Shigeyoshi Fujiwara / Miho Ishikawa
Investors & Public Relations Department
Faith to Sell TakeNET, Brazilian Subsidiary of Contents Distribution Service
| Completes realignment of overseas contents distribution business |
|Tokyo-January 29, 2008 --- Faith, Inc. (Faith; TSE 1st section, stock code 4295)announces that it has reached the agreement of the sale of all the shares of Invest Virtua S.A., which holds shares of Curupira S.A., commonly known as TakeNET, one of Faithfs subsidiaries operating contents distribution service in Brazil and other South American countries. This transaction is to complete the recent series of actions for realignment of overseas contents distribution business, which aims to perform intensification and optimum distribution of the groupfs management resources.
Since 2002, Faith had been expanding its overseas contents distribution business, mainly ringtone and other music contents distribution for mobile phones. In May 2002, it established Moderati, Inc. in the United States, and in August of the same year, acquired Digiplug S.A.S. in Europe. Then in China, in December 2002, it established AnyMusic Limited. In addition, in March 2005, Faith expanded its business into South America by acquiring TakeNET in Brazil.
At the same time, overseas market of contents distribution service started to reveal its severe operation climate day by day due to a surge of new contents providers and the mobile carriersf entry to contents distribution business for their subscribers. For further expansion of overseas contents distribution service, it is required that it should create, or obtain, and distribute original contents in high demand to differentiate its service from its competitorsf.
Taking the business environment into consideration, Faith judged that further investment and time would be required until the overseas contents distribution business grows sufficiently to contribute to the growth of Faith Group. Therefore Faith determined to sell all the overseas contents distribution business to perform optimum distribution of the groupfs limited management resources and active investment on more potential business fields.
This transaction of the sale of contents distribution service subsidiary in South America is to complete the sales of all overseas contents distribution business, following the sale of contents distribution service subsidiary in the United States in February 2007, the sale of contents distribution solution subsidiary in Europe in March of the same year, and the sale of contents distribution service subsidiary in China in November of the same year.
Faith Groupfs overseas business policy in future is to concentrate management resources on licensing distribution platform technology, and through these efforts, the group will accelerate the expansion of overseas business.
|About Faith, Inc.@(stock code, 4295; 1st section of TSE)
Faith is a pioneer of ringtone business for mobile phones. Originally, the concept of gringtoneh started from this company. It commercialized the idea, and expanded the business not only within Japan, but also into the 21 countries throughout the world, including North America, Europe, the Asia-Pacific region, and South America. Moreover, the company provides wide range of services such as on-line game and music distribution, and issuance of the electronic money to settle e-commerce shopping. In future, Faith aims to provide the higher added-value service through the creation of ga new scheme for the distribution of the digital contenth in the global scale in various environments such as mobile phones and PCs.
For more information, visit http://www.faith-inc.com/
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