Greenpro to Incubate World Championship Air Race

Rhea-AI Summary

Greenpro Capital Corp. (Nasdaq: GRNQ) announced its advisory role to Odenza Corp. in pursuing an uplisting to a senior stock exchange by Q1 2022. This follows Odenza's intent to acquire Aventure Air Race Limited, operator of the World Championship Air Race (WCAR). Greenpro aims to raise $30 million for operational and capital expenses related to the WCAR, which is set to include initiatives in clean aviation technology. The WCAR initiative plans to enhance environmental sustainability while offering a platform for innovation in the aviation industry.

Positive

• Greenpro to assist Odenza in uplisting to a senior stock exchange by Q1 2022.
• Agreement with Odenza aims to raise $30 million for capital and operational expenses.
• WCAR is focused on clean technology and urban air mobility.
• Successful history of the WCAR series indicating strong potential for future viewership and sponsorship.

Negative

• Dependency on Odenza's acquisition of Aventure Air Race Limited.
• Potential risks in achieving the $30 million fundraising goal amidst uncertain market conditions.
• Challenges associated with the transition from OTC to a senior exchange could delay results.

KUALA LUMPUR, MALAYSIA / ACCESSWIRE / June 28, 2021 / Greenpro Capital Corp. (Nasdaq:GRNQ) today announced that it has reached an agreement with Odenza Corp. (OTC Pink:ODZA) to advise and assist the latter in uplisting to a senior stock exchange by the first quarter of 2022. Odenza Corp. had filed its Current Report on Form 8-K on June 21, 2021 to announce that it had signed a Letter of Intent to acquire Aventure Air Race Limited, a company incorporated in Nevada, that operates the World Championship Air Race ("WCAR"). Greenpro plans to strategize with Odenza Corp. after its acquisition Aventure Air Race Limited, rename Odenza Corp to World Championship Air Race Limited, prepare it for uplisting onto a senior stock exchange, and help raise US$30 million to fund its capital expenditure, operation expenditure and its preparation for the upcoming 2021/2022 World Championship Air Race events in Australia, Saudi Arabia, Eygpt, India, Indonesia, China, South Africa, United Kingdom and France.

WCAR is not simply the fastest motorsport on the planet, but now the ultimate showcase for Green Aviation and the future of urban air mobility, aviation and clean technology. WCAR, as a global sporting series, will be at the cutting edge as the industry and aviation technology transform over the coming years. Micheal Leung, CEO of ODZA stated, "As Race Series Organiser, we will be driving the series to champion, promote and provide brands and companies with a R&D platform to develop future tech and innovation. The WCAR exclusive 15-year agreement with the global aviation governing body, Fédération Aéronautique Internationale ("FAI") covers all forms of piloted aircraft. The inclusion and creation of both an eVTOL ("Electric Vertical Take Off and Landing")series and a manufacturer series ("OEM") into WCAR is a top priority for us and the team. "

The WCAR is the new and improved continuation of the Red Bull Air Race Series, which boasted global broadcast in 187 countries and 2.37 billion media contacts in its final season. The series has already proven to be a success in securing fans, viewers and large spectator numbers and the new management plan to scale the series, increase revenues through broadcast, secure global and local sponsors as well as new host cities.

Alongside safety, environmental sustainability is a strategic driver at the heart of shaping WCAR organizational values and behaviour. WCAR will follow a three-step strategy to achieve a net zero carbon footprint: effective measurement of carbon output, prioritising reduction of the footprint and offsetting remaining unavoidable emissions. WCAR is a signatory of the Sports for Global Climate Action Declaration as set out by the UN Framework Convention on Climate Change ("UNFCCC").

GRNQ is honored and thrilled to act as advisor to Odenza Corp., Chairman and Director of GRNQ, Mr. Gilbert Loke said, "We are very excited and honored to be part of the World Championship Air Race and as its strategic partner, GRNQ will bring another level of world class branding within this partnership. We are looking forward to working with Michael Leung, Chris Brazendale, Alex Brazendale, Willie Cruickshank, Alan Miller and the team from WCAR for a successful season and to help list the company on a mainboard stock exchange in the future."

About Adventure Air Race Co., Limited

Aventure Air Race Limited, a company incorporated in Nevada, and has entered into a contract with the FAI to secure rights to the WCAR for 15 years plus extensions to include exclusivity on all piloted aircraft. WCAR will actively push the inclusion of eVTOL (Electric Vertical Take Off and Landing) aircraft into the sport.

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 recent agreement between Greenpro Capital Corp. and Odenza Corp.?

Greenpro Capital Corp. has entered into an advisory agreement with Odenza Corp. to assist in uplisting to a senior stock exchange by the first quarter of 2022.

What is the World Championship Air Race (WCAR) initiative?

The WCAR initiative is a motorsport series focused on promoting clean aviation technology and urban air mobility, building on the previous Red Bull Air Race series.

How much funding is Greenpro Capital Corp. planning to raise for Odenza Corp.?

Greenpro plans to raise $30 million to support Odenza Corp.'s operational and capital expenditures related to the World Championship Air Race.

What is the significance of the WCAR for the aviation industry?

The WCAR aims to showcase advancements in clean aviation technologies and provide a platform for innovation and R&D in the aviation sector.

What are the expected outcomes of Greenpro's partnership with Odenza?

The partnership aims to facilitate Odenza's uplisting and enhance the visibility and branding of the WCAR through strategic developments.