I guess im confused.
Item 8.01 Other Events.
KinerjaPay Corp., OTCQB: KPAY (the “Company”) is filing as Exhibit 99.1 to this Form 8-K a press release issued on November 8, 2019, titled “KinerjaPay Corp. Update Financing Process Almost Complete.” The Company announced, in substance, that while finalizing the receipt of the initial HSBC bank guarantee from Gabriel Capital Ltd can be a timely process, we believe that all procedures have been cleared. The Company has secured the monetizing bank non-recourse credit facility with China Construction Bank Indonesia. The announcement of this facility has attracted several other collateral providers in addition to Gabriel for the initial $25 million major bank guarantee. Gabriel remains the key collateral provider and the Company expects to close on the first tranche of the initial $25 million, as reported in the Company’s October 23, 2019 release, in the very near term.
Mr. Edwin W. Ng, CEO of KinerjaPay Corp. commented “We feel that we are at the end of this very complex process and look forward to receiving the beginning of this significant capital infusion. We are excited that other investors agree that securing a monetizing bank has made KPAY an attractive investment.”
A copy of the November 8, 2019 press release is attached as Exhibit 99.1 hereto.
JAKARTA, Indonesia, Nov. 8, 2019 /PRNewswire/ -- KinerjaPay Corp., (OTCQB: KPAY), would like to share updates about the financing process. Finalizing the receipt of the initial HSBC bank guarantee from Gabriel Capital Ltd has taken slightly longer than anticipated. We believe that all the minor complications have been cleared and we should receive the first guarantee over the next week. It is important to stress that securing the monetizing bank is the hardest and most crucial part of the process of using this method of financing. Our non-recourse credit facility with China Construction Bank Indonesia is firmly in place. The announcement of this facility has attracted several other collateral suppliers to want to deliver the first $25 million major bank guarantee. All of these suppliers are agreeing to the same investment terms. The numerous other investors highlight the value of securing the monetizing bank. Gabriel is still the most likely supplier. Mr. Edwin W. Ng, CEO of KinerjaPay Corp. commented "We feel that we are at the end of this very complex process and look forward to receiving the beginning of this significant capital infusion. We are excited that other investors agree that securing a monetizing bank has made KPAY an attractive investment."
So CCBI is now the monetizing bank?
