NEW YORK, Dec. 02, 2020 (GLOBE NEWSWIRE) -- AB International Group Corp. (OTCQB: ABQQ), an intellectual property (IP) and movie investment and licensing firm, today announced that on November 23, 2020, it entered into a Termination and Release Agreement with Armada Capital Partners LLC (“Armada”), a Delaware limited liability company. Pursuant to the agreement, the parties agreed to terminate the warrant issued in favor of Armada to purchase 4,200 shares of our common stock for a payment of $20,000. The parties also entered into a mutual release of claims. On November 30, 2020, it entered into a Termination and Release Agreement with Crown Bridge Partners, LLC, (“Crown”), a New York limited liability company. Pursuant to the agreement, the parties agreed to terminate the warrants, dated January 8, 2020 and July 23, 2020, issued in favor of Crown to purchase an aggregate of 9,720 shares of our common stock for a payment of $75,000. The parties also entered into a mutual release of claims.
On December 1, 2020, pursuant to the agreements, the Company has payments of $95,000 cash for the surrender and cancellation of the warrants previously issued by the Company as part of convertible notes, that is all unexercised warrants. Therefore, the Company decided to abandon the corporate action to increase the Company’s authorized common stock, and will not increase its authorized common stock at this time.
"We are excited to execute the Termination and Release Agreements as we continue to optimize the Company’s capital structure for our stockholders, we will have no more such cashless warrants diluting our stock,” said Chiyuan Deng, Chief Executive Officer.
About AB International Group Corp.
AB International Group Corp. is an intellectual property (IP) and movie investment and licensing firm, focused on acquisitions and development of various intellectual property. We are engaged in the acquisition and distribution of movies. The Company has a Patent License to a video synthesis and release system for mobile communications equipment, in which the technology is the subject of a utility model patent in the People's Republic of China. The Company engages highly anticipated video streaming service, targeting global multi-billion dollar and growing video streaming industry. The online service will be marketed and distributed around the world under the brand name ABQQ.tv. ABQQ.tv is expected to generate a new and profitable revenue stream immediately following its launch derived from its hybrid subscription and advertising business model.
For additional information visit www.abqqs.com
Forward-Looking Statements
This press release contains "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements relating to changes to the Company's management team and statements relating to the Company's transformation, financial and operational performance including the acceleration of revenue and margins, and the Company's overall strategy. Because forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the possibility of business disruption, competitive uncertainties, and general economic and business conditions in AB International Groups markets as well as the other risks detailed in company filings with the Securities and Exchange Commission. AB International Group undertakes no obligation to update any statements in this press release for changes that happen after the date of this release.
Investor Relations Contact:
Jeff Deng
(212) 918-4519
corp@abqqs.com