Asia Broadband Inc. (OTC:AABB) Stock Continues to Trend Lower: Here is Why
As the trading week continues, investors are still on the lookout for new stocks, which they could track for the rest of the week. There are a number of options for investors to look into this morning, and one of those could well be Asia Broadband Inc. (OTC:AABB). The company was in the news cycle on Wednesday after it announced that it had managed to complete its due diligence formalities pertaining to a potential acquisition.
The company noted that processes related to further evaluation of the scope and valuation of a possible new gold and silver property acquisition Asia Broadband noted that the property had high potential. Asia Broadband announced yesterday that some weeks ago it had signed a letter of intent for the acquisition of the property situated in the prolific mining zone located at Hostotipaquillo in Jalisco, Mexico. The company noted yesterday that the high-grade property spanned an area of 4081 hectares and was named Picachos IV.
It is situated in an area that is developing fast and is also close to the Los Ricos South property, which belongs to GoGold Resources. Asia Broadband is currently in the middle of a strategic expansion to boost its holdings of physical gold, and the acquisition of the project could be a major part of it. In the news release yesterday, the company announced that it would continue to work on due diligence as well as the negotiations with regards to the acquisition of the property.
Asia Broadband noted that in the future it was expecting to report higher-grade assay results from the early stage of due diligence at the property. The management of the company expressed its excitement about the prospects of the project due to its potential for fast development, low costs of operation, and high production potential. The Chief Executive Officer and President of Asia Broadband, Chris Torres, noted that the acquisition target had continued to reveal higher qualities over the course of the evaluations from the company. He went on to note that the management was getting increasingly confident about the prospects of the property.
On October 4, the company was in focus after it made an announcement with regards to its AABBG token. The company asked all the AABBG token holders to immediately convert to the Algorand blockchain so as to get the added benefits. The company announced that the token will continue to have its unique feature of being a mine-to-token cryptocurrency backed by gold. However, there would be a number of extra benefits. At the time, Asia Broadband revealed that the migration process had been ongoing.
The company also revealed that it had converted many of the token holders to the blockchain already. The migration to the Algorand blockchain would provide users with better transaction efficiency, higher transparency, and lower transaction costs. The company’s decision to move to the Algorand blockchain was made owing to its commitment to providing token holders with a better experience.
