LAS VEGAS, July 18, 2018 /PRNewswire/ -- Asia Broadband Inc. (AABB), through its wholly owned subsidiary Asia Metals Inc., has received a delegation of representatives from the Chinese holding company that recently signed a Letter of Intent (LOI) pursuant to finalizing the terms of a joint venture agreement for the large scale expansion of the Company's mining operations in the state of Guerrero, Mexico. The delegation of 5 corporate representatives specializing in geology, engineering, operations management, logistics and finance will be in Mexico and on site over the next 10 days to begin conducting verifications, evaluations and other due diligence activities under the terms of the joint venture LOI. Coordinating and facilitating of the delegation's activities during their stay will be the Company's Business Development & Relationships Manager, Zhang Wei, the Senior Advisor Asian Markets & Business Development, Jirong Luo, along with the Site and Facilities Manager.
The Company will be supporting due diligence activities for up to 90 days under the terms of the LOI and until a joint venture agreement is finalized. The prospective joint venture partnership will require a minimum commitment of $30 million over the next 3 years, in phased expenditures, allocated to significantly expand the identified resources within the Asia Broadband properties and build out a new production processing facility that has much greater efficiency and capacity.
About Asia Broadband Inc. (AABB) - Is a resource company focused on the production, supply and sale of precious and base metals, primarily to Asian markets. 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.
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Forward-Looking Statements are contained in this press release within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Asia Broadband Inc.'s (the "Company") expected current beliefs about the Company's business, which are subject to uncertainty and change. The operations and results of the Company could materially differ from what is expressed or implied by the statements made above when industry, regulatory, market and competitive circumstances change. Further information about these risks can be found in the annual and quarterly disclosures the Company has published on the OTC Markets website. The Company is under no obligation to update or alter its forward-looking statements as future circumstances, events and information may change.