March 17, 2020
In accordance with resolutions at the Board of Directors held on March 17, 2020 Mipox Corporation (hereafter the “Company”) announced today that the Company will dissolve and liquidate MIPOX Precision Polishing Product (Shanghai) Co., Ltd., the consolidated subsidiary. The details are as follows.
Summary of Consolidated Subsidiary
|Consolidated Subsidiary Name||MIPOX Precision Polishing Product (Shanghai) Co., Ltd.|
|Address||5F, Building A, No.288 Hedan Road, Everglo Center, Pilot Free Trade Zone, Shanghai, China|
|Established||August 1, 2003|
|Date of Closing||The date of liquidation is under investigation.|
Reason of Liquidation
In order to improve efficiency and improve profits by consolidating the manufacturing bases of Mipox Group.
Effect on Profit
The impact of this matter on the business results for the fiscal year ending March 31, 2020 is currently under scrutiny and will be disclosed promptly if there are any matters that should be disclosed in the future.