Greenpro Capital Corp. Signs Letter of Intent to Acquire 18% in First Bullion Inc.
HONG KONG / ACCESSWIRE / May 22, 2020 / Greenpro Capital Corp. (NASDAQ:GRNQ) "Greenpro", or the "Company"
, a multinational conglomerate with a portfolio of businesses, today announced that the Company has entered into a non-binding Letter of Intent with First Bullion Holdings Inc. (https://www.firstbullionholdings.com/index.html) and its subsidiaries ("First Bullion"
and with the shareholder of First Bullion (the "Seller"
to acquire an 18% equity interest of First Bullion. First Bullion is in the business of banking, payment gateway, credit cards, debit cards, money lending, crypto trading and securities token offering ("FB Services"
and with corporate offices in the Philippines and Hong Kong. This potential acquisition will enhance and strengthen the business of Greenpro's services comprising company formation, trust and asset protection, family office, financial planning and management, fund management and asset management, which will complement those services offered by First Bullion. The partnership will complement the services of Greenpro and First Bullion where clients will be crossed referred to each other and to assist our mutual international clients from around the world more efficiently and effectively with a higher standard of quality services.
Greenpro expects to sign a binding definitive agreement with First Bullion on or before June 30, 2020, subject to completion of due diligence. "We are enthusiastic and excited about our partnership with Greenpro to continue accelerating the growth of First Bullion. We believe we can benefit from Greenpro's business insights, resources and network of clients to expand First Bullion's related banking and finance business not only in the Philippines, but also Hong Kong, Malaysia, Thailand, Singapore and China, where Greenpro already has existing operations." Mr. Tang, Chairman of First Bullion Group, commented.
Mr. CK Lee, CEO of Greenpro, stated "this acquisition is in line with Greenpro's multinational conglomerate business development. This Acquisition represents a partnership with First Bullion and its dedicated team of owners and talents who have been successful in developing such a banking and finance business including the Cryptosx Digital Assets Exchange (https://cryptosx.io/) which will expedite our ADAQ platform development in the ASEAN Region. ADAQ is a next-generation online incubation and financial information platform which facilitates connections of private high growth emerging companies with access to potential investors and synergetic companies. With the Cryptosx Digital Assets Exchange from First Bullion, supported by the new generation regulated crypto investment bank, we could have a significant synergistic effect together with ADAQ. We strongly believe the partnership will create values for our investors and other stakeholders. Our Company will continue to look for various profitable business opportunities with a view to build a strong brand in the ASEAN Regions, boost the Company's competitiveness and position our Company for high growth potential."
About First Bullion Holdings Inc.
Headquartered in Makati, the Philippines, First Bullion Holdings Inc. is a Principal Licensee authorized by the Cagayan Special Economic Zone and Freeport, the Philippines to conduct Financial Technology Solutions and Offshore Virtual Currency Exchange ("FTSOVC"
business activities, including the authority to approve and endorse security token offerings, operation of digital assets exchanges as well as the provision of digital assets wealth management services. First Bullion is also the major shareholder of a licensed bank in the Philippines and through its Hong Kong and Philippines subsidiaries, offer a range of unique payment services and products to clients from all over the world.
About Greenpro Capital Corp.
Headquartered in Hong Kong with strategic offices across Asia, Greenpro Capital Corp. (Nasdaq: GRNQ) is a multinational conglomerate with a diversified business portfolio. With 30 years of experience in various industries, Greenpro has been assisting and supporting businesses and High-Net-Worth-Individuals to capitalize and securitize their value on a global scale through the provision of cross-border business solutions and accounting outsourcing services to small and medium-sized businesses located in Asia. The comprehensive range of cross-border business services include, but are not limited to, trust and wealth management, listing advisory services, transaction services, cross-border business solutions, record management services, accounting outsourcing services and tax advisory services. We also operate venture capital businesses, including a business incubator for start-up and high growth companies, covering finance, technology, FinTech, and health and wellness. For further information regarding the Company, please visit http://www.greenprocapital.com
. As of 05/05/2020, Greenpro Capital Corp. has 54,723,88 outstanding shares with a float of 4,870,155.
This press release contains information about the Company's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. The Company encourages you to review other factors that may affect its future results contained in the Company's most recent annual report on Form 10-K and in its other filings with the Securities and Exchange Commission.
For more information, please contact:
North American Investor Relations
Greenpro Capital Corp.
(+852) 3111 7718
SOURCE: Greenpro Capital Corp