[Background]

Now that almost everything people own is connected to the Internet, an increasing number of companies are rushing into developing more IoT products and services. The development requires various techniques and technical know-how in developing things (hard) and the Internet (soft) as a whole on a basis of profound understanding of the two areas. However, the conventional corporate style tends primarily focus on only one of these two as their expertise, which often prevents the growth of new business ideas.

VELDT started developing IoT products and services in 2012 and has integrated luxury watches with technology to produce items and services that are connected to cloud systems. VELDT has been praised worldwide for its detailed design and technique, while be able to integrate the latest technology and still preserving its beautiful texture and look.

As CITIZEN is entering the IoT platform services business with a focus on watches, VELDT and CITIZEN have signed the partnership agreement to expand the worldwide reach and scale of the new collaborative business.

[Partnership Details]

The two main points of the agreement are shown below.

1. Development of IoT Platform “Riiiver”

CITIZEN is releasing its new service Riiiver in the summer of 2019, and VELDT is responsible for part of the planning and the whole development and operation.

Riiiver is an open IoT platform that connects people, things, and actions while offering a new experience of “time”. By connecting various IoT devices and services to lifestyles, users can create their own new “time (= lifestyle)” that does not fit in with the established common sense. We are going to recruit partners to offer more attractive services as well.

■Riiiver teaser website https://riiiver.com/en/

2. Manufacture and Sales of New Connected Watch “VELDT LUXTURE”

CITIZEN is partially manufacturing and marketing VELDT LUXTURE, the connected watch model that will be released in 2019 by VELDT.

VELDT LUXTURE is a new connected watch that recreates and organizes relaxing time for people today who do-it-all. It was inspired by the idea of “LIGHTS, RATHER THAN WORDS”. Apart from the traditional smartwatches that display a variety of digital data on faces, VELDT LUXTURE looks like any high-end analog watch with three hands. VELDT FLARE, embedded with indirect lightings on the watch face, is inspired by natural light like a warm fireplace flare or sunlight that shines through the leaves of a tree. VELDT FLARE elegantly displays your notifications, whether it's from the people who are most important to you or daily lifestyle information such as your next appointment or the weather forecast.

Riiiver is going to be fully available on VELDT LUXTURE. On Riiiver and VELDT original app, users can create functions and evolve them as they wish.

The product name LUXTURE is a mix of LUX and FUTURE, the two words indicating the major characteristics of VELDT product.

<Unique Display of VELDT LUXTURE>

At South by Southwest (SXSW) in Austin, USA, one of the world's largest conglomerates of film, interactive media, and music festival, CITIZEN is going to officially announce Riiiver on the 10th of March, and VELDT LUXTURE is going to be showcased there at the same time.

[About VELDT]

VELDT Inc. was established in 2012. With a theme “CONNECTED & BEAUTIFUL”, VELDT has been developing and offering IoT products and services. VELDT is specialized in products that inspire beauty, such as its collection of elegant watches. VELDT also develops and produces a wide range of items and services, from analog precision machines to software and system. Let the worlds of “time” and “lifestyle” wonderfully merge together with VELDT's beautiful connected products. VELDT's goal is to become an innovation company that benefits people's lives with a spiral of positive energy.

[General Information of Each Company]

■ CITIZEN Watch Co., Ltd.

1. Location: 6-1-12, Tanashi-cho, Nishi-Tokyo-shi, Tokyo
2. Representative: President & CEO Toshio Tokura
3. Establishment: May 28th, 1930
4. Capital: 32.648 billion JPY(March 31st, 2018)
5. Business Description: Manufacture and sales of watches and their components, and as a holding company, planning and implementation of Group management strategies, Group business auditing, development of Group technologies, intellectual property management, and other administrative operations.
6. Company Website: https://www.citizen.co.jp/

■ VELDT Inc.

1. Location: EXASPACE 2-D, 5-18-10, Jingumae, Shibuya-ku, Tokyo
2. Representative: Founder & CEO Jin Nonogami
3. Establishment: August 1st, 2012
4. Capital: 200 million JPY
5. Business Description: Development, production and sales of IoT devices, software and services, healthcare solution development, and consulting and IoT services operation.
6. Company Website: https://veldt.jp/