Mitsui & Co., Ltd. (Mitsui), Softbank Group (Softbank), Pioneer Corporation (Pioneer) and Increment P Corporation (Increment P) have reached agreement concerning the participation of Mitsui & Co. as a new shareholder in Naviportal Corporation (Naviportal, head office: Minato-ku, Tokyo, President: Junichi Miyakawa), which is currently owned by Softbank, Pioneer and Increment P.
Since September 2008, Naviportal has been providing telematics* services in conjunction with car navigation systems, PC sites and mobile telephones, using the mobile communication network of Softbank Mobile Corporation, Pioneer car navigation systems, and map data services and other content provided by Increment P. It has also used this platform to offer consumers a wide variety of services that are easy, convenient and fun to use.
Naviportal aims to use this platform as the basis for an expanding range of business activities, including not only consumer-oriented services but also the provision of business solutions. Mitsui's participation will allow the company to accelerate its expansion through links with next-generation mobility management businesses, such as the car sharing business now being developed by Mitsui, while also offering users an enhanced range of services.
* Telematics: This is a generic term for information services supplied to mobile users, such as drivers of motor vehicles. Naviportal currently provides its services through Air Navi car navigation systems manufactured by Pioneer.
Profile of Naviportal Corporation (as of October 19, 2009)
||1-9-1 Higashi-Shinbashi, Minato-ku, Tokyo
||Jun'ichi Miyakawa (President and Representative Director)
||¥925 million (capital reserve: ¥925 million)
||Softbank Group (40.5%*1), Pioneer Corporation (36.8%), Mitsui & Co., Ltd. (18.9%*2), Increment P Corporation (3.8%)
*1: This percentage figure represents the combined shareholding of Softbank Mobile Corporation and Softbank Telecom Corporation.
*2: Mitsui & Co. will consider a further increase in its shareholding in step with the progress of the business.
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.