$SCNG Update -- Press Release | 05/28/2020 --
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Posted On: 06/19/2020 7:33:55 AM
$SCNG Update -- Press Release | 05/28/2020 --
Dear Shareholders,
I again extend my best wishes to our shareholders, stakeholders, affiliates, partners, and their families, and I hope that you are all well and healthy at this time.
I would like to provide additional updates about Strattner Financial Group ("SFG"
, our plans, and recent developments.
As previously disclosed, the core business of SFG currently is TBS CapitalManagementLLC, and the private funds TBS Capital LP in the UK, Strattner Capital LP in the UK, and TBS Equities Fund LLC in the US.
On March 31, 2020, we announced that TBS Equities Fund had signed an agreement with AdvanceTC Limited, a for-profit company limited by shares, incorporated and domiciled in Australia. Pursuant to our agreement with AdvanceTC, TBS Equities Fund committed to purchasing up to 28,000,000 shares of AdvanceTC common free trading shares at a discount to market. AdvanceTC shares are currently trading on the National Stock Exchange of Australia (symbol: A88) and have recently been listed on the OTC Markets as a foreign symbol ATCLF. TBS Equities Fund has held 2,000,000 shares since early 2019, and our management felt that the acquisition of additional shares at a discount to the market price fits in our global equities portfolio strategy.
On April 29, 2020, we announced that SFG had signed an agreement to acquire Always ON Incorporated., a New York based corporation. Always On has been working on closing the digital broadband, point-to-point telecommunications and specialized computer networking projects. Pursuant to our agreement with Always On, SFG agreed to issue 5,000,000 shares of our common stock to Always On founder David Blunk, which will be reflected in our coming quarterly statement. Mr. Blunk also joined our Executive Board as SFGs Chief Technical Officer.
Under Davids leadership, SFG recently launched Strattner Technologies LLC, and will build a developer and commercialization platform. Theplatform should integrate standards that enable developers todevelopsoftware applications based on market demands and will allow our corporate team to commercialze.
SFG and Strattner Technologies have been in negotiations with satellite network operators, but as of the date of this letter, we had no definitive agreements and had not agreed to any terms.
Management believes that through Always On and Strattner Technologies, together with our relationship with AdvanceTC, SFG will have the opportunity to achieve synergies by working with a satellite network operator and combining the technologies of Always On, AdvanceTC, and Strattner Technologies. We will continue to provide updates as these negotiations continue.
Additional Officers and Employees
On April 8, 2020, we announced that we had appointed new officers of SFG. We welcomed Dr. Chin Yung Kong (Co-CEO overseeing Asian Markets), Enrique Vargas (Chief Marketing Officer), Joseph Cordi (Chief Sales Officer and institutional client relations), and Micahel Temo (Chief Operations and Development Officer Sports, Nutrition & Lifestyle commercialization).
We also recently employed four new employees: a CPA, an Analyst, an Executive Assistant, and a virtual assistant.
We believe that each of these individuals brings strong leadership, experience, and opportunities to SFG.
Dr. Chin, for example, is the majority owner and CEO of several international entities, mainly located in the far East (including Hong Kong, Malaysia, and China), including QMIS World Trade International. On March 23, 2020, we announced that SFG had signed a partnership agreement with QMIS World Trade International, a wholesale and procurement management company based in Malaysia. Both parties entered into this partnership agreement to procure various Novel Coronavirus COVID-19 Test Kits that are available for sale through QMIS World Trades manufacturing and distribution partners.
The partnership with QMIS World Trade happened because of my working relationship with Dr. Chin. In addition to serving as SFGs Chief Executive Officer, I also serve as the Chief Financial Officer of QMIS TBS Capital Group Corp., a recently formed Delaware corporation. Dr. Chin is the CEO of that company. Through my association with Dr. Chin, I learned of his procurement, sourcing and wholesaling business in Malaysia. (I also learned that Dr. Chin made a personal donation of 100,000 face masks to the Malaysian government.)
A best efforts sales agreement was signed between SCNG, QMIS World Trade International and a distribution company that is the Chinese based distributor for the COVID-19 testing kits of a reputable Pharma company. In this agreement, SFG and QMIS World Trade are the joint sales agent for their product which at the time received US FDA approval. We dont mention the name of the Pharma Company since no purchase orders materialized.
As of the date of this letter, the shipments and distribution of the COVID-19 testing kits have not yet materialized due to complexities in global freight forwarding. SFGs management has reviewed the agreement and has had conversations with the Chinese distributor, who confirmed that the agreement is still effective. We anticipate that QMIS World Trade will remain a long-term partner and will continue to provide sourcing and procurement services to SFG and its subsidiaries.
KAVA Industries
On March 17, 2020, SFG announced that we had signed a Joint Venture agreement with the Fijian-based Kava Industries relating to the Kava Brothers project. SFG and the Kava Industries agreed to form a partnership to finance the purchase of up to 50 tonnes of Fijian Kava at a competitive cost. Kava Industries agreed to reinvest the majority of the proceeds to acquire up to 100 tonnes of Fijian Kava per year for five years. The primary use of kava is reducing stress and anxiety.
Subsequently, we have decided to build a brand around the KAVA Industries joint venture and to export high quality Fijian Kava to the USA. Bringing these products into the United States requires product laboratory testing and various approvals. I have had great conversations with the local farmers in Fiji who found themselves in a position where the price for Fijian Kava increased due to natural weather phenomena. SFG is working to secure contracts to acquire their Kava root at a competitive price and will be managing this business as a portfolio company with the vision to complete the Kava project as well as possible future expansion into other agriculture projects.
