Isao Goto, President and Chief Executive Officer of Glamo Inc. agreed to acquire an additional 47.8% stake in Glamo Inc. from Advanced Media, Inc..
May 14, 2020
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Isao Goto, President and Chief Executive Officer of Glamo Inc. agreed to acquire an additional 47.8% stake in Glamo Inc. from Advanced Media, Inc. (TSE:3773) on May 12, 2020. Under the terms of the transaction, Isao Goto will acquire 0.45 million shares in Glamo Inc. Upon completion of the transaction, Advanced Media, Inc. will hold 18.49% stake in Glamo Inc. and Isao Goto will own 51% stake in Glamo Inc. For the year ended March 2020, Glamo Inc. reported total assets of ¥218 million, negative total common equity of ¥77 million, total revenues of ¥257 million, negative operating income of ¥139 million and negative net income of ¥142 million. The transaction is expected to close on May 15, 2020. There is no change in the consolidated financial forecast for the fiscal year ending March 31, 2020 in this matter.
Advanced Media, Inc. is a Japan-based company engaged in the voice recognition business. The Voice Recognition segment operates through three business divisions. The Solution division is engaged in the planning, design, development of voice recognition solutions embedded with voice-recognition technology. The Product division provides applications embedded with voice-recognition technology. The Service segment provides other services utilizing voice-recognition technology. The Company provides its solutions, applications and services to enterprises and institutions in a variety of industries, including call centers, manufacture and distribution, mobiles, entertainment and education, medical and conference recording, as well as individual customers.