“The collaboration with ZACC provides a unique opportunity to leverage MEDIROM’s human resource management programs outside of our owned and franchised establishments, along with the potential opportunity to develop additional relaxation salon outlets as part of independent self-care storefronts. The Company has been a leading service provider in relaxation and healthcare industry since 2003, introducing a new concept that healthcare management is a “lifestyle.” Through this partnership, the Company expects to enhance customer satisfaction and store profitability by sharing all the resources and launching jointly operated salons. ZACC has been recognized in the beauty industry for more than 30 years for its high-level of professional skills, customer-oriented services and brand recognition. (Nasdaq CM: MRM) (the "Company"), today announced that it has signed a "Letter of Intent" with ZACC Kabushiki-Kaisha (“ZACC”), an owner and operator of hair salons in Tokyo, Japan to launch jointly operated hair and beauty salons incorporating the Company’s franchising expertise and unique human resource management programs to accelerate and enhance new ZACC brand store openings in Japan and overseas. MEDIROM also entered the device business in 2020 and is developing a smart tracker "MOTHER Tracker™".TOKYO, Ap(GLOBE NEWSWIRE) - MEDIROM Healthcare Technologies Inc. In 2015, MEDIROM entered the health tech business, and launched new healthcare programs using on-demand training app called "Lav™", which is developed by the company. MEDIROM operates 31 5 (as of August 31, 2021) relaxation salons across Japan, Re.Ra.Ku™, being its leading brand, and provides healthcare services. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 (the "Act") protects companies from liability for their forward-looking statements if they comply with the requirements of the Act. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. The information contained herein includes forward-looking statements. Historical and current exchange rate information may be found at. dollars have been made at the exchange rate of ¥110.0500 = US$1.00, which was the foreign exchange rate on Augas reported by the Board of Governors of the Federal Reserve System in its weekly release on September 7, 2021. The purchase price will be paid by cash on hand, and an initial payment of ¥69,013,698 ($627,112.20) was made on August 31, 2021. The second stage, at which point the remaining shares of ZACC will be transferred to the Company, is scheduled to close on January 1, 2022. Transfer 60% of the common shares of ZACC to the Company. The first stage of the acquisition is scheduled to close on October 1, 2021, when the shareholders of ZACC will We aim to combine mutual services such as high-end beauty services and relaxation services by leveraging the high brand power of ZACC and the Company and to support opening of new ZACC brand salons by sharing the Company's expertise in franchising, employee independence programs, etc." commented MEDIROM Founder and CEO Kouji Eguchi. "We continue to pursue the growth of our business by acquiring assets that expand our presence throughout Japan.
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