Expansion of the U.S. fresh fish wholesale business through collaboration with ITOCHU Corporation

「In the wholesale business, subsidiary Uoriki Shoji Co., Ltd. has been working to sell to existing customers in the United States and develop new customers in Asia. However, temporary demand declines among existing U.S. customers due to the lingering effects of the novel coronavirus disease caused sales to fall below the previous year.」

「Uoriki America Inc. and Uoriki Seafoods,LLC have suspended their business activities.」

「In the wholesale business, subsidiary Uoriki Shoji Co., Ltd. is working to expand sales to existing customers and develop new customers in the United States, as well as to develop new customers in Asia.」

「In the wholesale business, subsidiary Uoriki Shoji Co., Ltd. is working to expand sales to existing customers and develop new customers in the United States, as well as to develop new customers in Asia.」

「Exports to the United States, which temporarily stalled due to the spread of the infectious disease, subsequently recovered. The company also increased sales to domestic customers, including supermarkets, regional fish markets and Mogami Sen-gyo Co., Ltd., an equity-method affiliate.」

「In the wholesale business, the sales structure was consolidated so that the subsidiary 魚力商事株式会社 would handle the domestic supermarket wholesale business previously conducted by our company, in addition to customers centered on restaurant chains. While exports to the United States temporarily stalled because of the spread of COVID-19, domestic sales to supermarkets, regional wholesalers, and 株式会社最上鮮魚, an equity-method affiliate, increased.」

「In the wholesale business, the sales structure was consolidated so that the subsidiary 魚力商事株式会社 would handle the domestic supermarket wholesale business previously conducted by our company, in addition to customers centered on restaurant chains. Although exports to the United States temporarily stalled because of the spread of COVID-19, we are strengthening sales to new and existing customers in Japan and overseas.」

「However, the situation remains uncertain, as exports to the United States have stalled due to the spread of the novel coronavirus disease, while domestic sales have also declined.」

「During the first quarter of the current fiscal year, Uoriki Fresh Inc. entered liquidation procedures. As its impact on the quarterly consolidated financial statements was no longer material, it was excluded from the scope of equity-method accounting.」

「During the first quarter of the current fiscal year, Uoriki Fresh Inc. entered liquidation procedures. As its impact on the quarterly consolidated financial statements was no longer material, it was excluded from the scope of equity-method accounting.」

「During the first quarter of the current fiscal year, Uoriki Fresh Inc. entered liquidation procedures. As its impact on the quarterly consolidated financial statements was no longer material, it was excluded from the scope of equity-method accounting.」

「Reflecting on the fact that UF Inc. was forced to dissolve, we will pursue our U.S. business through exports from Japan without making major capital investments in the United States.」

「As Uoriki America Inc. and Uoriki Seafoods,LLC were newly established during the second quarter of the current fiscal year, they have been included within the scope of consolidation.」

「At Uoriki Fresh Inc., an equity-method affiliate undergoing liquidation, the sale of inventory and transfer of the lease agreement for its premises progressed, and estimated liquidation costs decreased from the end of the previous fiscal year. As a result, equity in earnings of affiliates was recorded. The company resolved at a board meeting held on 31 October 2018 to subscribe to a rights offering conducted by Uoriki Fresh Inc., an equity-method affiliate, for the purpose of its liquidation. Capital increase: US$8,502,483; company's subscription amount: US$4,166,250; scheduled payment date: 15 November 2018」

「A resolution has been passed to dissolve Uoriki Fresh Inc., an equity-method affiliate in the United States engaged in the overseas wholesale business. However, major local customers and others continue to have strong expectations of us, and we will work to continue our business in the United States.」

「In addition to the U.S. fresh fish wholesale business at Uoriki Fresh Inc. through stronger collaboration with ITOCHU Corporation, we will work to develop our overseas business, including the development of new businesses.」

「In addition to the U.S. fresh fish wholesale business at Uoriki Fresh Inc. through stronger collaboration with ITOCHU Corporation, we will work to establish the structure of our overseas business, including the development of new businesses.」

「Expansion of the U.S. fresh fish wholesale business at Uoriki Fresh Inc. through stronger collaboration with ITOCHU Corporation」

「Uoriki Fresh Inc., a fresh fish wholesaler in the United States, is strengthening its collaboration with ITOCHU Corporation, a major general trading company with extensive overseas operations. It is working to build a business model using ITOCHU Corporation's distribution and sales network and to expand its business.」

「In addition, Uoriki Fresh Inc., a fresh fish wholesaler in the United States, is strengthening its collaboration with ITOCHU Corporation, a major general trading company with extensive overseas operations. It is working to build a business model using ITOCHU Corporation's distribution and sales network and to expand its business.」