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Argentum 47, Inc. Enters into Definitive Agreement for the Disposal of Two Subsidiaries
November 10 2022 - 09:30AM
InvestorsHub NewsWire
WINDSOR, BERKSHIRE, United Kingdom -- November 10, 2022 -- InvestorsHub NewsWire -- Argentum 47, Inc. ("Argentum" or the "Company") (www.argq.io) (OTC PINK: ARGQ), a provider of comprehensive artificial intelligence enhanced digital marketing services including branding, advertising, and lead generation, today announced the sale of two of its subsidiaries.
Robert Stephenson, CEO of Argentum, and his team would like to announce the execution of Sale and Purchase agreements for two of its subsidiaries, Argentum 47 Financial Management Limited and Cheshire Trafford UK Limited, which were executed on October 21, 2022. Under the terms of the agreements, Argentum sold all of the common shares of these two subsidiaries. The sale has allowed the Company to reduce $248K of debt.
“This sale of two subsidiaries that are no longer aligned with our business model was significant for Argentum because of the positive impact it has on our balance sheet in reducing our debt,” stated Robert Stephenson. The two subsidiaries sold were no longer compatible with Argentum's business model and, by selling them, Argentum will have more liquidity and reduced interest expenses. With a stronger balance sheet, this move is indicative of management's commitment to achieving its long-term goals of becoming a market leader in Technology, Web-Based Services, and Marketing Solutions.
As part of the Company's strategy to eliminate liabilities, relinquish old business strategies, and streamline its operations for long-term success, Stephenson and his team believe this move was necessary in order to better focus its resources on its core businesses and continue to grow its market share, making it much better prepared to undertake new projects and endeavors. This debt reduction will provide Argentum with greater financial freedom and flexibility to invest in acquisitions, mergers, and joint venture opportunities.
