Relief and supporting farmers to increase agri-productivity" not only in Japan but for overseas and, in corporation with farmers including JA and the incorporations, logistics, wholesalers, retailers, restaurants and the end users, also create new business to activate whole agricultural products chain in Japan.
This press release includes forward-looking statements about Mitsui. These forward-looking statements are based on the current assumptions and beliefs of Mitsui in light of the information currently available to it, and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. The risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest annual report on Form 20-F, which has been filed with the U.S. Securities and Exchange Commission.
This press release is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.