TORONTO, ON, Sept. 07, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE - Agora Holdings Inc. (OTC PINK: AGHI) (the “Company”) today announced that effective August 31, 2018, as disclosed in a Current Report on Form 8-K filed with the Securities and Exchange Commission on September 5, 2018, an addendum to a Share Exchange Agreement originally signed April 17, 2018 has been signed between the Company and the controlling shareholders of eSilkroad Network Limited.
Under the terms of the originally executed Share Exchange Agreement (the “Agreement”), the Company would acquire all of the outstanding shares of eSilkroad Network Limited, a Hong Kong corporation ("eSilkroad"), which controls ninety-five percent (95%) of eSilkroad of Ukraine (“eSilkroad Ukraine”), a limited liability company registered in the Ukraine (eSilkroad Ukraine). The focus of both eSilkroad and eSilkroad Ukraine is a conceptual B2B platform that intends to make the interaction between businesses and non-profit organizations throughout the world faster, more effective, and less costly.
On August 31, 2018, the shareholders of eSilkroad and the Company entered into an addendum to the Agreement so that the ownership percentage of eSilkroad acquired by the Company would be decreased from 100% to 51%. The revisions to the Agreement are the result of various management meetings with potential investment partners in Asia and Eastern Europe. The Company and the shareholders of eSilkroad, have proposed to raise financing of up to US$20 million over the next thirty-six months to fund the various stages of development required to commercialize and launch the B2B platform through private sales of equity to qualified investors directly in eSilkroad. Organizations currently working with eSilkroad supporting the development efforts of the B2B platform have indicated diverse ownership of eSilkroad, including investment from various investors and investment groups in Asia and Eastern Europe, is an optimal structure to secure participation by various target countries for the platform.
Ruben Yakubov, the Company’s president stated, “We remain extremely excited to work with eSilkroad management and shareholders on this groundbreaking project. We understand the importance of local involvement from Chinese and Eastern European countries to the initial launch of the eSilkroad platform, as the formative concept of the site and its launch stems from the historic trade and commerce relationships between these countries. Our goal is to facilitate fundraising efforts and continuing development of the platform while bringing value for our shareholder base. With the completion of this addendum we can now move quickly to focus all our attention on the implementation of the launch timeline and surrounding business plan.”
About Agora Holdings Inc.
Agora Holdings Inc., together with its subsidiary Geegle Media and affiliates, is presently an entertainment and media enterprise. Agora Holdings Inc. brings together media and technology, driving innovation to enhance online entertainment in five business segments: media networks, TV, studio entertainment, consumer products and interactive media. Agora is seeking to expand its portfolio to include dynamic and interactive web-based networking platforms for global implementation.
About Esilkroad Network Limited and subsidiaries
Esilkroad Network Limited and its subsidiary, eSilkroad of Ukraine, is a conceptual B2B platform that intends to make the interaction between businesses and non-profit organizations throughout the world faster, more effective, and less costly. eSilknet, the web-based platform under development by eSilkroad Network Limited will allow users to search for and communicate with business partners, search for and post proposals for investment and opportunity in developing projects globally, place advertisements for products and services, communicate securely on trade and project development and attract professional services for specific project-based needs. The concept of eSilknet is in line with the original concept of the “silkroad”, facilitating trade and commerce between countries, only a global scale. eSilkroad Network is currently negotiating the acquisition of complementary platform, “eSilktrade” which has been under development privately in Shanghai for several years. eSilkroad Network believes the combined expertise of its Ukraine based eSilkroad development team and the existing team at eSilktrade can integrate the live trade platform into its B2B site further enhancing value for its users. http://www.esilknet.com
Disclaimer -- Forward-Looking Statements
This press release contains "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, as amended and such forward looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that could cause future results to differ materially from the forward-looking statements. You should consider these factors in evaluating the statements herein, and not rely on such statements. Forward-looking statements in this release are made as of the date hereof and Agora Holdings Inc. undertakes no obligation to update such statements.