September 30, 2004

Japan AE Power Systems Asia Formed in Singapore for Sales
and Engineering Services

Japan AE Power Systems Corporation (headquartered in Minato-ku, Tokyo: Director and President, Masakazu Mori, "AE Power Systems" below) announces the establishment of Japan AE Power Systems Asia Pte. Ltd. ("AE Asia" below) to expand its power transmission and distribution systems business in Asia. The new company was registered on September 9, and it will go into business on October 1.

In April 2002, AE Power Systems established its representative office in Singapore (reorganized as a branch office in July 2003) and in Shanghai. This was followed in May 2003 by the establishment of a representative office for the Middle East in Dubai, United Arab Emirates, and the establishment of Japan AE Power Systems America, Ltd. in April 2004. We, AE Power Systems, continue to further expand and strengthen the business in close contact with trends in world markets.

AE Power Systems is a joint venture between Hitachi, Ltd., Fuji Electric Co., Ltd. (now Fuji Electric Holdings Co., Ltd.) and Meidensha Corporation to take over their power transmission and distribution network business. The unification of technologies developed by the three companies over many years is intended to strengthen its position as a manufacturer specializing in the products and engineering for power transmission and distribution networks, stimulating the development and sales of new products with high added value.

In Asia, the Singapore branch has been primarily responsible for sales and marketing research, but with its reorganization as a Singapore corporation, its procurement capabilities throughout the region and its engineering capabilities will be strengthened. By utilizing local human power actively for AE Asia’s business, AE Power Systems Group enhances its engineering and plant system coordination abilities, and improving cost-competitive abilities, leading to more orders and expanded sales in Asian market.

Predating the company's formation, Hitachi, Fuji Electric and Meidensha already have a supply record in Asia, primarily in Southeast Asia, and in the Middle East, including about 250 large electrical substation turnkey projects. AE Asia will seek to maintain ever-closer contact with markets throughout the region in its sales activities, and, moreover, will also put an increased effort into the protection and maintenance service of the products and equipment that has already been installed.

 

An Outline Introduction to the New Company
	Name	:	Japan AE Power Systems Asia Pte. Ltd.
	Address	:	16 Collyer Quay, #23-02 Hitachi Tower, Singapore 049318
	Capital	:	US$455,000 (JPY50m)
	Ownership	:	Japan AE Power Systems Corp. 100%
	Start-up	:	Planned for 1 October 2004
	Business	:	Sales of substations and related equipment, the procurement of materials and components, and engineering plant proposals.
	Officers	:	Director & President	Koji SASAKI
			Director	Yoshitaka KOMIYA
			Director	Fumiei KOBAYASHI
			Director	Harunori KAWARA
	Employees	:	Five	Initially.