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Announcement Execution of Memorandum of Understanding for Share Acquisition (Subsidiarization) By Investing.com

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NEW YORK, April 02, 2024 (GLOBE NEWSWIRE) — MEDIROM Healthcare Technologies Inc. (we, our or us) hereby announces that we resolved, at a meeting of our Board of Directors held on March 29, 2024, to enter into a Memorandum of Understanding (the MOU) for the purpose of acquiring all of the shares of stock of Japan Gene Medicine Corporation (the Target Company) and making it our subsidiary, and commencing the processes and negotiations necessary to enter into the definitive agreement for the transaction. The MOU was executed on April 2, 2024. Under the MOU we and the seller agree to negotiate in good faith for the purpose of entering into the definitive agreement for the acquisition by May 31, 2024, described in more detail below under 2. Outline of Transaction Proposed in the MOU.

  1. Purpose of Share AcquisitionIn addition to our relaxation salon business providing health management services with our iconic brand, Re.Ra.Ku ®ï¸Ž, our group is committed to the healthtech business, which is represented by our on-demand training application Lav ®ï¸Ž that provides specific health guidance, our development and manufacturing of the world’s first smart tracker bracelet that does not require charging, MOTHER Bracelet ®, and our deployment of our device-based monitoring system, REMONY. We are also actively expanding into new areas.The Target Company is a company engaged in a prenatal diagnosis business providing genetic testing and analysis services. By understanding the condition of the fetus and the presence of any diseases or disorders before birth, it is possible for medical professionals to consider the most appropriate method of delivery and therapeutic education tailored to the condition of the fetus. The target age group for these services is women in their 20s to 40s, which matches the main users of our group brand, Re.Ra.Ku ®ï¸Ž. We believe that business synergies will be generated as we aim to improve the value of the customer experience.This acquisition is in line with our ongoing strategy of obtaining assets which can contribute to expanding our presence in Japan. Through this acquisition, we will further aim to realize our vision of becoming a healthcare general trading company that can provide comprehensive services from prevention to treatment and to enhance the corporate value of our group.

2. Outline of Transaction Proposed in the MOU(1)

Target Company Name of Company: Japan Gene Medicine CorporationHead office: 15-9 Ichibancho,…

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