Jun 15, 2017

 

Company: SOURCENEXT Corporation

Noriyuki Matsuda, President and CEO

(Code: 4344 Tokyo Stock Exchange 1^st Section)

Contact: Administration Group

Fumihiko Aoyama, Managing Director

TEL: 03-6254-5231

 

SOURCENEXT Forms Business Alliance with COLERIDGE APPS

(Tokyo, Japan –Jun 15, 2017) SOURCENEXT Corporation, announced today that they have signed a contract with the U.S. development company, COLERIDGE APPS LLC. (henceforth referred to as "COLERIDGE APPS"), to form a business alliance. Details of the Agreement as below:

 

1.      Background of Business Alliance

COLERIDGE APPS is a U.S. based development company that develop the app "Agent - do not disturb &more" –a task launcher that helps you automatically change your smartphone settings as needed. The app is widely popular and has over 100,000 total downloads on Google Play.

Automatically turn your phone to manner mode (silent mode) when you’re in a meeting, or automatically switch off the Bluetooth when low on battery –"Agent - do not disturb &more" allows you to automatically configure various tasks based on the actions and triggers.

By taking the highly potential products developed by Coleridge Apps,, SOURCENEXT aims to collaborate their knowledge and experience in the area of software planning / marketing / development, to bring forth even further growth and new business opportunities for both parties.

Based on survey by COLERIDGE APPS as of June 2017 (includes free trial version)

2.                      Details of Business Alliance

SOURCENEXT will distribute the app, "Agent - do not disturb &more" (developed by "COLERIDGE APPS") in the Japanese region.

 

3.                      Corporate Overview of COLERIDGE APPS

1.      Corporate Name	COLERIDGE APPS LLC.
2.      Office Location	1010 16th Street Apt 562 San Francisco, CA 94107
3.      Representatives	Ankur Nandwani, CEO
4.      Details of Business	Planning / Developing of smartphone apps
5.      Capital	7.0 Million Yen
6.      Founded	June 2016
7.      Main Shareholders and Percentage of Shares	Ankur Nandwani, 100%
8.      Relationship between Company and SOURCENEXT	Capital Relationship	No Capital Relationships with Company.
	Personal Relationship	No Personal Relationships with Company.
	Business Relationship	No Business Relationships with Company.
9.      Operating Results and Financial Conditions of the Company from recent 3 Years
Fiscal Period	2014	2015	2016
Net Assets	-	-	6.3 Million Yen
Total Assets	-	-	6.3 Million Yen
Sales	-	-	4.4 Million Yen

 

4.                      Key Dates

1.      Agency Decision for executing Partnership Agreement	June 15, 2017
2.      Contract Signing Date	June 15, 2017
3.      Begin Partnership	September 2017 (expected date)

 

5.                      Future Forecasts

　　　Although SOURCENEXT see the financial impact from this partnership to be minimal for the Fiscal Year ending March 2018, they believe that in the long term, this partnership will lead to increased corporate value in the years to come. If any events or issues arise which may affect future business performances, SOURCENEXT shall promptly make notice of such.