[Disclosure] CJ Freshway to Merge Subsidiary Freshone

On April 23, CJ Freshway, a regionally based food distribution company, announced that it will merge with Freshone, its wholly owned subsidiary, in order to maximize synergy by reducing costs and increasing management efficiency. Upon completion of the merger, CJ Freshway will remain as the surviving company, while Freshone will be dissolved as the merged company. There will be no changes to the shareholding structure of CJ Freshway.