Announcement of Merger
December 20, 2021Press Release
Announcement of Merger
(Simplified Merger and Short-form Merger)
CHOFU SEISAKUSHO CO., LTD (hereinafter, the "Company") hereby announces that at the meeting of Board of Directors held on December 17, 2021, resolved to carry out a merger (hereinafter, the "Merger") with subsidiary company, SUNPOT CO., LTD. (hereinafter, "Sunpot "), effective from April 1, 2022.
1. Purpose of the Merger
The Company provides manufacturing and sales of air conditioning equipment and contributes to comfort and healthy living environment. The Company aims to improve management resources efficiencies across the entire group, streamline our organization and business operation and enhance our business value by taking full advantage of our know-how that we cultivated.
2. Outline of the Merger
(1) Schedule of the Merger
Date of the resolution of the Board of Directors December 17, 2021
Date of signing of the Merger agreement December 17, 2021
Effective date of the Merger April 1, 2022
As the Merger falls under a simplified merger as prescribed in Article 796, Paragraph 2 of the Sunpot Act in relation to Company's wholly owned Company, and a short-form merger as prescribed in Article 784, Paragraph 1 of the same act in relation to Sunpot, the Merger agreement approved without convening General Meeting of Stockholders of either companies.
(2) Method of the Merger
The Company as the surviving firm will continue to operate having the entire Rights and Obligations of Sunpot, while the Sunpot will be dissolved.
3. Status after the Merger
The Company will continue to provide the manufacturing and sales of air conditioning equipment, the product warranty, repair service for Sunpot.