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On February 26, 2008, Sharp Corporation ("Sharp") and Sony Corporation ("Sony") signed a non-binding memorandum of intent regarding the establishment of a joint venture to produce and sell large-sized LCD panels and LCD modules using the world's first 10th generation mother glass substrates (the "MOI"), and since then the two companies have been negotiating to enter into legally binding joint venture documentation.
Faced with changes in the world economy, today Sharp and Sony amended and extended the non-binding MOI to confirm their mutual intent to postpone the targeted establishment of a joint venture until March 2010, approximately one year later than originally scheduled. Sharp and Sony will, through continued discussions of how the two companies can best deploy their resources and expertise, continue to negotiate in good faith and have set June 30, 2009 as the target date by which to enter into a definitive agreement to establish a joint venture that will be mutually beneficial for both companies.
Sharp plans to start operating its new LCD panel factory in Sakai City, Osaka Prefecture (currently under construction) by March 2010 as originally scheduled.