Great Tang Bid Technology, Inc. Announces Letter of Intent to Acquire Great Tang Digital Limited of Hong Kong

Rhea-AI Summary

Great Tang Bid Technology, Inc. (OTCPink:ESPI) has signed a Letter of Intent to acquire Great Tang Digital Limited of Hong Kong, aiming to enhance its presence in the fast-evolving digital art sector. CEO Zhuang Rong Cheng expressed optimism about completing the acquisition swiftly. GT Digital, led by CEO Joanne Chong, is set to offer an innovative digital art platform integrating NFT auctions and exhibitions. The strategy includes four profit centers: online auctions, derivative sales, artist incubation, and an art investment fund, positioning ESPI as a potential leader in the NFT art industry.

Positive

• Acquisition of GT Digital enhances ESPI's operations in the fast-growing digital art industry.
• Establishment of four profit centers (online auctions, derivative sales, artist incubation, art investment fund) for diversified revenue streams.
• Potential leadership position in the NFT art sector through innovative platform offerings.

Negative

• Challenges in integrating the newly acquired GT Digital may pose operational risks.
• Financial strain could arise during the transition and implementation of the new business model.

NEW YORK, NY / ACCESSWIRE / January 20, 2022 / Great Tang Bid Technology, Inc. ("OTCPink:ESPI") CEO Zhuang Rong Cheng announced today that the Company has entered into a firm Letter of Intent to acquire 100 percent ownership in Great Tang Digital Limited of Hong Kong ("GT Digital").

"We at Great Tang Bid are pleased to have found an acquisition in GT Digital that will fill out our operations in an exciting and fast-moving industry," Mr. Zhuang said. "We look forward to completing a definitive Share Exchange Agreement and Closing as quickly as possible," he concluded.

ESPI, a Nevada corporation, is currently in the process of completing a name change and other actions with FINRA from its prior Nevada name of ESP Resources, Inc. Having successfully emerged from bankruptcy in 2021 (United States Bankruptcy Court Southern District of Texas on April 28, 2021; Case No.: 16-60021), ESPI is currently an SEC reporting Pink Sheet company on the OTC Markets, Inc. platform.

"All of the actions we have been taking in the past few months have just been a lead-in to this important step for the Company," Zhuang concluded.

In responding to Mr. Zhuang's announcement, GT Digital CEO Ms. Joanne Chong responded that "GT Digital is creating a leading edge operating company in the digital art space. GT Digital's digital art service platform is designed to integrate NFT auctions, digital art exhibitions, traditional art digital solutions, and digital art. It is based on blockchain and NFT technology."

Ms. Chong further explained that "GT Digital is uniquely positioned to combine on-line and on-site integrated auction platforms, decentralized digital art service frameworks, and NFT technology to build a platform that serves the art industry. It is in the process of building a service platform that combines digital art work, digitization of traditional art via NFT, and a digital art fund for young artists. With the Great Tang auction platform as the anchor point, GT Digital's ecosystem can extend before, during, and after the auction."

Great Tang Bid's CEO Mr. Zhuang added that "On March 11, 2021, at an auction held by the British auction house Christie's, the NFT artwork ‘Everydays: The First 5000 Days,' created by the surreal artist Beepe, was sold at $69.35 million. This convinced us at ESPI that this is an industry that we very much wanted to enter. We believed that as a result of this kind of auction sale demonstration of price to product, NFT artworks has the capacity to profoundly impact the art industry. We want to be in the forefront of this new art community."

FOR FURTHER INFORMATION, CONTACT:

Ms. Joanne Chong
PH: 852-9184-4885
Email: greattangdigital@gmail.com

Background on GTD HK

The business model of Great Tang Digital Hong Kong is based on what is called a "Non-Fungible Token" (NFT), which is a digital token, each of which is unique and non-reproducible. Each NFT is permanently linked to a digital asset such as a piece of art, music, video or other digitally produced object. Great Tang Digital is planning to develop its own NFT collections, and has applied for the "SunMonkey" trademark under Hong Kong trademark law for this NFT collection. GT Digital is prepared to use Ethereum or Polygon to mint its "Sunmonkey" collection. GT Digital's current focus for its development work is to utilize existing public blockchain. As its business progresses, it will evaluate its need for developing proprietary blockchain technology.

Based on the on-line NFT, GT Digital is focused on four business profit centers:

On-line Auction. The foundation of the newly combined Great Tang company is intended to be an on-line auction platform that integrates NFT auctions, digital art exhibitions, traditional art digital solutions, and digital art. GT Digital expects upon completion of the acquisition to build a service platform that combines digital art work, digitization of traditional art via NFT, and a digital art fund for young artists. Users would display, trade, and auction various digital assets on the Great Tang NFT secondary trading platform. This would lower the threshold of use, improve ease of use, and provide transaction security with on-chain contracts.

Derivative Sales. A second profit center is designed to license digital art, commercial IP, and its derivatives to art space. The intention is to include selectively building an art exhibition in a Metaverse platform, such as Decentraland/Sandbox/Haina Nebula. Additionally, the Company will have the ability to regularly hold Great Tang Digital Metaverse Art Exhibitions to provide a showcase, trading, and community for digital arts and their derivatives.

An Artist Incubation. By partnering with digital artists to create digital artwork with commercial IP, the Company would like to initiate a "Digital Ullens" incubation program to select future top digital artists from around the world to ensure the quality of future auction works.

Art Investment Fund. Finally, the Company is prepared to establish a digital art investment fund to allow Great Tang to introduce high-quality resources; and thereby, become a GP, complete LP capital injections through collector clubs, and make value investments in high-quality digital artists and digital artworks.

With these four profit centers in place and operational, Great Tang should be well positioned to be a global leader in the NFT art industry.

Forward-Looking Statements

Legal Notice Regarding Forward-Looking Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined, and assumptions of management. Forward looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions or that events or conditions "will", "would", "may", "can", "could" or "should" occur.

Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include misinterpretation of data, the Company's ability to raise financing for operations, breach by parties with whom we have contracted, and the possible inability to maintain qualified employees or consultants.

SOURCE: ESP Resources, Inc.

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FAQ

What is the significance of ESPI's acquisition of Great Tang Digital?

The acquisition aims to strengthen ESPI's presence in the digital art and NFT market, providing diversified revenue streams.

When was the Letter of Intent for the acquisition of GT Digital signed?

The Letter of Intent was announced on January 20, 2022.

What are the expected profit centers after the acquisition?

The expected profit centers include online auctions, derivative sales, artist incubation, and an art investment fund.

How does ESPI plan to position itself in the NFT art industry?

ESPI plans to leverage GT Digital's platform and services to become a leader in the NFT art sector by offering integrated auction and exhibition solutions.