Business
NSAV Announces New Revenue Model and Joint Venture for Restructuring of Centralized Cryptocurrency Incubator Exchange
NSAV Announces New Revenue Model and Joint Venture for Restructuring of Centralized Cryptocurrency Incubator Exchange.
About this update from Net Savings Link, Inc.
[{"type":"text","content":"Net Savings Link, Inc. (OTC: NSAV), a cryptocurrency, blockchain and digital asset technology company, today announced that the Company has restructured the terms of its acquisition of the AWC Centralized Cryptocurrency Incubator Exchange https://awcexchange.com/ and in the process, postponed the initial $2.5 million due from NSAV under the original terms. The Amendment cancels the $2.5 million non-convertible note, which was due to Active World Holdings, Inc. (AWH) in December 2023. The parties have agreed to amend the original terms of the acquisition and related promissory note to a $250,000 payment for the creation of a new Joint Venture (“JV”). The JV will involve the creation of a subsidiary in the jurisdiction of the European Union, in order to manage the new business activity. This approach to advancing the platform as a Joint Venture will reduce the upfront capital commitments and limit dilution to NSAV shareholders related to this transaction.Under the terms of the new agreement, NSAV and AWH have entered into a formal Joint Venture to form a new company subsidiary, which will develop the exchange into a more versatile Web3 rewards platform, with a focus on gaming, metaverse, and entertainment. Again, NSAV’s initial investment into the project will be $250,000., payable in the form of a non-convertible promissory note. In addition, NSAV will no longer be required to pay AWH a monthly fee of $50,000. to operate the exchange. AWH will license the exchange to the Joint Venture in return for 50% of the net revenues of the subsidiary's operations. NSAV will focus on marketing the exchange to its over 30,000 public shareholders, the general public, and its existing Web3 partners and projects.NSAV is in the process of creating the wholly-owned subsidiary for the operation of the JV in the best available jurisdiction for regulation, licensing, and growth. The plan calls for the subsidiary to be PCOAB audited, in order to facilitate funding and a potential future spinout for the benefit NSAV shareholders and AWH. The Joint Venture intends to complete its targeted goals within the next 12 months and grow the user base both organically and through additional acquisitions.Under the current structure, the AWC exchange can list both ERC-20 and BEP-20 tokens and is being upgraded to allow for secure storage of NFTs. The evolution to ...