Asia Broadband Inc. (OTCMKTS: AABB) is moving up the charts on a surge of volume quickly attracting a fast growing shareholder base who is bidding the stock higher.
There is a brand new updated article on AABB here: https://microcapdaily.com/major-move-on-aabb-asia-broadband-as-company-launches-aabb-gold-token-aabbg-an-erc-20-token-on-ethereum-blockchain/130490/
The move up comes after the Company filed this attorney’s letter which stated: “(Company) is actively engaged in small scale mining in Mexican and mines precious and base minerals which are sold mostly to Asian markets. As of December 31, 2019, the Company’s financial statements indicated that it had current assets of $15,154,716 with total assets of $24,708, 201 and total liabilities of $1,454,470. The Issuer reported net income of more than $5 million dollars for the year ended December 31, 2019 and reported gross revenues of $6.7 million.”
Asia Broadband Inc. (OTCMKTS: AABB) bills itself as a resource company focused on the production, supply and sale of precious and base metals, primarily to Asian markets, through the Company’s wholly-owned subsidiary Asia Metals Inc.. The Company utilizes its specific geographic expertise, experience and extensive industry contacts to facilitate its innovative distribution process from the production and supply of precious and base metals in Guerrero, Mexico to our client sales networks in Asia. This vertical integration approach to sales transactions is the unique strength of Asia Broadband and differentiates the Company to its shareholders.
Last month LAS VEGAS, AABB said iit has initiated the planning and preparation process to create a development program for the Company’s new gold mine property acquisition in Colombia, South America. From the three site visits to the property prior to the Colombia travel ban in March, the Company completed significant groundwork and accumulated considerable data on the property during the due diligence process prior to the property acquisition. AABB has been utilizing this data to construct a further groundwork plan and staged development program, which is set to begin after the Colombia travel ban is lifted in the next several months. The gold mine property consists of 912 hectares and includes an artisan mining site that has historically produced gold and silver.
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On June 25 AABB announced the Company is expecting its highest gold production quarter to date for the upcoming period ending June 30th, as gold prices surpass their highest level since October 2012. The Company’s gold production more than doubled in the first quarter of 2020, in comparison to the fourth quarter of 2019, due to the higher daily throughput levels and metals extraction efficiencies achieved with the new production facilities that began the operational phase-in process early this year. For the entire second quarter of 2020, the Company’s operations utilized and benefited from the production and efficiency increases established in the first quarter.
Furthermore, recent economic conditions have created strong and unprecedented fundamentals for gold producer equities. The economic volatility, uncertainty and inflationary effects of the Coronavirus pandemic have launched gold and gold producers into a significant growth phase. Additionally, the recent decline of the oil market has elevated the gold-to-oil ratio to all time highs indicating lower production costs and increased profit margins for gold producers. AABB is anticipating a three-fold increase in gold production levels in 2020 from the Company’s added operational capacity.
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Currently running up the charts AABB is registered in Nevada with major shareholders in Nevada and China. The stock has seen a fast move up after the Company filed this attorney’s letter which stated: “(Company) is actively engaged in small scale mining in Mexican and mines precious and base minerals which are sold mostly to Asian markets. As of December 31, 2019, the Company’s financial statements indicated that it had current assets of $15,154,716 with total assets of $24,708, 201 and total liabilities of $1,454,470. The Issuer reported net income of more than $5 million dollars for the year ended December 31, 2019 and reported gross revenues of $6.7 million.” The attorney’s letter states twice the Company is not a shell. We will be updating on AABB when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with AABB.
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Disclosure: we hold no position in AABB either long or short and we have not been compensated for this article.