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Yamaha Announces Decision to Close Music E-Net, Inc. |
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Yamaha Corporation has announced that its Board of Directors, at their meeting held on February 7, 2007, made the decision to dissolve Music E-Net, Inc. which is engaged principally in sales of musical instruments via the Internet (a wholly owned subsidiary of Yamaha; located at 17-11, Takanawa 2-chome, Minato-ku, Tokyo; President: Masayoshi Horie).
Music E-Net was established in August 2002 to work in parallel with Yamaha's existing sales network, which includes exclusive dealerships, and create a business model for direct marketing suited to the era of the Internet.
In its subsequent business activities, Music E-Net was successful in making sales and collecting data as a monitor and advance sales agent for test marketing. Although the company was able to determine the possibilities for electronic sales of Yamaha as a manufacturer, it was unable to obtain items for sale that were appropriate given the special features of the Internet. Accordingly, Yamaha has decided it will be difficult for the company to reach breakeven, and suspended its operation in June 2004, then recently decided to dissolve the company.
Expenses incurred in liquidating Music E-Net will be small and will not have a material effect on Yamaha's consolidated financial results. |
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| Outline of Music E-Net |
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| Name |
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Music E-Net Co., Ltd. |
| Location |
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17-11, Takanawa 2-chome, Minato-ku, Tokyo |
| Lines of business |
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Sales of musical instruments, sales of music downloading services, and related activities |
| Paid-in capital |
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¥40 million (All invested by Yamaha) |
| Representative |
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Masayoshi Horie, President |
| Number of employees |
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None at present |
| Date of liquidation |
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Scheduled for April 2007 |
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For further information, please contact
Yamaha Corporation
Public Relations Division,
Public & Investor Relations Group
TEL. +81-3-5488-6601
FAX. +81-3-5488-5060
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