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Sockets Inc Announces Business and Capital Alliances with Culture Convenience Club Co., Ltd.

Thursday, 1 Aug 2013 03:35am EDT 

Sockets Inc announced that it has agreed to form business and capital alliances with Culture Convenience Club Co., Ltd., which is engaged in lifestyle planning business in Osaka, Japan. Through the business alliance, the two companies will cooperate in the sharing of database resources and provision of search and recommend services, as well as the establishment of a joint venture with the Company holding 49% and Culture Convenience Club holding 51%. Through the capital alliance, Culture Convenience Club will acquire a total of 120,000 shares (a 5.33% stake) in the Company on August 2, 2013, with 70,000 shares from MegaChips Corp, 20,000 shares from Faith Inc and President of the Company, as well as 10,000 shares from Senior Managing Director of the Company, and acquire another 120,000 shares in the Company through private placement for JPY 1,521 per share (JPY 182,520,000 in total) on August 19, 2013. As a result, Culture Convenience Club will hold a 10.11% stake in the Company. 

Company Quote

20.0 +2.00%
21 Oct 2014