LAS VEGAS, Oct. 24, 2018 /PRNewswire/ -- Asia Broadband Inc. (OTC: AABB), through its wholly owned subsidiary Asia Metals Inc., has signed a definitive joint venture agreement for the large scale expansion of the Company's mining operations in the state of Guerrero, Mexico, with Qiangda Investments & Economics & Co., Ltd.. The agreement guarantees a $34 million capital commitment allocated over a 3 year period on a time-lined payment schedule to earn-in a maximum 40% equity interest in the Company. The schedule consists of a $5 million initial payment that has now been received earning a 6% equity interest, a $9 million minimum payment in 2019 to earn a further 10% interest, a $10 million minimum payment in 2020 to earn a further 12% interest and a $10 million minimum payment in 2021 to earn a further 12% interest. The joint venture capital will be allocated specifically to expand the identified resources within the Asia Broadband properties and build out a new production processing facility with greater efficiency and capacity, but also includes provisions for new exploration expenditures. The operating terms include identifying Asian Metals Inc. as the manager of the joint venture and the forming of a management committee with representatives from both parties to oversee, approve and direct budgeting, capital expenditures and decision-making regarding operational processes and expenditures.
Qiangda Investments & Economics & Co., Ltd., is a holding company and facilitating subsidiary of a Chinese owned conglomerate entity. Its operational objective is to secure physical gold supplies for it affiliates' manufacturing demand and to build an investment hedge that mitigates the risk of instabilities caused by fluctuations in markets and world economic conditions.
"We are exuberant at this point. The diligent work by everyone in the Company over the past 4 months has resulted in us reaching our most significant milestone to date. With a major source of committed capital backing our facilities and drill program expansions, many more milestones will be reached as we continue to grow going forward," declared James Gilbert, the Company President and CEO.
Asia Broadband Inc. (OTC: AABB), through its wholly owned subsidiary Asia Metals Inc., 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 Guerrero, Mexico, to our client sales networks in Asia. This vertical integration approach to sales transactions is the unique strength of Asia Broadband and differentiates the Company to its shareholders.
Contact the Company at:
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.
SOURCE Asia Broadband Inc.
AABB IS NEXT! “Pump and dump stock schemes have real victims: those who play by the rules and save and invest in the markets,” said U.S. Attorney McSwain. “Market manipulation also causes generalized harm to the markets and to our economy because it erodes public trust that the markets are free and fair. Thanks to the excellent work of the FBI, SEC, and prosecutors from my Office, Martin will now face the consequences of his alleged actions.” “Pump and dump schemers enrich themselves on the backs of innocent investors, turning a pile of lies into a mountain of money,” said Michael J. Driscoll, Special Agent in Charge of the FBI's Philadelphia Division. “The FBI is committed to cracking down on such harmful market manipulation, in order to protect both the investing public and the integrity of the financial system.” If convicted, the defendant faces a maximum possible sentence of 245 years imprisonment, a $12.5 million fine, a 3-year period of supervised release, and a $1,200 special assessment. The case was investigated by the Federal Bureau of Investigation, and is being prosecuted by Assistant United States Attorney Michael J. Rinaldi. The U.S. Attorney’s Office appreciates the assistance of the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority. An indictment, information, or criminal complaint is an accusation. A defendant is presumed innocent unless and until proven guilty. https://www.justice.gov/usao-edpa/pr/florida-man-charged-manipulating-publicly-traded-stocks-multiyear-pump-and-dump
There are consequences for "turning a pile of lies into a mountain of money",