Mitsui & Co., Ltd. ("Mitsui") announced its subsidiary, AFC HoldCo, LLC, resolved to dissolve the business and plans to complete the liquidation as follows.
1. Company profile
|(1) Company name
||AFC HoldCo, LLC
||1209 Orange Street, Wilmington, Delaware, U.S.A.
|(3) Representative officer
||Masahiko Kurahashi, Chief Financial Officer
|(4) Principal business
||Investment in auto finance companies
|(5) Date of formation
||April 13, 2007
||US$ 70,037 thousand
|(7) Major shareholder
||Mitsui & Co. (U.S.A.), Inc. (A wholly owned subsidiary of Mitsui) 87.5%
|(8) Fiscal year end
2. Reason for the dissolution
As a result of the business performance review, we judged that its subsidiaries' auto finance business would be unprofitable under the current severe market conditions and determined to dissolve the company.
|October 12, 2010
||Resolution of dissolution
|Beginning of 2011
||Completion of liquidation
4. Impact on Mitsui's consolidated financial statements
This dissolution will have minimal impact on Mitsui's consolidated financial statements for the year ending March 31, 2011.
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.