READEN HOLDING CORPORATION (OTC PINK: RHCO) ANNOUNCES CANCELLATION OF ACQUISITION OF EXCELLENTASTE INTERNATIONAL GROUP IN HONG KONG
Readen Holding Corporation (OTC PINK: RHCO), a Venture Capital Corporation focused on the Fintech, Online Payment, and E-commerce sectors, today announced the cancellation of its previously planned acquisition of a 9% stake in Excellentaste International Group Limited in Hong Kong (hereinafter “Excellentaste International, Chinese brand known as 良糧國際).
The acquisition plan was initially announced in February 2024. However, after comprehensive due diligence, RHCO has decided to withdraw from the acquisition. Despite the initial excitement and strategic alignment identified, the due diligence process revealed several factors that led to this decision. RHCO prioritizes transparency and rigorous evaluation in all its investments to ensure long-term value creation for its shareholders.
Ridzky Berg, CEO of RHCO stated, “While we were enthusiastic about the potential synergies between our online retail subsidiaries Neckermann Direct, Two Percent, and Excellentaste International, our thorough due diligence process is critical to safeguard our shareholders' interests. It is essential that we remain prudent and selective with our investments. We are confident that this decision aligns with our commitment to maintaining the highest standards of financial integrity and operational excellence.”
RHCO continues to seek strategic opportunities that align with its growth objectives and business model. The company remains dedicated to expanding its footprint in the Fintech, Online Payment, and E-commerce sectors and leveraging innovative solutions to enhance its market presence.
Readen Holding Corp. (www.readenholdingcorp.com) is a publicly traded Venture Capital Corporation, with major holdings in the Fintech Industry and has been increasing its investment in E-commerce and E-payment sectors, such as;
OkePay: www.okepay.biz
OkePay VPOS: www.okepay.biz/vpos
Oke Partners / OkeApp: www.okepartners.com
Oke Travel Club: www.oketravelclub.com
OkToken: oktoken.biz
Readies: www.readies.biz
Neckermann Direct: www.neckermanndirect.eu
Two Percent: www.twopercent.hk
RHCO is a diversified holding company, with an operating history of over 30 years, which seeks opportunities to acquire and grow businesses that can generate long-term sustainable free cash flow and attractive returns, in order to maximize value for all shareholders. RHCO has subsidiaries and liaison offices in Europe and Asia.
For further information please contact RHCO at info@readenholdingcorp.com
or +852 3950 5911
The RHCO corporate email address is info@readenholdingcorp.com
The RHCO corporate website can be accessed at www.readenholdingcorp.com
The RHCO Twitter account can be accessed at https://twitter.com/readenrhco
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Readen Holding Corp. to accomplish its stated plan of business. Readen Holding Corp. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward- looking statements included herein, the inclusion of such information should not be regarded as a representation by Readen Holding Corp. or any other person.
Contact
Readen Holding Corp.
info@readenholdingcorp.com
+852 3950 5911
Readen Holding Corp., RHCO announcement