Asia Broadband Signs Definitive Acquisition Agreement for La Paz Gold Mine Project in Etzatlan Mexico

Rhea-AI Summary

Asia Broadband Inc. (OTC: AABB) has signed a definitive agreement to acquire a 100% interest in the La Paz Gold Mine Project in Mexico for $700,000. This acquisition encompasses a 184 hectare concession in Jalisco and is part of AABB's strategy to expand its gold production and enhance physical gold holdings. The company aims to leverage its comparative advantages in the region for rapid operational growth. AABB continues to focus on integrating its mining and digital assets sectors, offering a new gold-backed cryptocurrency to strengthen its market presence.

Positive

• Acquisition of La Paz Gold Mine Project expands resource portfolio and enhances physical gold holdings.
• Strategic investment of $700,000 expected to facilitate growth and profitability.
• Focus on regions with comparative advantages allows for rapid expansion and operational success.

Negative

• None.

LAS VEGAS, May 17, 2022 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) is pleased to announce that it has signed a definitive purchase agreement to acquire a 100% interest in the La Paz Gold Mine Project in Mexico. The Company came to terms with Felipe Chávez Serrano and group for the 184 hectare La Paz concession, # 236301, located in the municipality of Etzatlan in Jalisco, Mexico. The total purchase price of the property was $700,000 and the Company is negotiating to acquire additional mining concessions in the area. The La Paz gold project is another mining asset addition in the Company’s strategic expansion initiative to acquire gold production and increase the AABB’s physical gold holdings.

“The La Paz property is a key strategic acquisition for the Company’s mining property portfolio that will facilitate the growth of our operations and profitability going forward,” expressed Chris Torres, the Company President and CEO.

AABB continues to implement its mining property acquisition strategy to optimize development capital utilization by focusing operations in regions of Mexico where AABB has a comparative advantage of development resources and expertise readily available for rapid expansion and duplication of the Company’s previous gold production success.

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 and released its AABBG freshly minted mine-to-token gold-backed cryptocurrency within its AABB Wallet and a proprietary digital exchange AABBExchange. 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
Token Support:	www.AABBGoldToken.com/support/
Company Websites:	www.asiabroadbandinc.com
	www.AABBExchange.com
	www.AABBGoldToken.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 is the La Paz Gold Mine Project acquisition by AABB about?

Asia Broadband Inc. has acquired a 100% interest in the La Paz Gold Mine Project in Mexico for $700,000 to enhance its gold production capabilities.

When was the La Paz Gold Mine Project acquisition announced?

The acquisition was announced on May 17, 2022.

How much did AABB pay for the La Paz Gold Mine Project?

Asia Broadband Inc. paid $700,000 for the La Paz Gold Mine Project.

What is the expected impact of the La Paz acquisition on AABB?

The acquisition is expected to facilitate growth, enhance profitability, and expand AABB's resource portfolio.

What strategic advantage does AABB have in Mexico?

AABB focuses on regions where it has comparative advantages in development resources and expertise, which supports its rapid expansion plans.