Migami forges new direction as cosmetics licensee
testing clean air technology, has acquired assets in the company
Innovay, giving it a new direction purchasing licensing rights for
cosmetic and pharmaceutical products.
The company will focus on the European and US market, as well as the sublicenses of rights to Asian cosmetic and pharmaceutical companies, as well as the distribution of such products, both throughout Asia and ultimately on a worldwide basis.
The deal also means the Innovay now has a 58.58 per cent share in the issued and outstanding voting in Migami, giving it a controlling stake in the business.
Changes to the executive board include the appointment of John Park as the new company director, while a new executive board of directors and officers has also been appointed.
The company said that it will cease its operation developing and testing the NOxMaster technology for the company KleenAir Systems to focus on the new direction.
The deal will see Miagami undertake a number of existing licensing agreements with the aim of developing the brands and increasing their market presence.
The acquisition means that Migami will hold the exclusive rights to two primary existing licensing agreements. The first will see it secure the purchase, supply and distribution rights between Innovay and New Japan Total Consulting Company, a Japanese company that currently distributes Innovay's cosmetic products in Japan.
The second agreements secures the supply rights between Innovay and BioZone, a Californian company that currently manufacturers proprietary cosmetic products for Innovay.
The contract involves the sale of skin care products in Japan and South Korea and is expected to see the business being extended into other markets in Asia, including China.
"The acquisition of Innovay's assets by Migami enables us to aggressively implement significant plans for market penetration with our products in Asian markets," said Park of "and will enable us to better tap the capital markets to support our growth efforts and provide greater opportunity for further acquisitions."