Information contained in the news release is current as of the date of announcement.
It is subject to change without prior notice.
Pioneer and NEC Conclude the Stock Transfer Agreement
on Plasma Display Business
July 1, 2004, Tokyo, Japan --- Pioneer Corporation (TSE: 6773; NYSE: PIO) and NEC Corporation (TSE: 6701; NASDAQ: NIPNY) have continued discussions based on the Memorandum of Understanding dated February 3, 2004, and today officially concluded the stock transfer agreement.
In accordance with the stock transfer agreement, it is scheduled that effective as of September 30, 2004, NEC will transfer to Pioneer all the shares NEC holds in its subsidiary, NEC Plasma Display Corporation (NPD), and all the intellectual property rights on plasma displays NEC holds.
| Company name: | NEC Plasma Display Corporation |
| Headquarters: | 7-1, 5-Chome, Shiba, Minato-ku, Tokyo, Japan |
| Tamagawa Office: | 1753, Shimonumabe, Nakahara-ku, Kawasaki, Kanagawa, Japan |
| Kagoshima Plant: | 2080, Ohnohara-cho, Izumi, Kagoshima, Japan |
| President: | Kenji Tokuyama |
| Paid-in Capital: | 10 billion yen (as of March 31, 2004) |
| Products: | Plasma display sets and modules |
| Sales amount: | Approximately 50 billion yen (for the fiscal year ended March 31, 2004) |
| Number of Employees: | Approximately 1,100 employees (as of March 31, 2004) |
| Pioneer Corporation | |
| Public Relations Department, | phone: 81-3-3495-9903; |
| NEC Corporation | |
| Corporate Communications Division | Diane Foley, phone: 81-3-3798-6511; Makoto Miyakawa, phone: 81-3-3798-6511; |
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