Greenpro's Angkasa-X Signs MOU to Develop the World's First GEO-LEO Integrated Satellite Network and Services Platform
Greenpro Capital Corp. (NASDAQ:GRNQ) announced its incubator company, Angkasa-X, has signed a Memorandum of Understanding with Silkwave Holdings Limited to create the world's first GEO-LEO integrated satellite network. This partnership aims to enhance internet connectivity, multimedia services, and digital transformation in the ASEAN region. A Space Technology Ecosystem will be established in Penang, Malaysia, supported by Bank of Asia as the global financial advisor. Greenpro holds 28 million shares in Angkasa-X and plans an IPO for the company by the end of 2021.
- Establishment of a joint venture with Silkwave to create a unique satellite network.
- Plans to enhance satellite service market in the ASEAN region.
- Potential to raise capital through Bank of Asia for Angkasa-X and Silkwave.
- Dependence on future capital raising for successful initiatives.
- Potential risks associated with the ambitious satellite network project.
KUALA LUMPUR, MALAYSIA / ACCESSWIRE / August 20, 2021 / Greenpro Capital Corp. (NASDAQ:GRNQ) today announced that its incubator company, Angkasa-X has signed a Memorandum of Understanding (MOU) with Silkwave Holdings Limited ("Silkwave") in forming a joint-venture strategic partnership ("Partnership") to develop and operate the world's first GEO-LEO integrated satellite network and services platform to provide innovative integrated satellite-services to address the ASEAN region's varying needs in Internet connectivity, multimedia infotainment, vehicle-connected services, precision tracking and navigation, environmental monitoring and surveillance, and accelerating digital transformation to grow the digital economy for all communities in the ASEAN region.
The Partnership is set to establish a Space Technology Ecosystem in Penang, Malaysia and to nurture the state into a supply chain and distribution hub for global satellite technologies for the ASEAN market. Both parties aim to set up an ASEAN-Greater Bay Area Space-Satellite Industry Alliance to accelerate technology and investment transfer to develop the ASEAN region as one of the world's largest satellite markets.
On the funding part, the Bank of Asia (BOA) has been appointed as the global financial advisor for fund raising for Angkasa-X and Silkwave developments.
Greenpro owns 28 million shares in Angkasa-X and is planning to list the company via an IPO on a U.S. exchange by the end of 2021.
Greenpro CEO, Dr. Lee said, "The Partnership is the first between a GEO and a LEO platform, which will bring about unprecedented synergies such as universal connectivity along with abundant low-cost and innovative infotainment and broadband data services to mass-market consumers throughout the ASEAN region. This will usher in a new era of digital transformation in this growth market and leapfrog it into one of the most advanced satellite service markets in the world."
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 A-SEANLINK LEO Satellites Constellation. Angkasa-X plans to raise funds from the global capital market to invest and operate A-SEANLINK 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 Silkwave
Silkwave, a member of Silkwave Holdings and its affiliate CMMB Vision Holdings Limited, is the world's first dedicated mobile multimedia infotainment and application provider that combines mobile satellite broadcasting with terrestrial cellular connectivity via Converged™ technology to deliver high-quality, low-cost, live, and on-demand multimedia and data services. It has a Geosynchronous Earth Orbit (GEO) satellite platform over Asia and developed end-to-end ecosystem support. CMMB Vision Holdings Limited is a Hong Kong main board listed company and a digital multimedia and satellite service and application provider holding
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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