"Asia Broadband Negotiates Debt Settlement and Approves $12 Million Dollar Share Buyback Program
Press Release | 10/18/2023
LAS VEGAS, Oct. 18, 2023 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) is pleased to announce that the Company has negotiated a debt settlement with a long-time note holder and one of the originating financiers of AABB. Management has been diligently working towards this debt resolution for sometime and is now in the process of finalizing and planning the details of the settlement arrangement.
Additionally, the Board of Directors has approved a Share Buyback Program whereby the Company agrees to use its treasury funds to purchase up to $12 million dollars in AABB shares from the publicly traded market place. In recent months, the Company has been facilitating the Buyback setup and logistics in anticipation of beginning the Program.
In other market related news, the Company has been progressing significantly with market data collection in its preparation the continued legal action against market makers for AABB shares on OTC Markets. This legal initiative by the Company was launched several months ago due to the many shareholder and public complaints received expressing that AABB’s share price has been subjected to long-term repression by false and deceptive trading practices on a daily and continuous basis. Similarly, other OTC traded companies have already publicly exposed and legally challenged the pervasive and chronic market maker manipulation practices.
“We have a synergy of key aspects of our business that are finally resolving and coming together simultaneously. This is an exciting time for the Company because it will allow us to take some major steps forward and accelerate the momentum of our expansion”, stated Chris Torres, the Company President and CEO."
Possibly details will be in Financial Statements 4th Q 2023? Due 90 days from end of year.
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