Asia Broadband Updates Auditor Status For Uplist Qualification

Rhea-AI Summary

Asia Broadband Inc. (OTC: AABB) is collaborating with Turner, Stone & Company, LLP to complete its auditing processes, aiming for financial statement audits necessary for an uplisting. Recently, AABB sold its mining operations in the Guerrero Gold Belt, Mexico, for $82 million, which showcases its operational success. The company is also focusing on its Colima, Mexico, gold property, allocating $10 million for initial development to enhance production. Infrastructure construction has already begun as part of this initiative.

Positive

• Sold mining operations in Guerrero Gold Belt for $82 million, validating operational success.
• Allocated $10 million for initial development at Colima property to accelerate production.

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• None.

LAS VEGAS, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (OTC : AABB) announced today that the Company has been engaged with Turner, Stone & Company, LLP and is working through the auditing processes. AABB’s primary goal is to facilitate the auditor to produce the Company’s audited financial statements that are required to apply for an uplisting as soon as possible.

After achieving numerous operational objectives up to the closing of 2020 and early into this year, AABB has streamlined operations to allow for greater focus on advancing the audit processes. AABB recently completed the sale of its mining operations in the Guerrero Gold Belt (GGB), Mexico, for $82 million, further validating the Company’s development achievements. Thereafter, the Company pivoted operations to leverage its resources and experience to duplicate its successful GGB mining operations expansion model on its high potential Colima, Mexico, gold property. Additionally, the Company has allocated $10 million for the initial phase development program to accelerate operations and expansion toward production at the Colima property. The construction of exploration and development facilities and infrastructure roads has already begun as part of the first phase development program.

About Asia Broadband

Asia Broadband Inc. (OTC : AABB), through its wholly owned subsidiary Asia Metals Inc., 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. AABB also is releasing a freshly minted mine-to-token gold-backed cryptocurrency and expects to become a world-wide standard of exchange that is secured and trusted with gold backing, an outstanding quality relative to other cryptocurrencies. Visit www.AsiaBroadbandInc.com for more info.

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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 Asia Broadband Inc.'s current focus?

Asia Broadband Inc. is focused on completing its auditing processes for financial statements and advancing operations at its Colima gold property.

How much did Asia Broadband Inc. sell its mining operations for?

Asia Broadband Inc. sold its mining operations in the Guerrero Gold Belt for $82 million.

What is the purpose of the $10 million allocated by Asia Broadband Inc.?

The $10 million is allocated for the initial phase development program to enhance operations and production at the Colima property.

Who is auditing Asia Broadband Inc.'s financial statements?

Turner, Stone & Company, LLP is engaged by Asia Broadband Inc. to conduct its auditing processes.

What are the plans for Asia Broadband Inc.'s Colima property?

Asia Broadband Inc. is initiating development and construction of infrastructure at its Colima property to accelerate production.