Dubai, Oct. 11, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Argentum 47, Inc. (www.arg47.com), formerly known as Global Equity International, Inc., (ARGQ) and its fully-owned foreign subsidiaries, a specialist in both Retail and Corporate Financial Services, Corporate Consultancy and Human Resources, with offices located in Dubai and the United Kingdom, today would like to Update the Market on the current status of the Company´s affairs and also on its achievements and up and coming milestones.
Towards the end of September 2018, we agreed an extremely advantageous addendum to a loan the Company received in 2013. This loan, amounting to $480,000 (inclusive of principal, interest and penalties), was non-convertible and had been dormant on our books for years. We contractually agreed to pay a total of 220,000 GBP or US$286,642 at a rate of just US$3,000 a month for 36 months and a bullet or ad hoc payment on or before month 36. This agreement has allowed our Company to write off US$193,358 as a gain on debt extinguishment, which was healthy for our balance sheet.
Yesterday, October 10, 2018, the Company received a further US$653,000 of funding from Xantis Aion Securitisation Fund (Luxembourg). The funding agreement signed with Xantis Aion in June of 2018 calls for an obligatory conversion into equity no earlier than 366 days post receipt of each tranche of investment at a minimum of $0.02 per share or higher. There are no provisions in the funding agreement that call for a possible discount in this minimum conversion price of $0.02.
This recent round of funding from Xantis Aion is yet another significant step in the acquisition program our Company has currently underway. The target companies are very well identified, researched and analyzed for the best value proposition for our Company, Argentum 47 Inc. and its subsidiaries. This recent tranche of funding clearly demonstrates the continual long term goals of the Company to acquire suitable assets at the right price at the right time and to build the funds under administration and associated passive and non passive revenue streams.
As of today, the Company is extremely proud to reiterate that it has not issued a single common share since December of 2017.
Also, we expect the "Appointed Representation Agreement" with Aurum Wealth Limited to be fully approved by the UK Financial Authority (FCA) and operational sometime next week. Aurum stated in their quote in our last PR that they have the capacity to grow, by 3 to 5 million GBP per month the Funds under Administration of our recently acquired financial advisory firm, Cheshire Trafford (UK) Limited, that currently has US$39 million under administration. This meteoric growth will obviously translate into a substantial uplift of Cheshire Trafford´s annual revenues.
Finally, our CEO, Peter Smith, will be doing an interview with Uptick Newswire this afternoon (West Coast time). Peter will endeavor to expand on our progress during Q3 2018 and also management´s recent trip to South East Asia.
Peter Smith, CEO of Argentum 47, Inc., said: “Our process of acquisition is a medium to long term project whereby we will continually be seeking the right targets and raising the required funding for execution on those targets. Our first acquisition, the UK FCA regulated Cheshire Trafford, is undergoing some great development plans to grow the business; we are appointing a very experienced individual, Mr. Nicholas Tuke, to manage this growth and development and build the UK arm of our business further. These next rounds of funding will acquire further assets in the UK and in South East Asia where we are still contemplating the true value and economics of what can be acquired. As a business, we are in a very good shape at the moment and will continue to grow over the coming months and years. Our capital markets client, Creditum Limited, is also developing quite nicely with further updates from us and them sometime in Q4 when we will kick-start a listing on a major Stock Exchange for this client.”
About Argentum 47, Inc. and Subsidiaries.
Argentum 47, Inc. (“Argentum”) is a full service Financial Intermediary, Corporate Consultancy, Retail and Corporate Financial Services and Human Resources Company. Through its wholly-owned foreign subsidiaries, it advises both business and retail customers with their most critical decisions and opportunities pertaining to growth, capital needs, structure and the development of their financial plans. With offices in Dubai and he United Kingdom, Argentum has developed significant relationships in the US, UK, Central Europe, the Middle East and South East Asia to assist clients in realizing their full value and potential. Bringing business to external capital and resources, and retail customers to a suite of secure effective financial solutions. Furthermore, as Argentum has offices in key financial centers of the world, they are able to introduce their clients to the right financial partner without geographical constraints.
Safe Harbor Statement
This press release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to anticipated revenues, expenses, earnings, operating cash flows, the outlook for markets and the demand for products. Forward-looking statements are no guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statements. Such statements are based upon, among other things, assumptions made by, and information currently available to, management, including management’s own knowledge and assessment of the Company’s industry and competition. The Company refers interested persons to its most recent Annual Report on Form 10-K and its other SEC filings for a description of additional uncertainties and factors, which may affect forward-looking statements. The company assumes no duty to update its forward-looking statements.