China Food and Beverage Company (OTC Pink: CHIF) plans to rebrand itself as Championship International Fintech Inc. to enter the Esports and Blockchain sectors. This strategic move aligns with the rapid growth in these markets, with Esports revenue projected to rise from $1 billion in 2021 to $4.28 billion by 2027. The Blockchain services market is also expected to grow significantly, from $2.94 billion in 2021 to $4.65 billion in 2022. CHIF aims to provide technological solutions across these industries while capitalizing on increasing venture capital investments in Esports.
CHIF Appoints New Chairman and Announces Rebranding Strategy
On March 22, 2022, China Food and Beverage Company (OTC Pink: CHIF) appointed Mr. Yuen Wong, Managing Partner at Bitmart Cryptocurrency Exchange, as its new Chairman of the Board. This leadership change coincides with CHIF's strategic rebranding effort as it transitions into the Esports industry, projected to grow from $1 billion in 2021 to $4.28 billion by 2027. Wong's expertise in blockchain and Esports is expected to steer the company towards innovative solutions in this burgeoning market.
Pro Music Rights, a performance rights organization, announced an update regarding its agreements with Net Savings Link, Inc. (NSAV) and China Food and Beverage Company (CHIF). On March 1, 2021, a settlement was reached with NSAV, but allegations of fraudulent misrepresentation by NSAV's representatives have emerged, involving a $487 million promissory note. Additionally, CHIF is reportedly defaulting on a $176 million note due to non-payment of interest. CEO Jake P. Noch expressed disappointment and indicated that legal options are being reviewed to recover funds.