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 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;
In addition, RHCO is a Hong Kong-based publicly traded investment company, with an operating history now spanning nearly 70 years. Its focus is to seek opportunities to acquire and grow businesses to generate sustainable cash flow and attractive returns over the long term, creating value for its shareholders. Readen Holding Corporation 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.
+852 3950 5911