AB INTL GROUP Announces the Prepayment of a Convertible Note Held by Power Up
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NEW YORK, Jan. 25, 2021 (GLOBE NEWSWIRE) -- AB International Group Corp. (OTCQB: ABQQ), an intellectual property (IP) and movie investment and licensing firm today announced On January 11, 2021, the company issued a total of 20,000 shares of our newly designated Series B Preferred Stock to the company’s CEO Chiyuan Deng for $320,000 in cash, at the stated value of $16 per share. https://www.sec.gov/Archives/edgar/data/1605331/000166357721000017/abqq8k.htm
On January 22, 2021, we prepaid a convertible promissory note dated July 24, 2020 (the “Note”) held by accredited investor. The Company made a $190,925.48 prepayment of principal and interest on the Note and, in connection with this prepayment, the Note was terminated. And there released 354,792,914 they reserved shares to the Company treasury.
Chiyuan Deng, AB’s Chief Executive Officer stated, "We are pleased to announce we will continue to arrange full repayment and termination of all Notes that the company previously issued. The repayments create financial flexibility for the Company as we manage our capital requirements and seek to maximize shareholder value."
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 to 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 in the world under the brand name ABQQ.tv ( www.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
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.
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