May 26, 2004 An agreement was reached between Dashlight Systems, LLC and Open Interface, Inc. (Open Interface Japan), under which Dashlight Systems acquired all of Open Interface Japan's shares in Open Interface North America, Inc. (OINA) and became the majority shareholder of OINA stock. The deal has ended the parent-subsidiary relationship between Open Interface Japan and OINA. Open Interface Japan had been a founding investor in OINA and was its majority shareholder.
Dashlight Systems is a privately held, intellectual property development company located in Redmond, WA and has been working closely with OINA for more than a year. It has 8 patent applications and has developed a line of solutions to which OINA contributes Bluetooth® wireless technology capabilities. In addition to being a shareholder, Dashlight Systems will remain a strong business ally.
Dashlight System's seasoned management team fully supports OINA's organizational structure, and current and long term business strategy. Tom Nault, Managing Partner of Dashlight Systems, states, "Dashlight has no plans to disrupt or micromanage OINA in any way. In fact, our intention is to further strengthen and support existing management. Our action is meant to be a vote of confidence in our belief in OINA and the talent that already exists within the company. Dashlight wants to keep the vision of OINA with the current visionaries at the company."
"The end to the parent-subsidiary relationship with Open Interface Japan is a welcome change," says Open Interface North America CEO Akemi Sagawa, "By virtue of Dashlight's acquisition of OINA stock, OINA will be appreciably more attractive to new investors. OINA's new majority shareholder is US-based, close to us physically, and very understanding and sensitive to the business environment in which we work."
To help OINA gear up for additional growth, Nault will assume the duties as Chairman of the Board but has reaffirmed Sagawa's role as CEO. Dashlight's purchase of the shares belonging to Open Interface Japan is a major step toward ensuring the long term success of Open Interface North America. OINA and Dashlight Systems anticipate an enduring, fruitful, and mutually beneficial association. For more information, contact info@openinterface.com.