Dear Shareholders,
I again extend my best wishes to our shareholders, stakeholders, affiliates, partners, and their families, and I hope that you are all well and healthy at this time.
I would like to provide additional updates about Strattner Financial Group ("SFG"
, our plans, and recent developments. As previously disclosed, the core business of SFG currently is TBS CapitalManagementLLC, and the private funds TBS Capital LP in the UK, Strattner Capital LP in the UK, and TBS Equities Fund LLC in the US.
On March 31, 2020, we announced that TBS Equities Fund had signed an agreement with AdvanceTC Limited, a for-profit company limited by shares, incorporated and domiciled in Australia. Pursuant to our agreement with AdvanceTC, TBS Equities Fund committed to purchasing up to 28,000,000 shares of AdvanceTC common free trading shares at a discount to market. AdvanceTC shares are currently trading on the National Stock Exchange of Australia (symbol: A88) and have recently been listed on the OTC Markets as a foreign symbol ATCLF. TBS Equities Fund has held 2,000,000 shares since early 2019, and our management felt that the acquisition of additional shares at a discount to the market price fits in our global equities portfolio strategy.
On April 29, 2020, we announced that SFG had signed an agreement to acquire Always ON Incorporated., a New York based corporation. Always On has been working on closing the digital broadband, point-to-point telecommunications and specialized computer networking projects. Pursuant to our agreement with Always On, SFG agreed to issue 5,000,000 shares of our common stock to Always On founder David Blunk, which will be reflected in our coming quarterly statement. Mr. Blunk also joined our Executive Board as SFGs Chief Technical Officer.
Under Davids leadership, SFG recently launched Strattner Technologies LLC, and will build a developer and commercialization platform. Theplatform should integrate standards that enable developers todevelopsoftware applications based on market demands and will allow our corporate team to commercialze.
SFG and Strattner Technologies have been in negotiations with satellite network operators, but as of the date of this letter, we had no definitive agreements and had not agreed to any terms.
Management believes that through Always On and Strattner Technologies, together with our relationship with AdvanceTC, SFG will have the opportunity to achieve synergies by working with a satellite network operator and combining the technologies of Always On, AdvanceTC, and Strattner Technologies. We will continue to provide updates as these negotiations continue.
Additional Officers and Employees
On April 8, 2020, we announced that we had appointed new officers of SFG. We welcomed Dr. Chin Yung Kong (Co-CEO overseeing Asian Markets), Enrique Vargas (Chief Marketing Officer), Joseph Cordi (Chief Sales Officer and institutional client relations), and Micahel Temo (Chief Operations and Development Officer Sports, Nutrition & Lifestyle commercialization).
We also recently employed four new employees: a CPA, an Analyst, an Executive Assistant, and a virtual assistant.
We believe that each of these individuals brings strong leadership, experience, and opportunities to SFG.
Dr. Chin, for example, is the majority owner and CEO of several international entities, mainly located in the far East (including Hong Kong, Malaysia, and China), including QMIS World Trade International. On March 23, 2020, we announced that SFG had signed a partnership agreement with QMIS World Trade International, a wholesale and procurement management company based in Malaysia. Both parties entered into this partnership agreement to procure various Novel Coronavirus COVID-19 Test Kits that are available for sale through QMIS World Trades manufacturing and distribution partners.
The partnership with QMIS World Trade happened because of my working relationship with Dr. Chin. In addition to serving as SFGs Chief Executive Officer, I also serve as the Chief Financial Officer of QMIS TBS Capital Group Corp., a recently formed Delaware corporation. Dr. Chin is the CEO of that company. Through my association with Dr. Chin, I learned of his procurement, sourcing and wholesaling business in Malaysia. (I also learned that Dr. Chin made a personal donation of 100,000 face masks to the Malaysian government.)
A best efforts sales agreement was signed between SCNG, QMIS World Trade International and a distribution company that is the Chinese based distributor for the COVID-19 testing kits of a reputable Pharma company. In this agreement, SFG and QMIS World Trade are the joint sales agent for their product which at the time received US FDA approval. We dont mention the name of the Pharma Company since no purchase orders materialized.
As of the date of this letter, the shipments and distribution of the COVID-19 testing kits have not yet materialized due to complexities in global freight forwarding. SFGs management has reviewed the agreement and has had conversations with the Chinese distributor, who confirmed that the agreement is still effective. We anticipate that QMIS World Trade will remain a long-term partner and will continue to provide sourcing and procurement services to SFG and its subsidiaries.
KAVA Industries
On March 17, 2020, SFG announced that we had signed a Joint Venture agreement with the Fijian-based Kava Industries relating to the Kava Brothers project. SFG and the Kava Industries agreed to form a partnership to finance the purchase of up to 50 tonnes of Fijian Kava at a competitive cost. Kava Industries agreed to reinvest the majority of the proceeds to acquire up to 100 tonnes of Fijian Kava per year for five years. The primary use of kava is reducing stress and anxiety.
Subsequently, we have decided to build a brand around the KAVA Industries joint venture and to export high quality Fijian Kava to the USA. Bringing these products into the United States requires product laboratory testing and various approvals. I have had great conversations with the local farmers in Fiji who found themselves in a position where the price for Fijian Kava increased due to natural weather phenomena. SFG is working to secure contracts to acquire their Kava root at a competitive price and will be managing this business as a portfolio company with the vision to complete the Kava project as well as possible future expansion into other agriculture projects.
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