- Precious and base metals producer Asia Broadband, Inc., reported its highest-ever annual gross profits in its recent 2020 year-end financials report
- Asia Broadband has been building its portfolio of gold mining interests along Mexico’s western coastline amid the economic ravages of the COVID pandemic
- Asia Broadband recently launched a gold-backed cryptocurrency tied to $30 million in gold currently held by the company
- The company has an existing pipeline of gold production from its initial Mexico site to high resource demand and abundant investment capital in Asia
Precious and base metals producer and gold-backed stablecoin developer Asia Broadband (OTC: AABB) has announced its 2020 year-end financial results, including news of a record annual gross profit of $16.8 million, as well as an increase in an upcoming stock dividend celebrating the company’s growth.
The news release announcing AABB’s all-time high gross profit noted that the returns are evidence the company was successful even during a year when the world’s economic climate was battered by the spread of a novel coronavirus pandemic. The Las Vegas-based company is also building on that success by shifting its focus to add a new acquisition in Mexico’s state of Colima to its existing vertically integrated mineral resource production pipeline sourcing from Mexico’s Guerrero state to a high-interest outlet in Asia (https://ibn.fm/nBaFY).
“The terms of the (Colima) property purchase were a lump-sum payment of $1.1 million for a 100% interest in the 100 hectare (247-acre) parcel with the ability to purchase additional adjacent property areas in the future. Previous geophysics and groundwork have revealed strong indications of significant mineralization in multiple sectors of the property in this prolific mineral production region of Mexico,” the company’s 2020 annual financials report states (https://ibn.fm/ivtbT).
The Colima property is a fraction of the Guerrero property’s size, but the Colima acquisition carried a price tag more than double that of the initial concessions and subsequent expansion in Guerrero, reflecting its position as a high-potential mineral property. AABB has also signed a letter of intent to buy a third historic gold mine property and off-site facilities in the neighboring state of Jalisco (https://ibn.fm/0wccF).
On March 30, the company announced its management and board approved increasing a planned stock dividend distribution by 10 percent to one dividend share for every 45 shares owned, and extending the effective date of the distribution to shareholders of record in Asia Broadband to May 3 of this year.
“AABB would like to reward its loyal shareholder base for their patience, continued support and interest in sharing the success and growth of the Company,” the announcement states (https://ibn.fm/DDVXT).
Asia Broadband is a resource company focused on the production, supply and sale of precious and base metals, primarily to Asian markets following the purchase of the Guerrero mining concession in 2015, which has been the site of small-scale surface and underground mining production since 1953.
The company has been in the process of updating its website and management infrastructure, and in late March launched its gold-backed cryptocurrency token AABBG. Recent years have seen a proverbial and literal gold rush among investors wanting to snap up cryptocurrencies as an alternative form of trade not bound to the government fiat of the world’s nations, despite the roller coaster fluctuations of the crypto market (https://ibn.fm/jX8lf).
Stablecoins such as the one launched by Asia Broadband are valued by many investors as cryptocurrencies that don’t have as much price volatility as Bitcoin and other altcoins because of the tethering to physical assets. Government fiat tethers such as the one announced in late March by Visa Inc. can produce successful stablecoins (https://ibn.fm/jUKAo), but gold persists as the most popular alternative for fiat-free trade.
Asia Broadband’s stablecoin entry is currently backed by $30 million in physical gold from its properties, with the price of each token tied to whatever the existing price of one-tenth (0.1) gram of gold may be plus a 2 percent transaction fee (https://ibn.fm/ZAKKD).
Buyers will need to hold existing cryptocurrencies to purchase AABBG and the purchase will be finalized when cryptocurrencies from third-party wallets are deposited into the AABB wallet in exchange for AABBG. AABBG tokens cannot be exchanged for other cryptocurrencies within the AABB Wallet. AABBG tokens cannot be exchanged for other cryptocurrencies within the AABB Wallet until the company launches its proprietary Exchange version of the AABB Wallet in the coming months. At this time, the AABBG token’s potential price appreciation will be determined by market demand.
For more information, visit the company’s website at www.AsiaBroadbandInc.com.
NOTE TO INVESTORS: The latest news and updates relating to AABB are available in the company’s newsroom at https://ibn.fm/AABB
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