Progress Report on Mt. Norikura Snow Resort's Continued Operations

Thank you very much for your generous support in keeping Mt. Norikura Snow Resort open. Your support and encouraging words have made us realize that we are supported by many people both in and outside the local area, and have given us the courage to continue. In conclusion, thanks to your support, although there have been some changes to the criteria for deciding whether to continue operations, it is becoming increasingly likely that we will be able to continue operations from 24 to 25. Please read the details below.

Previous announcement
https://norikura.gr.jp/2024/10/mt-snowresortinformation2/

[Progress report and request regarding support funds]
As of October 25th, we are pleased to report that donation applications have reached the target amount of 35 million yen.
Once again, we, the volunteers, would like to thank you for your support.

We are currently in the process of applying for the support funds, and would like to confirm the final amount to be transferred, as we informed you the other day.If you have applied for a donation, please make your payment to the following account starting today, the 25th.

Nagano Bank Hata Branch Ordinary Account 8839016 Name: Norikura Tourism Association Chairman Miyashita Ryoichi
・In principle, the names of supporters will be made public.
・The donation will be received by the Norikura Tourism Association and will support Blue Resort Norikura Co., Ltd.
- If the final decision is made on October 30th to abandon operations, the subsidy will be refunded.
This support is entirely donation-based.

On the other hand, although we have reached the minimum target amount for operating in the 2024-2025 season, there is a possibility that there will be a difference between the total amount of the final transfer and the amount we have reached. In addition, we as a volunteer group believe that we need to raise more funds in order to maintain working capital and stable operations.We are still accepting applications for donations, so we would appreciate your cooperation.

To apply for financial support, please apply through Google Form. After applying, please transfer the money to the above account. Please note that the minimum donation is 10,000 yen.
https://forms.gle/8UyjEoNTojGQaWze6

As previously announced, we will confirm the progress of the conditions for continuing operations, such as the financial support contract with the current operating company, Blue Resort Norikura Co., Ltd., in addition to the support funds.A final decision on whether to continue operating for the 2024-2025 season will be made on October 30th. If we are unable to continue operating, we will provide a refund.

*The decision to continue operations was made on October 30th, and we plan to begin accepting crowdfunding applications with rewards around mid-November.

[Changes to the final business decision for 24-25]
The decision to continue operations for the 2024-2025 season announced on the official website the other day (Mt. Norikura Snow Resort to Remain OpenOf the following three items, changes have been made to items 1 and 2 in negotiations with Blue Capital Co., Ltd., headquartered at Blue Resort Norikura, over the past week.

Previously announced criteria
1. A financial support contract must be concluded with Blue Resort Norikura Co., Ltd. by October 23rd.
2. By October 23rd, Blue Resort Norikura Co., Ltd. must submit a formal document stating its intention to transfer the ski resort to Matsumoto City free of charge.
3. Raise 35 million yen by October 25th, which is the minimum amount of funds needed to operate.

Changes
2 items"Blue Resort Norikura Co., Ltd. must submit a formal document by October 23rd stating its intention to transfer the ski resort to Matsumoto City free of charge."The condition was that the Blue Resort Norikura side was”If you're local“"We have been proposing a free transfer, and it is expected that Matsumoto City will take time to consider the free transfer. We have decided that accepting a free transfer locally will increase the likelihood of a better business model, as it will provide more material for positively pursuing M&A with other private companies from the next fiscal year onwards."We will indicate our intention to transfer the land to the local community free of charge by October 30th."Change it to the following:

As a result, one item"A contract regarding financial support must be concluded with Blue Resort Norikura Co., Ltd. by October 23rd."Regarding the above"We will conclude a financial support contract by October 30th that includes a clause indicating our intention to transfer the land to the local community free of charge."If the financial support contract is not concluded on October 30th, we may have to give up business.

[How to transfer to the local area]】
The transfer to the local community will involve the initial transfer of shares in Blue Resort Norikura Co., Ltd. to several individuals who are members of the Ski Resort Management Council, which is made up of local members and was announced recently. The representative director will then be replaced, with the representative of the Ski Resort Management Council, to be decided in the future, becoming the representative director and the other members becoming directors. The Ski Resort Management Council members will hold 100% of the shares, and we hope to proceed with M&A with private companies this season and in the future.

We are currently aiming to conclude the final share transfer agreement (M&A completion) by the end of December, but the financial support agreement to be concluded by October 30th will include a clause requiring the conclusion of an M&A agreement with a local company.

This is the current progress.

Currently, volunteers and council members are holding repeated discussions to determine the best possible decision for the future operation of Mt. Norikura Snow Resort, taking into account various anticipated risks and future possibilities. We apologize for the continued concern caused by the uncertainty and lack of information disclosure, but we believe we can move forward in a positive direction. We will do our best to provide a positive report at our next announcement on October 30th, so we would appreciate your continued support.

October 25th: Volunteers supporting the ski resort