Tealife Co., Ltd. (JASDAQ:3172) signed a share transfer contract to acquire Apex Co., Ltd from Yoshiko Buell and Vincent Keith Buell for approximately ¥480 million on October 23, 2012. Tealife Co., Ltd. is acquiring 400 shares each of Apex from Yoshiko Buell and Vincent Keith Buell. The deal will be financed by funds on hand of Tealife. Apex will become subsidiary of Tealife. Nobuji Ueda will become the representative Director and Chairman of Apex.

For the year ending August 2012, Apex reported net assets of ¥181 million, total assets of ¥479 million, revenue of ¥1.31 billion, operating profit of ¥119 million, current profit of ¥161 million and net income of ¥118 million. For the year ending August 2011, Apex reported net assets of ¥62 million, total assets of ¥439 million, revenue of ¥1.29 billion, operating profit of ¥117 million, current profit of ¥120 million and net income of -¥65 million. Mamoru Suzuki and Nobuyuki Suzuki will serve as Directors and Osamu Iikawa will serve as Auditor. Current representative Director and President, Yoshiko Buell will be made Director and President with no representative rights. The Board of Directors of Tealife Co., Ltd. passed a resolution to undertake the transaction on October 23, 2012. The deal is expected to complete on November 1, 2012.

Tealife Co., Ltd. (JASDAQ:3172) completed the acquisition of Apex Co., Ltd from Yoshiko Buell and Vincent Keith Buell on November 1, 2012.