TOKYO--(BUSINESS WIRE)--Uchiyama International Co., Ltd. (hereinafter referred to as "we") acknowledges the voting outcomes of today’s Annual General Meeting of Fujitec Co., Ltd. (TOKYO: 6406) (hereinafter referred to as "Fujitec" or the “Company”).

In particular, we acknowledge that none of the eight independent outside director candidates that we nominated for election to the Board were successful in being elected. While disappointed at this outcome, we respect the decisions made by shareholders as expressed in today’s meeting.

We would like to place on public record our extreme gratitude to the eight individuals – Mr Kazuyoshi Kimura, Mr Tetsuya Nishikawa, Mr Daisuke Kotegawa, Ms Maiko Hagiya, Mr Nobuki Sugihara, Mr Akira Tsuda, Mr Hiroki Okimoto and Mr Kenji Uenishi - who agreed to put themselves forward for election under our nomination.

All of these individuals are professionals of high standing, deep experience, and the utmost integrity. Their commitment of their personal time, energy and expertise to the Free Fujitec campaign has been nothing short of exemplary, and we thank them deeply for their efforts.

As we have emphasised throughout this campaign (and will continue to do so) the elevator business is a social infrastructure enterprise that requires a long-term horizon of 20 to 30 years or more.

As many of our fellow shareholders, Fujitec employees, and customers have expressed to us, if the board of directors continues to be strongly influenced by specific shareholders with a short-term perspective, as it has been for the past several months, there may be dissonance with the business of manufacturing and maintaining elevators, which requires continuity and stability.

Therefore, as a significant shareholder that continues to hold approximately 10% of the voting rights in Fujitec, we intend to play an active role in ensuring that the Company continues to deliver long-term shareholder value through continuing to build a solid business with a sound corporate governance framework and a sustainable long-term outlook. We will also continue to remind all stakeholders that Fujitec plays a vital role in society and therefore bears an important responsibility for the safe and secure transportation of people around the world.

Our fellow shareholders can rest assured that we remain resolute in our determination to act in the collective interests of all shareholders, all stakeholders, and of Fujitec, as Japan’s only specialized company of elevators and escalators.

About Uchiyama International Co., Ltd:

Uchiyama International Co., Ltd, including affiliated companies, is a shareholder holding approximately 10% of Fujitec's voting rights. Through its long-term ownership of Fujitec, Uchiyama International Co., Ltd. supports the enhancement of Fujitec's corporate value and its contribution to society.

We are working toward, "One Board, One Company, One Fujitec".

Please visit our website, https://freefujitec.com/en/top/ for further information.

Contacts

KRIK (PR Agent)

Koshida: +81-070-8793-3990

Sugiyama: +81-070-8793-3989