RHCO (+73%) ANNOUNCES $3.3 MILLION EQUITY ACQUISITION
Press Release | 03/08/2021
Readen Holding Corp. (OTC: RHCO), a diversified holding company, today announced that the Company has signed a definitive agreement to acquire $3.3 million of common stock in a U.S public company, yet to be named. RHCO will receive 2,262,455 shares of restricted common stock, which closed on Friday at $1.49 per share. Additional terms of the deal were not disclosed. (The company is OTC: TNMD Pink Current Info) << added by HS
Last week, RHCO announced that its Board of Directors had approved a major share buyback program. The goal of the share buyback program is to significantly reduce the total outstanding shares of common stock of RHCO. Under the buyback program, the Company is authorized to repurchase shares through open market purchases, privately-negotiated transactions, block purchases, fixed price tender offers, or otherwise, in accordance with applicable federal securities laws. The Company intends to pay for share repurchases using a variety of methods, including cash, preferred shares, shares in subsidiaries, debt and with other resources at its disposal. RHCOs management categorically states that no convertible or toxic debt will ever be used to fund its share buyback program.
Last month, RHCO announced that it had completed its acquisition of leading Payment Gateway and Payment Service Provider (PSP) OkePay New Zealand and its subsidiary OkePay Asia Limited ( www.okepay.biz ) and with that, has officially entered the $4.7 Trillion Global Payment Market. RHCO paid $13 million for the purchase of Okepay in cash and stock. With its acquisition of OkePay, RHCO has achieved its goal of becoming a major participant in the online and POS payments sector.
Richard Klitsie, CEO of RHCO stated, I am extremely pleased to announce the signing of this latest equity acquisition. It proves once again, that our strategy of timely and cost- efficient acquisitions is truly paying off and that the Company is enhancing shareholder value step by step and day by day.
RHCO is a diversified holding company, with an operating history of over 30 years, which seeks opportunities to acquire and grow businesses that can generate long-term sustainable free cash flow and attractive returns, in order to maximize value for all shareholders. RHCO has subsidiaries and liaison offices in Europe and Asia.
RHCO Strong Buy
