July 3, 2017
Hivelocity Inc.
CEO / Akiyoshi Fukumitsu
Notice Concerning the Establishment of a Subsidiary
via Corporate Split (Spin-Off)
Per the special general meeting of stockholders held on June 2nd, 2017, it has been decided that hubsynch K.K. shall be established through the partition of the rights and obligations pertaining to hubsynch operations (electronic payments operations, financial operations, collection agency operations, operations pertaining to transactions originating through the capital settlements law, virtual currency exchange operations, agency services for the administration of various discount coupons, etc.), effective as of July 3rd, 2017.
This message is to give notice that hubsynch K.K. has been established as of today’s date.
1. Objective in Splitting the Company
Our goal in spinning off the hubsynch operations (electronic payments operations, financial operations, collections agency operations, operations pertaining to transactions originating through the capital settlements law, virtual currency exchange operations, agency services for the administration of various discount coupons, etc.) and establishing hubsynch K.K. is to enable an agile response to the shifts and idiosyncrasies in the Fintech market, which is forecast to grow even further from now on, and to optimize operations while improving profitability and competitiveness through expeditious operational judgments.
2. Outline of Company Split
(1) Schedule for Company Split
・Special General Meeting of Stockholders to Approve of Spin-Off: June 2nd, 2017
・Settlement Date for Split (Effective Date): July 3rd, 2017
(2) Formula for the Split of the Company
This company shall split and the newly-established company shall be the successor company.
(3) Allocation Resulting from the Company Split
The successor company shall issue 100 shares of common stock and all shall be assigned to this company.
(4) Fluctuations in Capital resulting from Company Split
There shall be no fluctuations in capital resulting from the split of this company.
(5) Rights and obligations to be inherited by the successor company
The successor company shall inherit all specific assets, liabilities, and contractual positions as well as any other rights and obligations pertaining to hubsynch operations.
3. Outline of the Subsidiary Established through the Split
| (1) Name: | hubsynch K.K. |
| (2) Location: | 2-11 2-chome Naka-meguro, Meguro Ward, Tokyo City |
| (3) Name & Position of Representative: | Managing Director Akiyoshi Fukumitsu |
| (4) Business Operations: | Planning, development, design, operation, etc. of e-commerce and e-payments systems. |
| (5) Capital Funds: | ¥1,000,000 |
| (6) Date Established: | July 3rd, 2017 |
| (7) Financing Ratio: | Hivelocity K.K. 100% |
４. Status following the Split of the Company
There will be no changes to the name, primary location, representative, capital funds, or accounting period for the main company due to this split.
Thank you.