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Advantego Completes Acquisition of North American Distribution Rights with Aska Electronics Co., Ltd.
Advantego Completes Acquisition of North American Distribution Rights with Aska Electronics Co., Ltd..
About this update from Innerscope Hearing Technologies, Inc.
[{"type":"text","content":"\nDENVER, CO, June 03, 2019 (GLOBE NEWSWIRE) -- Advantego Corporation (OTCQB: ADGO) today announced the acquisition of the North American distribution rights for wireless audio and innovative electro-acoustic products from Aska Electronics Co., Ltd. of China.\n \"This acquisition has been in the works for several months and culminates the hard work management has put forth that should have a significant impact on revenues moving forward,” according to Advantego CEO Robert W. (Rob) Ferguson. “Combining Aska’s continuing annual sales increases with our ability to now expand the footprint presents an exciting time ahead for both of our firms,” he said. Aska is a leading manufacturer of wireless audio and innovative electro-acoustic products that include proprietary noise cancellation technology and Bluetooth capability for headphones, earphones, waterproof sport earbuds, speakers and IoT devices. The firm provides its products and services as an OEM (Original Equipment Manufacturer), an ODM (Original Design Manufacturer) and a JDM (Joint Design Manufacturer) for customers worldwide. Advantego will provide additional North American product branding, sales and distribution services for Aksa's existing and new product introductions. Aska will continue to service their existing customers and will provide research and development, product design and manufacturing services, along with private labeled products to Advantego and its customers. Aska's 2018 North American revenues were $13,900,322 US (unaudited). In exchange for the distribution rights – as previously announced – Aska will receive 700,000 shares of Advantego's preferred shares at $2 per share. The preferred shares are convertible into shares of Advantego's common stock, under certain pricing and timing conditions.  Ferguson also pointed out: “The ability to add new cutting-edge technology within the broad range of ASKA’s already unique capabilities presents both a great opportunity and challenge for Advantego. To address both, we have expanded several relationships recently in anticipation of this to maximize the opportunities we now see in front of us and are looking to seeing the results of our new joint efforts beginning in the third quarter and throughout the rest of the year.” ABOUT ASKA ELECTRONICS CO., LTD...