Crayfish Co., Ltd. Announces Collaboration Agreement With Forval Telecom, Inc.

Apr 26, 2001, 01:00 ET from Crayfish Co., Ltd.

    TOKYO and NEW YORK, April 26 /PRNewswire/ --
 Crayfish Co., Ltd. (Nasdaq: CRFH; MOTHERS: 4747), a leading provider of e-mail
 and other Internet-related services to small and medium-sized businesses in
 Japan, today announced that it signed a Memorandum of Agreement with Forval
 Telecom Inc. (MOTHERS: 9445), a subsidiary of Forval (OTC: 8275), a major OA
 and telecommunications equipment distributor.  Crayfish will consign all of
 the business of securing new customers and collection of payment to the Forval
 Group through Forval Telecom.  The Company and Forval Telecom are presently
 working on the details of the final agreement. Forval Telecom is reserving the
 right to postpone final agreement until the possibility of Crayfish
 administration falling under the direct control of Hikari Tsushin, Inc.,
 Crayfish's major shareholder, has reasonably disappeared.
 
     Details of Exclusive Collaboration
     Crayfish is to grant Forval Telecom an exclusive license to sell,
 distribute and advertise DESKWING and future related products and services.
 Crayfish will supply OEM services equivalent to Crayfish's presently operating
 DESKWING service to operations relating to Forval Telecom and the Forval
 Group.  In addition, Crayfish will outsource the collection and settlement
 business for DESKWING to Forval Telecom.
     Through this Exclusive Collaboration, Crayfish will strive to end the
 decrease in the number of new customers, and steadily secure new customers. In
 addition, by consigning collection of payments to the Forval Group, Crayfish
 expects to reduce clerical work costs and believes it will be better able to
 focus its management resources on services and development. In return, the
 Forval Group will be able to obtain new products based on Crayfish's
 technology.
 
     Differences from the Past Collaboration Agreement with Hikari
     The primary differences from the Business Collaboration Agreement with
 Hikari Tsushin in effect from May 1998 to October 2000 are that (i) Forval
 Telecom bears the risk of non-collection, fraudulent contracts and related
 sales risks (ii) Forval Telecom is to obtain Crayfish's prior approval when
 designating agents, and (iii) Crayfish will manage a customer support center,
 directly supporting all customers through telephone, while sharing a customer
 management database will be shared with Forval Telecom to ensure better
 coordination.
 
     About Forval Telecom
     Established in 1995, Forval Telecom is a subsidiary of the Forval Group,
 distributing and offering telecommunication products and services.  Under the
 brand name "fit Call", Forval Telecom provides one stop shopping and
 consolidated telecommunications billing services.  Forval Telecom also offers
 various low-priced telecommunication services including domestic,
 international and mobile telephones.  Through its collaboration with Crayfish,
 Forval Telecom plans to develop multiple services combining telephone and
 Internet services.
 
     About Crayfish
     Crayfish is a leading provider of e-mail hosting and other
 Internet-related services for small and medium-sized businesses in Japan. The
 Company offers customizable, reliable and expandable email services and
 Internet solutions under the brand name "DESKWING" as well as other Internet
 application services to enhance its customers' communication, office operation
 and e-commerce capabilities. Founded in 1995, Crayfish had about
 41,000 DESKWING subscribers in Japan as of the end of March 2001. The Company
 has its American Depository Receipts (ADRs) listed on NASDAQ National Market
 (ticker: CRFH) in the USA, and its common shares listed on MOTHERS
 (ticker: 4747) in Japan. Crayfish Co., Ltd. headquarters is located at
 Shinjuku Park Tower 35th Fl. 7-1, Nishi-Shinjuku 3-chome, Shinjuku-ku, Tokyo
 163-1035, Japan.
 
     This release contains "forward-looking statements" within the meaning of
 the Private Securities Litigation Reform Act of 1995.  To the extent that
 statements in this release do not relate strictly to historical or current
 facts, they may constitute forward-looking statements.  These forward-looking
 statements are based upon management's current assumptions and beliefs in
 light of the information currently available to it, but involve known and
 unknown risks and uncertainties.  Crayfish's actual actions or results may
 differ materially from those discussed in the forward-looking statements.
 Crayfish undertakes no obligation to publicly update any forward-looking
 statements after the date of this release, but investors are advised to
 consult any further disclosures by Crayfish in its subsequent filings pursuant
 to the Securities Exchange Act of 1934. Specific potential risks and
 uncertainties include Crayfish's ability to effectively replace the sales and
 marketing capability of Hikari Tsushin either independently or through agents
 on terms that are favorable to Crayfish, the viability of Crayfish's
 comprehensive restructuring of its business model, Crayfish's ability to
 effectively implement this business model, market acceptance of new services,
 and its ability to maintain and expand its customer base, in addition to other
 risk factors appearing in its most recently filed Annual Report on Form 20-F
 and Crayfish's other filings from time to time with the United States
 Securities and Exchange Commission.
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X43564116
 
