TOKYO, July 01, 2024 (GLOBE NEWSWIRE) -- SYLA Solar Co., Ltd. (Head Office: Nagoya, Aichi; CEO: Takeshi Fuchiwaki; hereinafter "SYLA Solar"), a wholly owned subsidiary of SYLA Technologies Co., Ltd. (Head office: Shibuya-ku, Tokyo; CEO: Hiroyuki Sugimoto; NASDAQ "SYT"), operator of the largest membership real estate crowdfunding platform in Japan, Rimawari-kun, absorbed and merged with SYLA Biotech Corporation (Head office: Shibuya-ku, Tokyo; CEO: Makoto Ariki), effective on July 1st, 2024.

SYLA Solar merged with SYLA Biotech

About Absorption-Style Merger

SYLA Technologies is focusing on advancing its renewable energy business as a part of growth strategy to achieve its mid-term sales targets by the end of fiscal year 2026.

With strong subsidy support from the Ministry of Economy, Trade and Industry, the company's main thrust is the development of solar power sources, aiming to further grow its business and enhance corporate value.

SYLA Solar is engaged in the development of solar power generation, EPC (Engineering, Procurement, and Construction) services, and retail electricity sales, thereby supporting the overall renewable energy business of the group. SYLA Biotech sells and operates 100% renewable energy data centers, contributing to reducing environmental impact.

With this absorption merger on July 1st , 2024, with SYLA Solar is the surviving company and SYLA Biotech is absorbed company. Since both companies are 100% subsidiaries of SYLA Technologies, this merger is executed as a non-monetary transaction without issuance of new shares.

Surviving Company

SYLA Solar Co., Ltd.

Head Office: Land Square Marunouchi 2F, 2-18-14 Marunouchi, Naka-ku, Nagoya, Aichi, JP

Representative Director: Takeshi Fuchiwaki

Establishment: August 2013

Capital: 46,000,000 yen

Extinct Company

SYLA Biotech Co., Ltd.

Head Office: Ebisu Prime Square Tower 7F, 1-1-39 Hiroo, Shibuya-ku, Tokyo, JP

Representative Director: Makoto Ariki

Establishment: April 2022

Capital: 5,000,000 yen

Contact for Inquiries about Leases

Management Company: SYLA Co., Ltd.

Tel: +81-3-4560-0653 (direct line 3)

E-mail: chintai@syla.jp

SYLA Technologies Company Contact

Takeshi Fuchiwaki

Director, Chief Growth Officer

irpr@syla.jp

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/91da7edc-0de7-455b-8f8b-7969f9df7d15



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