Procket Networks Inc., a U.S. company specializing in the development of high-speed information communication systems, announced Tuesday that it has established a joint venture in Tokyo with three Japanese network companies.
Procket Networks Japan K.K., capitalized at 440 million yen, is owned 70 percent by Procket, with the remaining 30 percent owned by NTTPC Communications Inc., Tokyo Electron Ltd. and Net One Systems Co.
Company officials said Procket will provide companies and the government with reliable communication systems at low cost, using very large-scale integrated circuits, approximately four times faster than conventional large-scale integrated circuits.
Procket has decided to enter the Japanese market because of its size. Its Internet protocol communication devices earned about 400 billion yen in 2001, a figure that is expected to grow.
The three Japanese companies will cooperate mainly in sales of the new company's products, Procket said.