- Asia Broadband recently released Q1 2021 results featuring a strong balance sheet as indicated by over $100 million in total assets, an increase of 283% from a similar period last year
- The results signal AABB’s highly liquid position to fully fund and rapidly grow its gold mining and cryptocurrency operations
- AABB intends to acquire high-yield gold mining assets to increase its physical gold holdings
- AABB recently hired a marketing firm to design an international marketing campaign to be rolled out in May
Asia Broadband (OTC: AABB), a company that utilizes its specific geographic expertise, experience, and extensive industry contacts to facilitate its innovative distribution process from the production and supply of base and precious metals in Mexico to its client sales networks in Asia, recently published its Q1 2021 results, featuring positives, including a highly liquid financial position, that set a strong foundation for growth in 2021 (https://ibn.fm/1nVtj).
As part of the published Q1 2021 results for the three months ending March 31, 2021, AABB’s balance sheet featured $106.4 million in total assets, compared to $27.8 million reported for Q1 2020 and a total of $48.7 million reported for the FY 2020, marking a 283% and a 119% increase, respectively. According to AABB’s disclosure (https://ibn.fm/N7lLb), the company had $72.0 million in cash, $30.0 million in physical gold holdings, and $2.2 million in mining properties, licenses, and concessions.
Other notable assets included the value of property, plant, and equipment ($867,302), as well as earnings from the sale of AABB Gold token (“AABBG”), its digital currency backed 100% by the physical gold holdings indicated in the balance sheet.
The figures provide the necessary encouragement and funding for the company to advance its gold mining and cryptocurrency operations and plans.
On the gold mining front, AABB began assessing and negotiating gold mining projects during the first quarter of the year with the aim of acquiring high-yield mining and production facilities.
It is currently eying two such properties in the prolific gold mining regions of Mascota and Acaponeta in Mexico (https://ibn.fm/ovwBM) and intends to accelerate the acquisition after completing drill testing, assays, and other due diligence processes. The properties, which have multiple mining sites, existing infrastructure, and production facilities capable of processing 250 tons of gold per day between them, will bring the company closer to fulfilling its strategic growth initiative to increase its physical gold holdings.
The increase in physical gold holdings should strengthen Asia Broadband’s cryptocurrency operations as the company launched AABBG and AABB Wallet – both developed in collaboration with Core State Holdings Corp. (“CSHC”) – back in March. So far, Asia Broadband has accumulated $1.5 million from the sale of AABBG and has hired a marketing company to design an international marketing campaign.
Geared towards increasing brand exposure, token sales, and AABB Wallet transactions, as well as boosting the public’s and investment community’s awareness of the company, the campaign will kick off towards the end of May and is expected to gather momentum over the subsequent three months.
Moreover, CSHC is developing AABB’s proprietary exchange that, once completed and launched in the coming months, will allow AABB Wallet users to exchange their AABBG tokens for other cryptocurrencies such as Ethereum, Bitcoin, and Litecoin. In addition to facilitating such trades, the exchange will add significantly to the transaction fee revenues AABB already generates from its AABB Wallet and allow market forces to dictate the price of the AABBG above the minimum supported price for each token, which is equivalent to the real-time value, in dollars, of 0.1 gram of gold.
As a company that is on course to fulfill its strategic goal and initiative, Asia Broadband appears poised to experience tremendous growth and performance through the remainder of 2021, guided by the successes captured in its Q1 2021 results.
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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