HONG KONG, Aug. 09, 2018 (GLOBE NEWSWIRE) -- AB International Group Corp., (OTCQB: ABQQ) and iCrowdU Inc. today announced an investment agreement has been executed, by which AB International Group Corp. has acquired an additional 40% stake in iCrowdU Inc., in exchange for 8,000,000 shares of the Company’s Common Stock. This agreement builds on the previous investment of USD 280,000 and 2,000,000 shares of the Company’s Common stock in exchange for 11.1401% of iCrowdU Inc., bringing AB International Group Corp.’s holdings in iCrowdU Inc. to a 51.1401% majority position.
In addition to the total 10,000,000 share exchange, over the following 18 months, a total of USD 10,000,000 will be invested by AB International Group Corp. into iCrowdU Inc. supporting further growth and global expansion.
“This is an exciting and significant growth period for AB International Group Corp. Attracting a company with the international potential of iCrowdU Inc. is testament to the hard work and dedication of AB International Group Corp’s, Management Team,” stated Chiyuan Deng, President and Chairman of the Board of AB International Group Corp.
“We at iCrowdU are very excited for this great opportunity. With the USD 10,000,000 investment by AB International Group Corp., iCrowdU will grow its marketing and IT development team internationally and move forward with the development of its unique blockchain,” stated Alexander Holtermann, CEO and Founder of iCrowdU Inc., and newly appointed CEO and Director of AB International Group Corp.
AB International Group Corp. is a US based technology and IP investment firm. To date, AB International Group Corp. has grown its portfolio of assets, including smartphone video mixed patent in China, a majority stake in iCrowdU Inc., a global startup, strategic partnership with Aura Blocks, an Asian based blockchain technology team, all IP and assets of KryptoKiosk in Australia, as well as the purchase and deployment of crypto currency ATMs in Hong Kong.
iCrowdU Inc.is a 2.5 year-old, US based CrowdFunding and e-commerce startup with its own blockchain technology and cryptocurrency, the CrowdToken. iCrowdU Inc. has three wholly-owned subsidiaries in the European Union, Hong Kong and The People’s Republic of China. iCrowdU Inc. and the CrowdToken have more than 21,000 registered users in 150 countries. Being positioned globally, iCrowdU Inc. will allow companies of all sizes to be active in international markets and gain funding via the crowd.
Cautionary note regarding forward-looking statements:
The statements contained herein may include prospects, statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements.