LAS VEGAS, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) is pleased to announce that the Company has received a total of $2 million dollars from the four directors of the Company for a second purchase of preferred shares. A total of 20 million non-convertible, preferred shares were issued at the par value of $0.10 per share with each share having 100 voting rights and equal participation with common shares for all future dividends. The Company President and CEO, Chris Torres, purchased $1.4 million of the total preferred share issuance. The entire $2 million share sale proceeds will be allocated to the Company’s capital expansion projects, such as the Company’s $800 million dollar ore stockpile production agreement and new processing plant facility in Etzatlan, Mexico.
“Our entire management team is committed to the Company’s growth and profitability and we have emphatically demonstrated this with a substantial long-term investment to fuel the expansion of our gold production and digital asset divisions. Our focus and determination to succeed in every area of the Company’s business has intensified further with our management’s additional capital contribution", affirmed Chris Torres, AABB President and CEO.
AABB continues to implement its mining production and acquisition strategy to optimize capital utilization by focusing operations in regions of Mexico where AABB has a comparative advantage of development resources and expertise available for accelerated expansion and duplication of the Company’s previous gold production success. Additionally, the Company’s digital asset division that includes the AABBG cryptocurrency token, AABB Wallet, PayAABB and NFT collections are continuing to develop and expand rapidly.
About Asia Broadband
Asia Broadband Inc. (OTC: AABB) is a resource company focused on the production of precious metals and the accumulation of physical gold holdings. The Company utilizes its specific geographic expertise, experience and extensive industry contacts to facilitate the expansion of precious metals property holdings and production in Mexico. The Company's industry and business integration in Mexico and its asset diversification are unique strengths of AABB that differentiate it from other companies and creates distinctive value for shareholders. Additionally, the Company has a digital assets business segment with its AABBG mine-to-token gold-backed cryptocurrency within its AABB Wallet, the unique Golden Baboons Mining Club non-fungible token collection, a proprietary digital exchange AABBExchange and a cryptocurrency payment gateway solution PayAABB.com. AABB expects its token to become a world-wide standard of exchange that is stable, secured and trusted with gold backing, while having the added benefit of demand based price appreciation. These are unique and outstanding qualities relative to other cryptocurrencies and digital asset developers.
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Forward-Looking Statements are contained in this press release within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Asia Broadband Inc.’s (the “Company”) expected current beliefs about the Company’s business, which are subject to uncertainty and change. The operations and results of the Company could materially differ from what is expressed or implied by the statements made above when industry, regulatory, market and competitive circumstances change. Further information about these risks can be found in the annual and quarterly disclosures the Company has published on the OTC Markets website. The Company is under no obligation to update or alter its forward-looking statements as future circumstances, events and information may change.