Business
LETTER TO SHAREHOLDERS FROM CEO OF READEN HOLDING CORPORATION (OTC PINK: RHCO)
LETTER TO SHAREHOLDERS FROM CEO OF READEN HOLDING CORPORATION (OTC PINK: RHCO).
About this update from Readen Holding Corp.
[{"type":"text","content":"LETTER TO SHAREHOLDERS FROM CEO OF READEN HOLDING CORPORATION (OTC PINK: RHCO)Greetings shareholders,Welcoming in this New Year, I wish you all good health and happiness. And we are thankful for all the support you gave us in 2022.Reflecting on the past year, I am tremendously proud of our team and of how we continued to develop further in Fintech, Online Payment, and E-commerce. We are optimistic for the year ahead and confident in our ability to achieve the goals we have set.Past year has been a hectic year for RHCO, but it was also a great year of building and developing. We have created several platforms with successful activities, all have brought us fruitful results and promising future. Although we encountered some setbacks in the process, everything is back on the right track now.We started the year with an impressive January that saw a 700% revenue gain comparing to December 2021. It was due to the launch of our Oke Partners discount referral platform (www.okepartners.com), and Readies e-voucher (www.readies.biz) operated by our 100% owned subsidiary Ares Technology. Unfortunately, after a flying start in the first quarter, Readies’ business had to be put on hold for five months due to a charge back dispute with Stripe, at that time a partner of our online payment business. This collaboration has been cancelled. Yet even with this issue, we managed to increase our revenue without Readies’ running. Give credits to RHCO’s other business activities.Another setback and the reason of the delay of our up-listing process, has been the cancellation of the acquisition of Quentin S.A., the company which owned 64 acres of prime real estate alongside the Rhone River in France. RHCO has sent the agreed purchase price of 16 million shares of RHCO common stock to a notary. Yet after 18 months the seller still failed to deliver the shares of Quentin S.A. as agreed in the agreement, thus RHCO has to take legal action. And because of this, our up-listing process needs to wait until this legal dispute is resolved, which we estimate in the next 60 to 90 days.In addition, we had to cancel the acquisition of Fullness Grace International Limited and Raikoku Company Limited. After final due diligences, we realized there were complications in the companies’ agreements with other organizations, so we decided to stop.On the bright side, in 2022 w...