HUMAN ASSOCIATES HOLDINGS,Inc. (TSE:6575) entered into a share stock agreement to acquire 29% stake in CICOM BRAINS Inc. from a group of sellers for approximately ¥220 million on May 14, 2019. HUMAN ASSOCIATES HOLDINGS,Inc. will issue 829.1 shares against every share of CICOM BRAINS Inc. HUMAN ASSOCIATES HOLDINGS,Inc will acquire 274 shares of CICOM BRAINS Inc. and will issue 0.23 million shares as consideration. In a related transaction HUMAN ASSOCIATES HOLDINGS,Inc. agreed to 70.9% stake in CICOM BRAINS Inc. As of September 30, 2018, CICOM BRAINS Inc. has reported total common equity of ¥335 million, total assets of ¥551 million, sales of ¥809 million, operating income of ¥62 million and net income of ¥41 million. The Board of Directors of HUMAN ASSOCIATES HOLDINGS,Inc. has approved the transaction. The transaction is subject to approval from the shareholders of CICOM BRAINS Inc. The extraordinary general meeting of CICOM BRAINS Inc’s shareholders to be held on May 30, 2019. Approval from the shareholders of HUMAN ASSOCIATES HOLDINGS,Inc. is not required. Completion is scheduled to take place on July 1, 2019. Duff & Phelps was appointed to calculate the value of the stock of CICOM BRAINS Inc.