19 Jan 2004 Softbank (0648) sets up JV for mobile/wearable compu biz
(Infocast News) Softbank Investment International (Strategic) (0648) announced that it has signed a memorandum of understanding (MOU) with the Nasdaq-listed company, Xybernaut Corp, to establish a joint venture which will develop the market for mobile/wearable computing technologies in the PRC. Xybernaut will own 60% and Softbank Strategic 40% of the new JV company, which will introduce Xybernaut products and intellectual property (IP) into the PRC.
More specific information related to the terms of the agreement and relationship is expected to be announced in the near future.
The new joint venture company will have the exclusive right to manufacture, market, sell and distribute Xybernaut products throughout the PRC. Under the terms of the agreement, Xybernaut will assign all existing agreements and relationships in China to the new JV company, and provide the necessary know-how and technical assistance. Softbank Strategic will provide start-up funding and take overall responsibility for the management of the JV company's business in China.
Xybernaut has over 600 patent applications issued or pending issue.
Wong Sin-just, Vice Chairman and CEO of Softbank Strategic said "Xybernaut products and solutions are applicable to a wide range of industries including aerospace, transportation, medical, education, telecommunications, utilities, media, public safety, travel and leisure and government. Xybernaut customers include major Fortune 500 companies and government organizations.We are very optimistic because the demand for wearable computing technology in the PRC will be huge."
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