IRVINE, Calif., Oct. 13, 2020 (GLOBE NEWSWIRE) -- Vemanti Group, Inc. (OTC PINK:VMNT) a multi-asset technology-driven company, today provided its quarterly corporate updates and developments. The Company’s Q3 financial report will be issued in the near future.
“Even in the midst of the lingering pandemic, we’re pleased with where we are as an organization collectively,” said Mr. Tan Tran, CEO of Vemanti Group. “We are seeing the success of our activities. As the trend towards full recovery slowly taking shape, we anticipate that our subsidiaries will continue to show financial gains. While we work our way to the next normal, we remain resolve and resilient with our business objectives. The strategic areas for us to focus on are growing our current assets, becoming a fully-reporting SEC issuer, and expanding our portfolio with alternative and digital assets,” he added.
Recent Operational & Business Development Highlights
- The Company’s financials remain free of debt and long-term liabilities. There have been no changes in its total number of issued and outstanding shares in all stock classes since the last quarter.
- The Company continues to be actively and deeply involved in the growth of its key portfolio company, Fvndit, Inc. (“Fvndit”) and its wholly-owned subsidiary, eLoan, JSC ("eLoan”). The Company was instrumental in their recently announced funding from 2 US-based institutional partners. With the new financing facility in place, eLoan is well positioned to reach at least $50M USD in total loan disbursement by end of FY 2021. At the same time, the Company is exploring options to increase its stake in Fvndit and to expand to other markets such as Thailand and Malaysia.
- Since the beginning of FY 2020, the Company has been working on an equity exchange deal with an established West African gold refinery. Its target is to have at least 20% equity to start and with options for more. Talks are progressing around key terms and conditions and towards the signing of a Letter of Intent. The principals of the refinery are seeking regulatory pre-approval, and all indications have been positive. Barring any unforeseen circumstances, the Company is aiming to complete the equity exchange by end of the year.
- There have been also dialogues with the key principal of another entity based in Singapore that owns three gold-polymetallic deposits in Armenia which have a combined value of $360M according to a report done by CSA Global, an industry-leading and well-respected independent mining consulting company based in Australia. The basis of the discussions has been centered around the Company’s gaining majority ownership of those deposits also via an equity exchange and with additional financing to kickstart mining operations on the biggest deposit. However, the recent situation between Armenia and Azerbaijan has prompted the Company to suspend talks until there’s a peaceful resolution between the two countries.
- As part the Company’s plans to become a fully-reporting SEC entity by Q1 2021, it has retained the services of RJI CPAs in Irvine, CA to perform financial audit for FY 2018-2020. Work for FY 2018-2019 is set to complete by end of the month which will allow the Company to start its Form S-1 filing with the SEC along with an application to move up to a higher tier with OTC Markets Group. This is fundamental to the Company’s efforts to demonstrate heightened transparency to its investors and bring the Company greater visibility and credibility before a substantially larger group of investors.
- The Company is looking at adding digital assets to its portfolio. It continues to believe cryptocurrency is an instrument of economic empowerment and provides the underbanked and unbanked a way to participate in a global monetary system which aligns with its vision of democratizing financial services. Furthermore, the Company is forging partnership with a VND-backed stablecoin issuer to allow eLoan to pilot-launch a digital currency-based SME lending product for global retail investors who are interested participating in the economic growth of Vietnam.
- Security tokens have once again emerged to offer a compliant alternative of integrating the benefits of crypto-related technologies with mainstream finance world. The Company is in a joint-venture discussion with the capital management division of a prominent bank in Vietnam regarding a blockchain-based corporate stock and bond issuance platform for the SMEs, offering them an innovative and efficient capital raise method. The Company considers this a critical component of fintech.
- A NY-based investment banker has been retained to help the Company raise capital to execute its business objectives for the next 2 years. A preliminary term sheet of up to $10M in equity purchase of the Company’s common stock has been presented and further negotiations are underway.
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) lendingmarketplace 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.
About RJI CPAs
RJI CPAs is a full-service accounting and consulting firm with corporate headquarters located in Irvine, California. They have been one of the top 25 CPA firms in Orange County, CA for the last 30 years as rated by the Orange County Business Journal and one of the largest consulting firms in Southern California. They are registered with the Public Company Accounting Oversight Board (PCAOB).
Legal Disclaimer
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.
Contact Information
Vemanti Group, Inc.
Investor Relations
(800) 768-1288
ir@vemanti.com
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