Gold Backed Cryptocurrency Token.
Adding Asia Broadband (AABB) $0.028 to the Watch List.
Look what we found!
Just studying this now, imagine a Gold Mining company that stepped into the digital world, by creating a token backed by $31 million in physical gold. Hmm.
In addition to the token, they have a Crypto Wallet listed on Google Play with over 10,000 downloads and a Crypto Exchange supporting 400 different tokens. Who are these guys!
We note last November, the Company received a total of $2 million dollars from the four directors of the Company for a second purchase of preferred shares. 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.
More to come.
Most recent Quarterly filed with the SEC:
We’ll have to of course double check these numbers, as they are rather large for a company on the OTC. Page 11 on the 3rd quarter ending September 30, 2023 filed with the SEC.
In 2015, the Company entered the mining business with operations focused on the production, supply and sale of precious and base metals, primarily to Asian markets.
By the end of the fiscal year of 2016, the Company began small-scale mining production in Guererro, Mexico and completed its first mineral sales. The Company has steadily expanded its mining production and property development over the last several years with increasing mineral sales and the securing of a significant funding source in 2018.
After considerable development and expense, the Company deemed it a competitive advantage to sell its mining assets and shift its focus to other gold properties acquisitions in Mexico that have high potential mineralization that will lead to gold production and offer substantial value added opportunities rapidly to expand asset values.
The Company acquired a number of new mining properties in 2021 and 2022 and had small-scale production in 2022, while executing expansion plans to significantly increase production in 2023 and going forward.
Additionally, the Company has also created a gold-backed cryptocurrency token that was launched in March 2021 and also launched a proprietary cryptocurrency exchange on a live development basis in December 2021 to add to its digital asset business segment and diversify and integrate its mining business.
Disclaimer: 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. Client, Institutional Analyst is being compensated five-thousand dollars a month for ongoing news and progress reporting.
