Chesapeake, Virginia, United States

Nakano Warehouse & Transportation Co., Ltd. will celebrate its 100th anniversary and 73rd anniversary since its establishment on June 15, 2023. We would like to express our sincere gratitude to all of you for your long-term patronage and support. About 100 years ago, my grandfather, Shinichiro Nakano, started a transportation company, and my father, Junichi Nakano, incorporated it. During this time, the company experienced many ups and downs, from the tough times before and after the war, to the period of high economic growth, and the collapse of the bubble economy. In 1983, the Nihon Keizai Shimbun put forward the 30-year theory. This theory states that the first 30 years are spent as a small but vibrant company, and the next 30 years are spent as an expansion while maintaining strength. Although our company was small for the first 30 years, Nakano Shinichiro built a solid organization and structure (from the 1920s to the 1950s), and secured business with valued customers such as Toyota Motor Corporation, and excellent staff from his hometown of Kochi Prefecture and relatives who would work for him for the long term. At the same time, he also played an active role as a member and chairman of the Chuo Ward Assembly, and as a result, Nakano Warehouse Transport gained social credibility. In the next 30 years (from the late 1950s to the late 1980s), the company was able to expand. It succeeded in building a branch network that stretched from Kyushu in the south to Hokkaido in the north, and also expanded into North America. However, the company was not necessarily able to achieve its goal of "maintaining its strength" during that time, and as a result, it ended up with 11 branches and a substantial debt of 14 billion yen. For the past 30 years (from the late 1980s to the 2010s), we have been steering the company's management with the biggest challenge of strengthening our foundation (rebuilding our strength). As a result of our efforts in various improvements and reforms under the theme of "HOP STEP JUMP," our debt has been reduced by 50%, and sales per employee have increased by about 70% over the past 10 years. We have also achieved 11 consecutive years of profitable ordinary income. We should have held a commemorative event in 2001, the 50th anniversary of our founding, but our company's negative factors, such as overinvestment and the collapse of the bubble economy, have become apparent, and we have been busy every day trying to secure cash and credit, but I would like to express my gratitude for being able to celebrate our 100th anniversary with you all this year. Due to the declining population of Japan, it will no longer be necessary to expand our scale. We intend to make efforts to strengthen and mature our company, aiming to become a reliable company that will continue for over 100 years. We would like to thank you for your continued patronage and support.