GreenPro Incubates Angkasa-X LEO Satellite Company In Establishing ASEAN Space Economy

Rhea-AI Summary

Greenpro Capital Corp. (NASDAQ:GRNQ) has announced its involvement in the incubation of Angkasa-X for a Low Earth Orbit (LEO) satellite communication project. A Memorandum of Understanding (MOU) was signed with the Malaysia Penang State Government and University Science of Malaysia (USM) to develop the ASEAN Space Economy through the ASEAN-LINK satellite constellation. Greenpro owns 28 million shares of Angkasa-X and plans to list the company via IPO in 2021. Additionally, Greenpro aims to fund Angkasa-X using proceeds from its 7,700 Sputnik NFTs, currently valued at approximately $379 each.

Positive

• Greenpro owns 28 million shares of Angkasa-X, positioning it for potential growth.
• Plans to list Angkasa-X on a U.S. exchange could enhance visibility and liquidity.
• The strategic partnerships with the Malaysian government and USM may provide robust support for project success.

Negative

• The forward-looking nature of the project carries inherent risks, including financial uncertainties.
• Dependence on NFT sales to fund Angkasa-X could lead to market volatility.

KUALA LUMPUR / ACCESSWIRE / April 26, 2021 / Greenpro Capital Corp. (NASDAQ:GRNQ) today announced its incubation of Angkasa-X for its Low Earth Orbit (LEO) satellite communication project. Three parties signed a Memorandum of Understanding (MOU) including the Malaysia Penang State Government and University Science of Malaysia (USM) in establishing the ASEAN Space Economy by forming the ASEAN-LINK satellite constellation.

(Video: http://www.angkasax-innovation.com/uploads/3.mp4 )

Angkasa-X also signed a Memorandum of Agreement (MOA) with USM in the Space Technology and Satellite Engineering Talent Development Programme.

Greenpro owns 28 million shares of Angkasa-X and is planning to list the company via an IPO on a U.S. exchange by the end of 2021.

Greenpro intends to allocate and sell a portion of the 7,700 Sputnik NFTs (acquired on April 22nd) to back the Angkasa-X. https://mstokensto.medium.com/millennium-sapphire-nft-series-the-sputnik-satellite-a1c62fa49826

Greenpro CEO Dr.CK Lee said: "we are delighted to participate in establishing the ASEAN Space Economy with our revolutionary fintech model in selling NFTs and building up a technological-social inclusion unicorn company with its vision that is aligned with the United Nation's Sustainable Development Goals (SDGs)."

The Sputnik NFTs have a value of 1 ETH each. The recent price of ETH was $2,479 resulting in a current "mark to market" profit of $379 per NFT on this investment.

About Angkasa-X

Angkasa-X is a Technological-social Inclusion Company that strives to provide Internet Connectivity as a Necessity for the betterment of mankind. It consists of a group of companies investing in Research & Development, IP creation, components sourcing & testing, assembly & manufacturing, launching and maintaining state-of-the-art Low-Earth-Orbit (LEO) satellites. By offering an innovative Satellite-as-a-Service (SaaS) to countries in ASEAN, Angkasa-X's mission is to provide internet-connectivity to rural areas in Southeast Asia where traditional terrestrial fiber network is limited and therefore improve the standard of living and aims to eradicate poverty for Asian-people living in the rural areas. Angkasa-X plans to raise fund from the global capital markets to invest and operate ASEAN-LINK LEO Satellite Constellation. It is a unicorn that aspires to be the number one go-to company for LEO satellite-based Internet services in ASEAN region.

(website: http://www.angkasax-innovation.com/index.html)

About Greenpro Capital Corp.

Headquartered in Kuala Lumpur, Malaysia, Greenpro Capital Corp. (NASDAQ:GRNQ) (a Nevada corporation) with strategic offices across Asia, is a business incubator with a diversified business portfolio comprising finance, technology, banking, CryptoSX, a licensed crypto exchange for Securitized Token Offerings "STO's", health and wellness and fine art. With 30 years of experience in various industries, Greenpro has been assisting and supporting businesses and High-Net-Worth-Individuals to capitalize and securitize their value on a global scale through the provision of cross-border business solutions, spinoffs on major stock exchanges and accounting outsourcing services to small and medium-size businesses located in Asia. The comprehensive range of cross-border business services include, but are not limited to, trust and wealth management, listing advisory services, transaction services, cross-border business solutions, record management services, accounting outsourcing services and tax advisory services. We also operate venture capital businesses, including business development for start-ups and high growth companies, covering finance, technology, FinTech, and health and wellness. For further information regarding the company, please visit http://www.greenprocapital.com.

Forward-Looking Statements This press release contains forward-looking statements, particularly as related to, among other things, the business plans of the company, statements relating to goals, plans and projections regarding the company's financial position and business strategy. The words or phrases "plans," "would be," "will allow," "intends to," "may result," "are expected to," "will continue," "anticipates," "expects," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "think," "considers" or similar expressions are intended to identify "forward-looking statements." These forward-looking statements fall within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of local, regional, and global economic conditions, the performance of management and our employees, our ability to obtain financing, competition, general economic conditions and other factors that are detailed in our periodic reports and on documents we file from time to time with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date, and the company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.

Gilbert Loke, CFO, director
Greenpro Capital Corp
Email: ir.hk@greenprocapital.com
Phone: +852-3111 7718

Contact Dennis Burns. Investor Relations.
Tel (567) 237-4132
dburns@nvestrain.com

SOURCE: Greenpro Capital Corp

View source version on accesswire.com:
https://www.accesswire.com/642167/GreenPro-Incubates-Angkasa-X-LEO-Satellite-Company-In-Establishing-ASEAN-Space-Economy

FAQ

What is the recent announcement by Greenpro Capital Corp. regarding Angkasa-X?

Greenpro Capital Corp. announced its incubation of Angkasa-X for a Low Earth Orbit (LEO) satellite communication project, signed MOU with Malaysian government and USM, and plans for an IPO in 2021.

How many shares does Greenpro own in Angkasa-X?

Greenpro Capital Corp. owns 28 million shares of Angkasa-X.

What are the plans for Angkasa-X's IPO?

Angkasa-X is planning to list on a U.S. exchange by the end of 2021.

What is the value of the Sputnik NFTs held by Greenpro?

The Sputnik NFTs, acquired by Greenpro, are valued at 1 ETH each, with a current mark to market profit of approximately $379 per NFT.

What partnerships were established as part of the Angkasa-X project?

A Memorandum of Understanding was signed with the Malaysia Penang State Government and USM to establish the ASEAN Space Economy through satellite initiatives.