Business
Vemanti Group Signs Letter of Intent to Acquire Two Group of Vietnam
Vemanti Group Signs Letter of Intent to Acquire Two Group of Vietnam.
About this update from Vemanti Group Inc.
[{"type":"text","content":"\n\n NEWPORT BEACH, Calif., Oct. 10, 2017 (GLOBE NEWSWIRE) -- Vemanti Group, Inc. (OTC PINK:VMNT), a diversified holding corporation, today announces that it has entered into a Letter of Intent (LOI) to acquire 100% of assets from Two Group, JSC (“TGJ”), an internet technology conglomerate based in HCMC, Vietnam, to move towards closing the Company’s first strategic investments into Vietnam.\n Vietnam continues to be one of Asia’s most compelling investment stories. With 93 million people – average age of 28 and at 94% literacy rate, higher than global rate – this young and dynamic country is the world’s 15th most populous. Vietnam benefits from excellent demographics, an entrepreneurial culture, abundant resources, a largely coastal population living on its long seaboard, and a strategic location bordering China in the north. Consistently growing by more than 6% annually, Vietnam is rapidly transforming into an export powerhouse with a thriving domestic consumer market to match. As a place to invest, the country continues to offer extraordinary potential. “We believe this acquisition will represent a major milestone in our plans to become a significant participant in the rapidly growing Vietnam’s digital economy,” comments Tan Tran, Chairman and CEO of Vemanti. “We are impressed with Two Group’s market knowledge, tech talent, proprietary technologies and are eager at the prospect of expanding our presence into such a potentially high-growth market. The principle behind this acquisition is to create value of for our shareholders, and parts of what we are really excited about are their plans of a new e-commerce ecosystem utilizing brick-to-click marketing strategy and cryptocurrency. Vietnam’s increasing internet connectivity means larger local market opportunity for digital businesses. And with Vietnam preparing to legalize bitcoin and other cryptocurrencies under a new plan approved by the prime minister, we see many positives ahead for our long-term strategy.” The LOI is conditional on agreement of closing documentation, verification of all records, confirmation of the transferability of ownership, and approval of the Board of Directors of Vemanti Group. The parties expect to sign a definitive share exchange agreement in Q1 2018, and close shor...