FAITH INC. acquires TakeNET, top mobile service provider in SOUTH AMERICA
Purchase Increases Faith's global outreach to the Latin American Market
TOKYO, JAPAN - April 4, 2005 - Faith, Inc. today announced that it has acquired 100% of Invest Virtua, a holding company of TakeNET, the leading mobile entertainment service provider in South America. Invest Virtua will be a wholly owned subsidiary of Faith.
TakeNET was established in 1999 as the first service provider in Latin America. In 2004 (From January to December), TakeNET's share was about 75% of the Brazilian ringtone market, with a total market value of US$38,000,000 in 2003. Brazil's ringtone market is projected to grow to US$250,000,000 in 2007 (Source: OVUM).
"LOKOMIX", TakeNET's branded ringtone service, is distributed through many Brazilian operators, including the leader, Vivo. Their ringtone downloads exceed 5,000,000 per month. TakeNET holds distribution rights to a wide selection of music from major publishers and labels and distributes the content through operators and service providers inside and outside of South America, including the US and Mexico. In addition to ringtones, they provide mobile games and community sites such as chat.
Faith will be cultivating the Latin American mobile entertainment market, leveraging TakeNET's branding, marketing and content powers, to achieve Faith's goal as a global mobile content solution.
About TakeNET
TakeNET was established in 1999 as the first service provider in Latin America. TakeNET pioneered the mobile content market in Latin America, having gained approximately 75% market share in the Brazilian ringtone market. In addition to ringtones, the company provides compelling content including games, videos, wallpapers and community sites. TakeNET's "TRANGRAM" delivery platform enables wide content distribution through operators and service providers. TakeNET is planning business expansion in North America, Mexico, Chile, China and Japan, providing comprehensive mobile entertainment solutions. For more information, visit www.takenet.com.br.
About Faith Inc.
Faith, Inc. pioneered the polyphonic ringtone industry. Through its technology development & mobile services, it has created new markets in Japan as well as 21 countries around the world, in North America, Europe, the Asia-Pacific region and Latin America. The company also holds a significant share in the PC-based content settlement business for online games, music downloading services & other consumer services, while offering wide-ranging business solutions to meet the needs of this evolving industry. Going forward, Faith's focus is on a global content distribution system over multiple platforms, including mobile phones and PCs. For more information, visit www.faith.co.jp.
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