Business
Vemanti Group Announces Quarterly Corporate Updates and Developments
Vemanti Group Announces Quarterly Corporate Updates and Developments.
About this update from Vemanti Group Inc.
[{"type":"text","content":"\n IRVINE, Calif., Oct. 13, 2020 (GLOBE NEWSWIRE) -- Vemanti Group, Inc. (OTC PINK:VMNT) a multi-asset technology-driven company, today provided its quarterly corporate updates and developments. The Company’s Q3 financial report will be issued in the near future. “Even in the midst of the lingering pandemic, we’re pleased with where we are as an organization collectively,” said Mr. Tan Tran, CEO of Vemanti Group. “We are seeing the success of our activities. As the trend towards full recovery slowly taking shape, we anticipate that our subsidiaries will continue to show financial gains. While we work our way to the next normal, we remain resolve and resilient with our business objectives. The strategic areas for us to focus on are growing our current assets, becoming a fully-reporting SEC issuer, and expanding our portfolio with alternative and digital assets,” he added. Recent Operational & Business Development Highlights The Company’s financials remain free of debt and long-term liabilities. There have been no changes in its total number of issued and outstanding shares in all stock classes since the last quarter. The Company continues to be actively and deeply involved in the growth of its key portfolio company, Fvndit, Inc. (“Fvndit”) and its wholly-owned subsidiary, eLoan, JSC (\"eLoan”). The Company was instrumental in their recently announced funding from 2 US-based institutional partners. With the new financing facility in place, eLoan is well positioned to reach at least $50M USD in total loan disbursement by end of FY 2021. At the same time, the Company is exploring options to increase its stake in Fvndit and to expand to other markets such as Thailand and Malaysia.  Since the beginning of FY 2020, the Company has been working on an equity exchange deal with an established West African gold refinery. Its target is to have at least 20% equity to start and with options for more. Talks are progressing around key terms and conditions and towards the signing of a Letter of Intent. The principals of the refinery are seeking regulatory pre-approval, and all indications have been positive. Barring any unforeseen circumstances, the Company is aiming to complete the equity exchange by end of the year. There have been also dialogues with the key p...