Asahi Intecc Co., Ltd. announced that the Board of Directors resolved to establish a joint venture company with MagneDesign Corporation for the purpose of manufacturing and selling GSR sensors mainly related to medical field at the meeting held on March 15, 2023. Purpose of the establishment of joint venture company: The Company and MagneDesign have decided to establish a new joint venture company, Magnaire Co.,Ltd. (hereinafter the "Magnaire", investment ratio: 60% by the Company, 40% by MagneDesign). MagneDesign is engaged in research and development related to magnetic technology and in 2015 discovered the GSR principle that enables ultra-compact and ultra-sensitive magnetic sensors.

Location: Nabi Sirakane 412, Nagoya Business Incubator, 2-9-33, Fukue, Showa-ku, Nagoya-shi, Aichi (Registered head office: 1703 Wakita-cho, Moriyama-ku, Nagoya-shi, Aichi). Date of establishment: April 3, 2023. Capital: JPY 10 million.

Description of business: Manufacture and sale of GSR sensors mainly related to medical field.