LAS VEGAS, Oct. 18, 2023 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) is pleased to announce that the Company has negotiated a debt settlement with a long-time note holder and one of the originating financiers of AABB. Management has been diligently working towards this debt resolution for sometime and is now in the process of finalizing and planning the details of the settlement arrangement.
Additionally, the Board of Directors has approved a Share Buyback Program whereby the Company agrees to use its treasury funds to purchase up to $12 million dollars in AABB shares from the publicly traded market place. In recent months, the Company has been facilitating the Buyback setup and logistics in anticipation of beginning the Program.
In other market related news, the Company has been progressing significantly with market data collection in its preparation the continued legal action against market makers for AABB shares on OTC Markets. This legal initiative by the Company was launched several months ago due to the many shareholder and public complaints received expressing that AABB’s share price has been subjected to long-term repression by false and deceptive trading practices on a daily and continuous basis. Similarly, other OTC traded companies have already publicly exposed and legally challenged the pervasive and chronic market maker manipulation practices.
“We have a synergy of key aspects of our business that are finally resolving and coming together simultaneously. This is an exciting time for the Company because it will allow us to take some major steps forward and accelerate the momentum of our expansion”, stated Chris Torres, the Company President and CEO.
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.