DENVER, CO, June 03, 2019 (GLOBE NEWSWIRE) -- Advantego Corporation (ADGO) today announced the acquisition of the North American distribution rights for wireless audio and innovative electro-acoustic products from Aska Electronics Co., Ltd. of China.
"This acquisition has been in the works for several months and culminates the hard work management has put forth that should have a significant impact on revenues moving forward,” according to Advantego CEO Robert W. (Rob) Ferguson. “Combining Aska’s continuing annual sales increases with our ability to now expand the footprint presents an exciting time ahead for both of our firms,” he said.
Aska is a leading manufacturer of wireless audio and innovative electro-acoustic products that include proprietary noise cancellation technology and Bluetooth capability for headphones, earphones, waterproof sport earbuds, speakers and IoT devices. The firm provides its products and services as an OEM (Original Equipment Manufacturer), an ODM (Original Design Manufacturer) and a JDM (Joint Design Manufacturer) for customers worldwide.
Advantego will provide additional North American product branding, sales and distribution services for Aksa's existing and new product introductions. Aska will continue to service their existing customers and will provide research and development, product design and manufacturing services, along with private labeled products to Advantego and its customers.
Aska's 2018 North American revenues were $13,900,322 US (unaudited).
In exchange for the distribution rights – as previously announced – Aska will receive 700,000 shares of Advantego's preferred shares at $2 per share. The preferred shares are convertible into shares of Advantego's common stock, under certain pricing and timing conditions.
Ferguson also pointed out: “The ability to add new cutting-edge technology within the broad range of ASKA’s already unique capabilities presents both a great opportunity and challenge for Advantego. To address both, we have expanded several relationships recently in anticipation of this to maximize the opportunities we now see in front of us and are looking to seeing the results of our new joint efforts beginning in the third quarter and throughout the rest of the year.”
ABOUT ASKA ELECTRONICS CO., LTD
Aska is known as a professional OEM, ODM and JDM manufacturer of middle- and high-level Bluetooth headphones and sport earbuds. They have a research department with more than 15 years of engineering experience designing and implementing acoustic noise cancelling technologies. The firm also has their own acoustic anechoic chamber as well as advanced R&D testing equipment and radio frequency simulation systems. The company is heavily focused on human engineering, high-end material selection and extraordinary sound performance, providing rapid design capabilities and timely delivery while offering cost-effective wholesale pricing.
ABOUT ADVANTEGO CORPORATION
Advantego Corporation (ADGO) is a business solutions provider that develops stand-alone digital delivery systems, electronic and enterprise software products to capitalize on niche opportunities within a specific market. The Company leverages a proprietary Intelligent Solution Platform, combining leading third-party, cutting-edge technologies with existing data and systems to deliver a turnkey specialized Business Process as a Service (BPaaS) that is both scalable and cost-effective. The Company offers a variety of stand-alone products and services tailored specifically to targeted industries, combining these with multiple software applications for large enterprises, affiliate networks and franchise operators as comprehensive, managed bundled solutions. The Company’s services also include product design, engineering and OEM manufacturing of hardware products. In addition, it licenses and distributes third-party proprietary software and hardware from a host of Strategic Partners. Website: www.advantego.com. Twitter: @Advantego.
FORWARD LOOKING STATEMENTS
This news release may contain forward-looking statements within the meaning of the Securities Act. As a general matter, forward-looking statements may reflect our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. These statements may be identified using forward-looking terminology such as "may", "will", "expects", "plans", "estimates", "anticipates", "projects", "intends", "believes", "outlook” and similar expressions. The forward-looking statements contained in this news release are based upon our historical performance, current plans, estimates, expectations and other factors we believe are appropriate under the circumstances. The inclusion of this forward-looking information is inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: our business and investment strategy; our projected operating results; estimates relating to our ability to make distributions to our stockholders in the future and economic trends.
GREG McANDREWS & ASSOCIATES
Gregory A. McAndrews