ARAX, a Publicly-Traded Company Makes Strategic Acquisition of Blockchain Firm, Core Business Holdings
This is a great read, one year old but it explains who we are now
New York, NY, December 14, 2022, ARAX Holdings Corp. is pleased to announce that after several years of speculation, it has signed a definitive Letter of Intent and Deal Terms with Konrad Business s.r.o., based in Bratislava, Slovakia, to acquire the majority of the share capital of Konrad. Konrad is currently undergoing a name change to Core Business Holdings s.r.o. (Core Group).
Today, ARAX filed an 8K with the SEC announcing the signed Binding Letter of Intent and Deal Terms that formally and legally bind the parties to launch the acquisition process for ARAX to acquire the majority of Core Business Holdings’ share capital, which includes the intellectual property connected to the following projects:
Core Token and Smart Contract Platform
Ping Exchange and Settlement Platform
Wall Money NEO Banking and FinTech SaaS Platform
CorePay Payment and Remittance Platform
In addition to acquiring 75% of Core Business Holdings’ share capital, ARAX will also make an effort to acquire all of Core’s minority stakes in its share capital. The total transaction value is €18 million. Subject to the usual closing requirements, the transaction is anticipated to close in the upcoming two months.
ARAX appointed arTax Consult s.r.o., business consultants and tax advisors, to supervise and facilitate collaboration with the Arax Board of Directors and the current owners of the software. All of the intellectual property and software are currently under the custodial care of arTax Consult s.r.o. on behalf of its owners, and arTax is tasked by ARAX and the current owners of the software and IP to structure, document, and secure it in Core Business Holdings in four different organizations, Core Token and Smart Contract Platform, Ping Exchange and Settlement Platform, Wall Money NEO Banking and Fintech Blockchain-Based SaaS Platform, and CorePay Payment and Remittance Platform.
ARAX’s overall strategy is to divert from selling hotdogs in Mexico into investing in projects, with their focus on the digital transformation of WEB 3 and the future WEB 4, implementing blockchain-based solutions into the real world. ARAX sees Core Business Holdings, with its projects Core Token and Smart Contract Platform, Ping Exchange and Settlement Platform, Wall Money NEO Banking and FinTech SaaS Platform, the CorePay Payment and Remittance Platform, and ARAX, as playing a key role in this strategy, bringing shared vision, revolutionary blockchain-based digital product categories, and growing and participating in a safer, more efficient, and effective digital economy for all.
ARAX’s Board of Directors is of the opinion that, until now, blockchain-based solutions introduced into the real world were pretty much experimental.
These days, things look a bit different as businesses, government organizations, and individuals are increasingly implementing blockchain technology as they seek to take advantage of its capabilities.
At ARAX, we are creating awareness among potential use cases that blockchain technology is not all about cryptocurrency. In reality, the underlying decentralized ledger technology continues to find applications in a diverse range of industries, all in an effort of changing how things are being done and improving people’s lives.
The cutting-edge blockchain technology that Core’s software solutions are built on had a significant impact on ARAX’s choice to acquire Core Business Holdings. The Core Business Holdings software solutions were built on the Core Blockchain Network, the world’s fastest, most scalable, and most secure fully decentralized facilitated on proof-of-distributed-efficiency (PoDE). PoDE is the next generation of an environmentally friendly proof-of-work blockchain confirming transactions on IoT devices at less than 10 watts per hour, fitting perfectly into ARAX’s ESG vision.
Blockchain use cases typically fall into one of three categories: a ledger to exchange money, a data ledger, or a notary ledger for government services.
