Jackspeed Corporation Ltd Announces Incorporation Of Joint Venture Company

Jackspeed Corporation Ltd announced that further to the Company’s announcement dated November 26, 2012 in relation to the Joint Venture Agreement with Mr Kozo Yokota (KY). The Board of Directors of the Company now announced that the Joint Venture Company (the JV Company) was incorporated on December 07, 2012 (the Transaction) pursuant to the Joint Venture Agreement. Jackspeed Euris Japan Pte. Ltd. (the JV Company) is incorporated in Singapore, with initial issued and paid-up share capital of 100 ordinary shares of SGD1 each. The Company and KY each hold 50% in the JV Company. The issued and paid-up capital of the JV Company will be subsequently increased to S$80,000 by the subscription of 39,950 new ordinary shares at S$1 each by the Company and KY accordingly. The Company and KY will each equally hold 50% shareholding in the JV Company. The principal activities of the JV Company are to carry on the business of designing, distributing and installing seat covers in the automotive aftermarket industry and the sale and production of seat covers for Original Equipment Manufacturers and any other related automotive upholstery businesses in Japan.