NEW YORK, 02.12.2020 (GLOBE NEWSWIRE) — AB International Group Corp. (OTCQB: ABQQ), an intellectual property investment (IP) and film investment and licensing company, announced today that it has entered into a termination and release agreement with Delaware Limited Liability Company Armada LLC (« Armada ») on November 23, 2020. In accordance with the agreement, the parties agreed to terminate the option voucher issued in favour of Armada for the purchase of 4,200 shares of our common stock for a payment of $20,000. The parties also entered into a mutual release of rights. On November 30, 2020, it entered into a termination and release agreement with Crown Bridge Partners, LLC, « Crown »), a New York limited liability company. In accordance with the agreement, the parties agreed to terminate the warrants of January 8, 2020 and July 23, 2020, issued in favour of Crown, in order to acquire a total of 9,720 shares of our common shares for a payment of $75,000. The parties also entered into a mutual release of rights. On December 1, 2020, in accordance with the agreements, the Company made cash payments of $95,000 for the remission and cancellation of warrants previously issued by the Company in connection with convertible bonds, i.e. any warrants for non-exercised shares. As a result, the company has decided to abandon the company`s stock to increase the company`s authorized base stock and will not increase its approved common stock on that date. « We are pleased to implement the termination and release agreements, as we continue to optimize the company`s capital structure for our shareholders, we will no longer have cashless stock warrants that water our shares, » said Chiyuan Deng, Chief Executive Officer.
The online service is marketed and marketed worldwide under the brand name ABQQ.tv. ABQQ.tv is expected to generate a new source of profitable revenue as soon as it enters the market, derived from the hybrid subscription and advertising model. For more information, please see www.abqqs.com Forward Statements The press release contains « forward-looking statements » that will be made in accordance with the provisions of the Private Securities Litigation Act of 1995, including statements about changes in the company`s management team and the transformation, financial and operational performance of the company , including the acceleration of revenue and margins, and the company`s overall strategy. Since forward-looking statements involve inherent risks and uncertainties, actual future results may differ materially from those expressed or implied in such forward-looking statements. These risks and uncertainties include, among other things, the possibility of commercial disruptions, competitive uncertainties and general trading conditions in AB International Groups` markets, as well as other risks mentioned in corporate filings with the Securities and Exchange Commission.