Asia Broadband Achieves $4.6 Million First Quarter Gross Profit Validating Digital Asset and Mining Operations Success
Asia Broadband Inc. (OTC: AABB) has reported a substantial gross profit of $4.6 million for Q1 2023, boosted by $3.9 million in sales from its digital assets, particularly the AABBG token and the Golden Baboons Mining Club NFT. The company anticipates significant growth in its mining operations with the installation of a new processing facility and the commencement of ore stockpile production later in 2023. AABB is enhancing its digital assets division with key improvements to its AABBG token and related platforms, aimed at lowering transaction costs and increasing liquidity. The company has also acquired a substantial 4 million ton ore stockpile in Mexico, valued over $800 million, which is expected to amplify its gold production capabilities.
- Gross profit of $4.6 million for Q1 2023.
- Record sales of $3.9 million in digital assets from AABBG token and NFT collection.
- New processing facility expected to enhance gold production capabilities.
- Valuable ore stockpile acquired estimated over $800 million.
- None.
LAS VEGAS, April 26, 2023 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) announced today that the Company is in the process of finalizing its financial results for the first quarter ending March 31, 2023, and has confirmed a gross profit of
AABB has recently expedited the development of significant changes and enhancements to all the components of AABB’s digital assets division. The release of key improvements to the AABBG token, AABB Exchange and PayAABB are expected to be implemented in the 2nd quarter. Also, the Company has been consulting comprehensively with its cryptocurrency, blockchain and cybersecurity expert to enhance the architecture, functionality and management of all AABB’s digital asset operations. Some of the improvements to be deployed soon will dramatically lower transaction costs and increase processing speeds, expand liquidity and increase user satisfaction with added intuitive functionality.
In December 2022, AABB completed the land purchase for the site of the new processing facility to be constructed with respect to the terms of the historic and long-term processing and production agreement signed previously for a large-scale gold and silver ore stockpile located in Las Jimenez, Etzatlan, Jalisco, Mexico. The agreement allows the Company exclusivity to purchase the 4 million ton ore stockpile at an economically feasible price point. A recent evaluation report has estimated the stockpile to represent over
“Our management and operations groups are thrilled with the first quarter results this year. We had a record high quarter in our digital assets business segment with AABBG and NFT sales, while our mining production continues and is set to expand significantly when our new processing plant comes online in the months ahead. It’s going to be an exciting and strong year of growth for the Company,” stated Chris Torres, AABB President and CEO.
About Asia Broadband
Asia Broadband Inc. (OTC: AABB) is a resource company focused on the production, supply and sale of precious and base metals, primarily to Asian markets. The Company utilizes its specific geographic expertise, experience and extensive industry contacts to facilitate its innovative distribution process from the production and supply of precious and base metals in Mexico to client sales networks in Asia. This vertical integration approach to sales transactions is the unique strength of AABB that differentiates the Company and creates distinctive value for shareholders. Additionally, the Company has added a digital assets business segment with its AABBG mine-to-token gold-backed cryptocurrency within its AABB Wallet, the unique Golden Baboons Mining Club non-fungible token collection, a proprietary digital exchange AABBExchange and a cryptocurrency payment gateway solution PayAABB.com. AABB expects its token to become a world-wide standard of exchange that is stable, secured and trusted with gold backing, while having the added benefit of demand based price appreciation. These are unique and outstanding qualities relative to other cryptocurrencies.
| Contact the Company at: | |
| General Email: | ir@asiabroadbandinc.com |
| Exchange Support: | https://aabbexchange.com/faq/ |
| Token Support: | https://aabbgoldtoken.com/faq/aabb-wallet/ |
| www.AABBGoldToken.com/support/ | |
| Company Websites: | www.asiabroadbandinc.com |
| www.AABBExchange.com | |
| www.AABBGoldToken.com | |
| www.PayAABB.com | |
| www.goldenbaboons.com | |
| Phone: | 702-866-9054 |
Forward-Looking Statements are contained in this press release within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Asia Broadband Inc.’s (the “Company”) expected current beliefs about the Company’s business, which are subject to uncertainty and change. The operations and results of the Company could materially differ from what is expressed or implied by the statements made above when industry, regulatory, market and competitive circumstances change. Further information about these risks can be found in the annual and quarterly disclosures the Company has published on the OTC Markets website. The Company is under no obligation to update or alter its forward-looking statements as future circumstances, events and information may change.
FAQ
What were Asia Broadband's financial results for Q1 2023?
How much did AABB earn from its digital assets in Q1 2023?
What is the estimated value of the ore stockpile acquired by AABB?
When is AABB expected to start ore stockpile production?
