OREANDA-NEWS. November 15, 2011. Innovation Network Corporation of Japan ("INCJ") and Panasonic Corporation ("Panasonic") hereby announce that both companies have reached an agreement in principle today regarding the transfer of the Mobara plant of Panasonic Liquid Crystal Display Co., Ltd., a subsidiary of Panasonic, to Japan Display Inc. ("Japan Display"-provisional name), a new company that is in the process of being established to pursue small- and medium-sized display business.

Japan Display plans to develop a new manufacturing line for small- and medium-sized display production at the Mobara plant.

INCJ and Panasonic will proceed with discussions toward the scheduled conclusion of a definitive agreement by the end of December 2011 and aim to execute the transfer in April 2012.