Greenpro Incubated Company Angkasa-X Admitted as International Telecommunication Union (ITU) Member Files for LEO Satellite Launch
Greenpro Capital Corp. (NASDAQ:GRNQ) announced that its incubated company, Angkasa-X, became an ITU-R member and is filing for Low Earth Orbit (LEO) satellite launches. This move is part of Angkasa-X's plan to establish the ASEANLINK LEO Satellite Constellations, aiming to provide connectivity to 670 million in Southeast Asia. A Financial Advisory Agreement with BOA Investment Services has been executed to raise funds for this project. Greenpro owns 28 million shares of Angkasa-X and plans an IPO on a U.S. exchange soon.
- Angkasa-X admitted as ITU-R member enhances credibility.
- Initiating LEO satellite launch process presents growth opportunities.
- Financial Advisory Agreement with BOA Investment Services could facilitate funding.
- Potential IPO of Angkasa-X could increase shareholder value.
- Reliance on future funding for satellite project poses financial risks.
- Uncertainties related to satellite launch timelines may affect market expectations.
KUALA LUMPUR, MALAYSIA / ACCESSWIRE / October 25, 2021 / Greenpro Capital Corp. (NASDAQ:GRNQ) today announced that its incubated company, Angkasa-X has successfully admitted as an ITU-R member, is filing for application to launch its Low Earth Orbit (LEO) satellites. ITU is a specialised agency of the United Nations which manages space telecommunications.
(https://www.buletinmutiara.com/itu-r-membership-a-milestone-in-angkasa-xs-race-to-space/)
By initiating the process to obtain low earth orbits to launch its LEO satellites in the coming months, Angkasa-X has executed a Financial Advisory Agreement with BOA Investment Services Limited, a wholly-owned subsidiary of Bank of Asia ("BOA"), to appoint BOA as the long term financial partner to raise fund for Angkasa-X to set up ASEANLINK LEO Satellite Constellations.
Greenpro owns 28 million shares in Angkasa-X and is planning to list the company via an IPO on a U.S. exchange in the coming months.
Greenpro CEO, Dr. Lee said, "We are proud that Angkasa-X is set to become a SpaceTech Unicorn with its vision aligned with the United Nations SDGs, to provide satellite connectivity services to serve the 670 million Southeast Asia mass populations."
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, technology & components sourcing, assembly-integration-testing, 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 satellite internet-connectivity and other services to remote rural areas in the countries in ASEAN and neighbouring countries to establish ASEAN Space Economy via the formation of ASEANLINK LEO Satellites Constellation. Angkasa-X plans to raise funds from the global capital market to invest and operate ASEANLINK LEO Satellite Constellation. It aspires to be a Unicorn and the number one unique company for LEO satellite-based Internet services in ASEAN region. For more information on the company, please visit http://www.angkasax-innovation.com
About Greenpro Capital Corp.
Headquartered in Kuala Lumpur, 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 for STOs, 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.
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FAQ
What is the significance of Angkasa-X becoming an ITU-R member for GRNQ?
What are the plans for Angkasa-X's satellites and their impact on GRNQ?
What financial steps is Angkasa-X taking for its satellite project?
What is the timeline for Angkasa-X's IPO?