 

SOURCE Crayfish Co., Ltd.
    TOKYO and NEW YORK, April 26 /PRNewswire/ --
 Crayfish Co., Ltd. (Nasdaq: CRFH; MOTHERS: 4747), a leading provider of e-mail
 and other Internet-related services to small and medium-sized businesses in
 Japan, today announced that it signed a Memorandum of Agreement with Forval
 Telecom Inc. (MOTHERS: 9445), a subsidiary of Forval (OTC: 8275), a major OA
 and telecommunications equipment distributor.  Crayfish will consign all of
 the business of securing new customers and collection of payment to the Forval
 Group through Forval Telecom.  The Company and Forval Telecom are presently
 working on the details of the final agreement. Forval Telecom is reserving the
 right to postpone final agreement until the possibility of Crayfish
 administration falling under the direct control of Hikari Tsushin, Inc.,
 Crayfish's major shareholder, has reasonably disappeared.
 
     Details of Exclusive Collaboration
     Crayfish is to grant Forval Telecom an exclusive license to sell,
 distribute and advertise DESKWING and future related products and services.
 Crayfish will supply OEM services equivalent to Crayfish's presently operating
 DESKWING service to operations relating to Forval Telecom and the Forval
 Group.  In addition, Crayfish will outsource the collection and settlement
 business for DESKWING to Forval Telecom.
     Through this Exclusive Collaboration, Crayfish will strive to end the
 decrease in the number of new customers, and steadily secure new customers. In
 addition, by consigning collection of payments to the Forval Group, Crayfish
 expects to reduce clerical work costs and believes it will be better able to
 focus its management resources on services and development. In return, the
 Forval Group will be able to obtain new products based on Crayfish's
 technology.
 
     Differences from the Past Collaboration Agreement with Hikari
     The primary differences from the Business Collaboration Agreement with
 Hikari Tsushin in effect from May 1998 to October 2000 are that (i) Forval
 Telecom bears the risk of non-collection, fraudulent contracts and related
 sales risks (ii) Forval Telecom is to obtain Crayfish's prior approval when
 designating agents, and (iii) Crayfish will manage a customer support center,
 directly supporting all customers through telephone, while sharing a customer
 management database will be shared with Forval Telecom to ensure better
 coordination.
 
     About Forval Telecom
     Established in 1995, Forval Telecom is a subsidiary of the Forval Group,
 distributing and offering telecommunication products and services.  Under the
 brand name "fit Call", Forval Telecom provides one stop shopping and
 consolidated telecommunications billing services.  Forval Telecom also offers
 various low-priced telecommunication services including domestic,
 international and mobile telephones.  Through its collaboration with Crayfish,
 Forval Telecom plans to develop multiple services combining telephone and
 Internet services.
 
     About Crayfish
     Crayfish is a leading provider of e-mail hosting and other
 Internet-related services for small and medium-sized businesses in Japan. The
 Company offers customizable, reliable and expandable email services and
 Internet solutions under the brand name "DESKWING" as well as other Internet
 application services to enhance its customers' communication, office operation
 and e-commerce capabilities. Founded in 1995, Crayfish had about
 41,000 DESKWING subscribers in Japan as of the end of March 2001. The Company
 has its American Depository Receipts (ADRs) listed on NASDAQ National Market
 (ticker: CRFH) in the USA, and its common shares listed on MOTHERS
 (ticker: 4747) in Japan. Crayfish Co., Ltd. headquarters is located at
 Shinjuku Park Tower 35th Fl. 7-1, Nishi-Shinjuku 3-chome, Shinjuku-ku, Tokyo
 163-1035, Japan.
 
     This release contains "forward-looking statements" within the meaning of
 the Private Securities Litigation Reform Act of 1995.  To the extent that
 statements in this release do not relate strictly to historical or current
 facts, they may constitute forward-looking statements.  These forward-looking
 statements are based upon management's current assumptions and beliefs in
 light of the information currently available to it, but involve known and
 unknown risks and uncertainties.  Crayfish's actual actions or results may
 differ materially from those discussed in the forward-looking statements.
 Crayfish undertakes no obligation to publicly update any forward-looking
 statements after the date of this release, but investors are advised to
 consult any further disclosures by Crayfish in its subsequent filings pursuant
 to the Securities Exchange Act of 1934. Specific potential risks and
 uncertainties include Crayfish's ability to effectively replace the sales and
 marketing capability of Hikari Tsushin either independently or through agents
 on terms that are favorable to Crayfish, the viability of Crayfish's
 comprehensive restructuring of its business model, Crayfish's ability to
 effectively implement this business model, market acceptance of new services,
 and its ability to maintain and expand its customer base, in addition to other
 risk factors appearing in its most recently filed Annual Report on Form 20-F
 and Crayfish's other filings from time to time with the United States
 Securities and Exchange Commission.
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X43564116
 
 SOURCE  Crayfish Co., Ltd.