Readen Holding Corp. (OTC: RHCO), a Venture Capital Corporation, today announced the signing of a Letter of Intent (LOI) for acquiring a majority stake in Ecoolex. The acquisition will get the Company’s OkeApp off to a flying start, as Ecoolex will instantly bring in existing merchants and partners, which include major network platforms, online travel agencies (OTAs) and financial institutions.
As a cross-border consumer services and multi-channel provider, Ecoolex has pioneered traditional virtual card / voucher, cross-border payment, and created a cross-border consumer financial services platform with transactions of hundreds of millions of China RMB, through global financial institutions and network platforms. Ecoolex has signed multiple agreements with major players in the retail, travel and fintech industries as strategic partners, most notably Ctrip www.ctrip.com and UnionPay www.unionpayintl.com , etc., creating various discount and voucher programs for cross-border and overseas customers. These collaborations will be fully supported in OkeApp and OkePay, as both voucher and payment systems will be seamlessly integrated in a complete solution to benefit both Consumers and Merchants.
OkeApp, the revolutionary super app launched by RHCO’s wholly owned subsidiary, Oke Partners, is a totally unique solution for Consumers and Merchants. As the Consumers will gain notable discounts using the OkeApp, no direct payment fees are applied to the participating Merchants. The Merchants will reap the benefits of online and offline marketing campaigns provided by the OkeApp. In addition, the OkePartners who contribute to recruiting Consumers, will get cash rewards with any transactions made by such Consumers through the OkeApp with the participated Merchants.
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 alone, which will eventually bring 4 million payment transactions per month. With the acquisition of, and 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 of Ecoolex 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 over 51% of the 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, “This acquisition is an exciting and excellent strategic move for RHCO, as OkeApp will be instantly benefited by Ecoolex’s existing clients, merchants and partners. We are looking forward to work with Ecoolex’s management team and I believe the joint force will definitely realize OkeApp’s potential to achieve an even higher level, boosting OkeApp to worldwide markets at a higher speed.”
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.
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Readen Holding Corp.
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