Business
RHCO ANNOUNCES THE APPOINTMENT OF AUDITOR FOR ACQUISITION OF ECOOLEX
RHCO ANNOUNCES THE APPOINTMENT OF AUDITOR FOR ACQUISITION OF ECOOLEX.
About this update from Readen Holding Corp.
[{"type":"text","content":"Readen Holding Corp. (OTC: RHCO), a Venture Capital Corporation, today announced that the Company has appointed A.C Fortune CPA Company Limited ( ACF https://www.acfortunecpa.com/ ) as the Auditor for the acquisition of Ecoolex. As an independent certified public accountant, ACF will perform the financial due diligence regarding the acquisition, and advise RHCO comprehensively on all financial aspects of the transaction, which is expected to close in the fourth quarter of 2021.In July, RHCO signed a Letter of Intent (LOI) to acquire a majority stake in Ecoolex. As a cross-border consumer services and multi-channel provider, Ecoolex ( www.ecoolex.com ) has signed multiple contracts with major players in the retail, travel and fintech industries as strategic partners, namely Ctrip ( www.ctrip.com ) and UnionPay ( www.unionpayintl.com ) , creating various discount and voucher programs for cross-border and overseas customers. The acquisition will boost RHCO’s OkeApp off to a flying start, as Ecoolex will instantly bring in existing merchants and partners.RHCO originally forecasted to sign between 8,000 and 10,000 new Merchants on the OkeApp platform within the next twelve months in Hong Kong, which will eventually bring 4 million payment transactions per month. With the acquisition of and the joining forces with Ecoolex, OkeApp will be enhanced to welcome cross-border consumers from Mainland China and other countries, and pave the way for OkeApp to expand to other regions. The acquisition will also further optimize the utilization of OkePay, a comprehensive back-end Payment Platform operated by RHCO, which accepts standard credit and debit cards, such as Visa, MasterCard, AMEX, UnionPay, along with Alipay, WeChat Pay and other mobile wallets and e-vouchers.The LOI outlines RHCO’s offer to take 51% of Ecoolex shares, with a total investment of $5.45 million, which includes 45 million restricted shares of RHCO, along with a cash funding injection of China RMB 10 million (approximately $1.54 million) into Ecoolex.Richard Klitsie, CEO of RHCO stated, “We are working closely with ACF and Ecoolex in this financial due diligence process and it has been going smoothly so far. We are confident that ACF will complete the due diligence report very soon and it will be a positive step for the acquisition.”Readen Holding Corp. is a publicly trade...