IRVINE, Calif., July 01, 2020 (GLOBE NEWSWIRE) -- Vemanti Group, Inc. (OTC PINK:VMNT) a multi-asset technology-driven company, today provided its corporate updates and developments. The Company’s Q2 financial report will be issued in the near future.
“During this unprecedented time, protecting the health and well-being of our personnel is a top priority. In addition, we are focused on maintaining continuity of business activities while balancing potential impacts from the COVID-19 pandemic,” said Mr. Tan Tran, CEO of Vemanti Group. “Our business fundamentals are intact, and we look forward to presenting additional updates. We remain steadfast in our commitment to advance our business objectives and shareholder value,” he added.
Operational & Development Activities
- The Company’s financials remain sound. It carries no debt or long-term liabilities. The Company continues to be active in high-growth emerging market opportunities and looks to drive growth through investment in early-stage companies, especially in the fintech sector, that have market viable products and are post-revenue. Strategically, it’s focused on solving long-term problems using blockchain combined with other technologies, including machine learning/AI.
- The Company is currently deeply involved in the business management and development of its key portfolio company, Fvndit, Inc. (“Fvndit”), a California- and Vietnam-based fintech company, focused on solving the short-term working capital problem for SMEs. It’s using technology to re-build core parts of the business funding infrastructure and make the underwriting and financing seamless for small businesses. Its wholly-owned subsidiary, eLoan, JSC ("eLoan”), is the market-leading online Peer-to-Peer (P2P) lending platform for SMEs in Vietnam. Its total revenues for FY2019 increased more than 300% compared to FY2018. Despite the uncertainties, Fvndit is still projected to exceed last year’s performance.
- The Company believes that Vietnam is still forecasted to be the source of outsized returns based on many globally-driven positive factors. It is working with various capital partners to secure financing for Fvndit as it enters the next phase of growth. Tan Tran, CEO of Vemanti Group, who is also Fvndit’s CEO, stated, "We’re hugely optimistic about future prospects of Fvndit. As one of the few countries with COVID-19 under control and with its economy unexpectedly expands amid the virus outbreak, investors are eager to put capital to work as Vietnam opens for business again. We view our ownership in Fvndit a tremendous opportunity to establish foundation in one of the world’s hottest economies. As the business model has already been proven, now is the time to take it to the next level.”
About Vemanti Group, Inc.
Vemanti Group, Inc. (OTC PINK:VMNT) is a technology-driven multi-asset company that seeks to be active in high-growth and emerging markets. Our core strengths are in technology development and investment. We drive growth through acquisition and investment in disruptive and foundational technologies by targeting early-stage companies that have market viable products or by starting a new subsidiary of our own. Strategically, we focus mainly on fintech applications combined with other emerging technologies, including blockchain and machine learning/AI.
About Fvndit, Inc.
Fvndit, Inc. ("Fvndit”), pronounced like "Fund it”, is a California- and Vietnam-based fintech company, focused on solving the working capital problem for SMEs using technology. The team is comprised of engineers, designers, data scientists, trade finance and banking veterans across 2 locations: Irvine, CA and HCMC, Vietnam. It’s using technology to re-build core parts of the business funding infrastructure and make the underwriting and financing seamless for small businesses. Its wholly-owned subsidiary, eLoan, JSC ("eLoan”), operates an online P2P funding and investing marketplace in Vietnam, its current local market.
About eLoan, JSC.
eLoan, JSC ("eLoan”) is a peer-to-peer (P2P) lending marketplace that allows investors to lend money directly to small and medium-sized enterprises (SMEs) based in Ho Chi Minh City, Vietnam. eLoan is the first peer-to-peer lending company and one of the few fintech firms in Vietnam focusing purely on serving SME clients with short-term loans. Its platform is run on a proprietary AI-driven decision-making and credit-rating system. The company is a legal entity registered under the laws of Vietnam and is not affiliated with E-LOAN, Inc. and http://eloan.com, a Division of Banco Popular de Puerto Rico.
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 and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Forward-looking statements are projections of events, revenues, income, future economics, research, development, reformulation, product performance or management's plans and objectives for future operations. Some or all of the events or results anticipated by these forward-looking statements may not occur. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control.
Vemanti Group, Inc.