Full Press Release Details
ELEMATEC CORPORATION FORMS A BUSINESS ALLIANCE WITH AND AGREES TO MAKE A STRATEGIC INVESTMENT IN MEDIROM HEALTHCARE TECHNOLOGIES' MOTHER LABS SUBSIDIARY
OCTOBER 15th, 2024, Tokyo, Japan: MEDIROM Healthcare Technologies Inc. (NASDAQ: MRM) announces that its subsidiary MEDIROM MOTHER Labs Inc. has formed a capital and business alliance with Elematec Corporation (TOKYO PRIME: 2715), a member of the Toyota Tsusho Corporation group. Under the capital and business alliance agreement, Elematec Corporation has agreed to make a strategic investment in MEDIROM MOTHER Labs' Series A round at a pre-money valuation of 9 billion yen (approximately US$60,000,000, calculated at an exchange rate of JPY150 to US$1).
Elematec is an electronics trading company with over 70 locations in Japan and abroad. The company provides commercial products in various fields, including the latest electronic products such as smartphones, tablets, home appliances, automobiles, OA equipment, and industrial equipment.
"We anticipate the capital and business alliance will produce strong synergies with Elematec's parts procurement and manufacturing services and allow us to leverage its vast network of business partners to provide an additional distribution channel for MEDIROM's MOTHER Bracelet," said Yoshio Uekusa, CEO, MEDIROM MOTHER Labs.
With demand from Elematec's customers for new and feature-rich personal electronics, the MOTHER Bracelet offers appealing advanced features that enable customers to monitor their health 24 hours a day, 365 days a year without the need for recharging and allowing for uninterrupted continuous monitoring.
About Elematec Corporation
Elematec Corporation is an electronics trading company created in 2009 through the integration of Takachiho Electric Co., Ltd. and Onishi Denki Co., Ltd. Since the establishment of Takachiho Electric in 1947, the company has continued to grow while wielding flexibility and speed to earn the trust of customers in the fast-evolving electronics industry. As a partner in manufacturing, the company aligns itself with customers from the starting line of product development and works together with them to realize one-stop solutions by being involved from the planning and development, all the way through design, prototyping, and mass production stages. Through the company's industry-leading network in Japan and overseas, it delivers products from electronic materials, parts and module products to finished products, on a global scale. Elematec Corporation is a member of the Toyota Tsusho Corporation group, with Toyota Tsusho Corporation being the sole general trading company of the Toyota Group.
About MEDIROM MOTHER Labs Inc.
A subsidiary of MEDIROM Healthcare Technologies Inc. (NASDAQ: MRM) ("MEDIROM"), MEDIROM MOTHER Labs Inc. ("MOTHER Labs") focuses on the health-tech sector. The company's core activities include the "Specific Health Guidance Program" offered through the "Lav" health application and development
and sales of the 24/7 recharge-free MOTHER Bracelet smart tracker. By leveraging the features of the recharge-free MOTHER Bracelet , MOTHER Labs offers customizable health management solutions across diverse sectors, including caregiving, logistics, manufacturing, etc.
For more information visit: https://mother-bracelet.com
MEDIROM Healthcare Technologies Inc.
Tradepia Odaiba, 2-3-1 Daiba, Minato-ku, Tokyo, Japan
Contact: ir@medirom.co.jp
MEDIROM MOTHER Labs Inc.
Tradepia Odaiba, 2-3-1 Daiba, Minato-ku, Tokyo, Japan
Forward-Looking Statements Regarding MEDIROM Healthcare Technologies Inc. and MEDIROM MOTHER Labs Inc.
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