Konica Minolta Holdings, Inc.
December 1, 2003
Dissolution and Liquidation of a Consolidated Subsidiary
Tokyo (December 1, 2003) – Konica Minolta Holdings, Inc. (Fumio Iwai, President & CEO, TSE: 4902, Section 1) announced that its consolidated subsidiary, Konica Minolta Photo Imaging, Inc. (KMPI), resolved at its board of directors meeting held on December 1, 2003 to dissolve its consolidated subsidiary, Konica Color Imaging Corporation (KIJ), on December 1, 2003, as outlined below.
1. Background to the resolution and future prospects:
The recent rapid growth of the digital photo imaging market has drastically reduced domestic demand for silver-halide photography, thus adversely affecting the domestic photofinishing services of KMPI. Aware of the need to drastically reform its photofinishing services to better meet the demand of the changing market environment, KMPI transferred the operations of KIJ to Konica Minolta Photo Solutions Co., Ltd. (PPS) on October 1, 2003 and decided to dissolve and liquidate KIJ.
PPS will focus on providing high value-added image processing and total solution services from shooting to printing, based on its proprietary digital processing technology and on-line network, thus shifting from the conventional wholesale photofinishing services for photo shops and sales of products through its distribution network.
2. About Konica Color Imaging Corporation (KIJ)
|Head Office||14-7, Kobuna-cho, Nihonbashi, Chuo-ku, Tokyo|
|Representative||Hiroshi Takeuchi, President & CEO|
|Business||Photofinishing services and sale of related products|
|Sales||¥24,316 million (FY ended March 31, 2003)|
|Shareholder||99.97% owned by KMPI|
3. Impact on corporate performance
Expenses to be incurred for the liquidation of KIJ were reserved in the settlement of accounts for the fiscal year ended March 31, 2003. Therefore, the liquidation of KIJ will have no impact on our current corporate performance.
Cautionary Statement Regarding Forward-Looking Statements:
This press release includes forward-looking statements that reflect the plans and expectations of Konica Minolta Holdings, Inc. To the extent that statements in this press release do not relate to historical or current facts, they constitute forward-looking statements. The forward-looking statements are based on the current assumptions and beliefs of Konica Minolta Holdings, Inc. in light of the information available to it, and involve known and unknown risks and uncertainties. Potential risks and uncertainties include, but are not limited to, the ability of Konica Minolta Holdings, Inc. to integrate the operations of Konica Corporation and Minolta Co., Ltd. effectively, as well as the factors identified under "Forward-Looking Statements" of the Annual Report 2002 of Konica Corporation and "Disclaimer Regarding Forward-Looking Statements" of the Annual Report 2002 of Minolta Co., Ltd. Such risks, uncertainties and other factors may cause the actual results, performance or financial position of Konica Minolta Holdings, Inc. to differ materially from those expressed or implied in the forward-looking statements. Konica Minolta Holdings, Inc. undertakes no obligation to update publicly any forward-looking statements after the date of this press release.