TORONTO, ON, Nov. 15, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Agora Holdings Inc. (OTC PINK: AGHI) (the “Company”) today announced that its 51% owned subsidiary, eSilkroad Network Limited (“ESRL”), has entered into a Letter of Intent (the “Letter”) with Tianjin Eastraise Business Technology Co., Ltd. (“TEBT”), a Chinese corporation and the owner/operator of www.chinaexporter.com, a professional B2B E-business Marketplace, offering its members a wide variety of quality and affordable products, product information, trade leads and contact with prospective business partners across the global economic market.
Under the terms of the Letter, the two parties intend to enter into a formal partnership agreement within a sixty (60) day term following completion of due diligence. The goal of the collaboration is (1) to expand the TEBT B2B website into Western markets, enhance the user experience by introduction of new members across the globe and ultimately grow its existing userbase of over 600,000 active members; and (2) to introduce the 600,000 existing users at chinaexporter.com to the eSilknet test site in order to validate its operation and functionality and expedite progress of a planned launch of the site before the close of fiscal 2019. ESRL will agree to compensation of US$1 for each chinaexporter.com user that participates in the testing of its B2B platform, a website intended to make the interaction between businesses and non-profit organizations throughout the world faster, more effective, and less costly, which amounts may be used by TEBT to acquire shares of ESRL at US$1,200 per share. Further it is contemplated under the Letter that TEBT will invest up to US$5,000,000 in ESRL in order to further advance the cooperation of the parties.
eSilkroad Network President, Mr. Oleg Sytnyk commented, “We are extremely pleased to be able to collaborate with an innovative and successful B2B platform such as www.chinaexporter.com. With this further strategic cooperation, we expect to make another large step forward towards validation of our proprietary B2B ‘eSilknet’ platform. With mutually beneficial partnerships such as this one, our ultimate goal of uniting the world through trade and open communication is in sight. We could not be happier that Tianjin Eastraise Business Technology Co., Ltd shares our vision and is willing to help us to realize our objectives.”
About Agora Holdings Inc.
Agora Holdings Inc., together with its subsidiary Geegle Media and affiliates, is presently an entertainment and media enterprise. Agora Holdings Inc. brings together media and technology, driving innovation to enhance online entertainment in five business segments: media networks, TV, studio entertainment, consumer products and interactive media. Agora is seeking to expand its portfolio to include dynamic and interactive web-based networking platforms for global implementation.
About Esilkroad Network Limited and subsidiaries
Esilkroad Network Limited and its subsidiary, eSilkroad of Ukraine, is a conceptual B2B platform that intends to make the interaction between businesses and non-profit organizations throughout the world faster, more effective, and less costly. eSilknet, the web-based platform under development by eSilkroad Network Limited will allow users to search for and communicate with business partners, search for and post proposals for investment and opportunity in developing projects globally, place advertisements for products and services, communicate securely on trade and project development and attract professional services for specific project-based needs. The concept of eSilknet is in line with the original concept of the “silkroad”, facilitating trade and commerce between countries, only a global scale. eSilkroad Network is currently negotiating the acquisition of complementary platform, “eSilktrade” which has been under development privately in Shanghai for several years. eSilkroad Network believes the combined expertise of its Ukraine based eSilkroad development team and the existing team at eSilktrade can integrate the live trade platform into its B2B site further enhancing value for its users. http://www.esilknet.com
Disclaimer -- Forward-Looking Statements
This press release contains "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that could cause future results to differ materially from the forward-looking statements. You should consider these factors in evaluating the statements herein, and not rely on such statements. Forward-looking statements in this release are made as of the date hereof and Agora Holdings Inc. undertakes no obligation to update such statements.