LAS VEGAS, July 27, 2022 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) is pleased to announce that the Company has reinstalled the Convert feature within the AABB Wallet to allow users to purchase AABBG gold-backed tokens in exchange for other cryptocurrencies. The Convert feature was temporarily disabled several months ago to facilitate the further development of the Company’s AABB Exchange.
The launch of the Company’s AABB Wallet in 2021 introduced its AABBG token’s initial release to the market that is backed by $30 million in physical gold the Company currently holds. Any future token releases will continue to be backed 100% by additional physical gold acquired from the Company’s future mining production, gold purchased from cash reserves or credit. At today’s market price of gold, the one-tenth (0.1) gram of gold backing the AABBG token price is approximately $5.50 USD. The token price is tied to and supported by the Company at the market price of gold at a minimum. As the price of gold fluctuates, the minimum supported price of the AABBG token will increase or decrease. However, the potential upside price of AABBG will be driven by market demand.
Through the AABBG token and AABB Exchange, the Company embraces a pioneering philosophy with its truly unique Mine-to-Token vertical integration operational approach that strives toward complete independence from FIAT currency.
In other news, the highly anticipated launch of the Company’s online payment processing solution PayAABB is expected in the coming weeks.
About Asia Broadband
Asia Broadband Inc. (OTC: AABB) is a resource company focused on the production, supply and sale of precious and base metals, primarily to Asian markets. The Company utilizes its specific geographic expertise, experience and extensive industry contacts to facilitate its innovative distribution process from the production and supply of precious and base metals in Mexico to client sales networks in Asia. This vertical integration approach to sales transactions is the unique strength of AABB that differentiates the Company and creates distinctive value for shareholders. Additionally, the Company has added a digital assets business segment and released its AABBG freshly minted mine-to-token gold-backed cryptocurrency within its AABB Wallet and a proprietary digital exchange AABBExchange. 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.
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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.