SINGAPORE, Sept. 21, 2021 /PRNewswire/ -- The Cosmos Group Holdings Inc. (OTC: COSG) ("Cosmos") is pleased to announce that the acquisition of Massive Treasure Limited ("Massive Treasure"), initially announced on June 17, 2021, was completed on September 17, 2021. Massive Treasure owns 100% of the Coinllectibles™ Group.
On completion of the acquisition, the Company will issue 1,078,269,470 shares of common stocks in exchange for 100% of Massive Treasure. Dr. Herbert Lee, the Company's director, beneficially owns 95% of Massive Treasure.
Commenting on the completion, Dr Herbert Lee, Founder and Advisory Board Chairman of Coinllectibles™ said, "I am very happy that the acquisition was completed within 3 months. Since the acquisition was announced in Jun 2021, the team had been hard at work to seal this transaction. Now that this is done, the team will be able to continue growing the company, increasing shareholders value and making Coinllectibles™ Fusion NFTs™ the gold standard of the NFT industry."
Massive Treasure is a party to numerous agreements to acquire 12 additional business entities that form a part of the Coinllectibles™ Group. As part of the original Massive Treasure acquisition, Cosmos further agreed to issue an additional 55,641,014 shares of common stock to complete the acquisition of these 12 business entities.
Toby O'Connor, the CEO of Coinllectibles™ commented, "Coinllectibles™ Group has two key business segments. One segment is linked to the high-tech NFT space, and it has been something that we have been aggressively promoting over the last few months. The other segment is more finance related. The intention is to eventually expand into the equally high-tech DeFi (decentralised financing) space. Cosmos's completion of the Massive Treasure acquisition is the first step, and we are all very excited to begin executing on the plans that we have been developing over the last few months."
For more information regarding the Massive Treasure acquisition, please visit: https://www.otcmarkets.com/filing/html?id=15230929&guid=7JW9kWt8I-BCn8h.
About Cosmos Group Holdings Inc
Cosmos is a business group that operates in two business segments:
- Arts and Collectibles
- Financing/Money Lending
Through Coinllectibles™, the group provides authentication, valuation and certification (AVC) service, sale and purchase, hire purchase, financing, custoday, security and exhibition (CSE) services to art buyers through traditional channels, as well as through leveraging blockchain technology through the creation of non-fungible tokens (NFTs).
With subsidiaries licensed under Hong Kong's Money Lenders Ordinance, the group primarily provide unsecured personal loan financings to private individuals, with a small portfolio of mortgage loans.
The group is integrating the two business segments by offering secured financing services to prospective art and collectibles purchasers to provide a one-stop arts and collectibles purchase and financing experience.
Forward Looking Statements
This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as "anticipate," "believe," "could," "estimate," "expect," "goal," "intend," "look forward to," "may," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions. These forward-looking statements may include, but are not limited to, statements regarding future business activities including the expansion into the decentralized financing space. These forward-looking statements are not promises or guarantees and involve substantial risks and uncertainties. Among the factors that could cause actual results to differ materially from those described or projected herein include uncertainties associated with operating a business in Singapore and Hong Kong, risk of interference by the PRC government, ability to compete, that financial resources do not last for as long as anticipated, and that Cosmos may not realize the expected benefits of its NFT's. A further list and description of these risks, uncertainties and other risks can be found in Cosmos' regulatory filings with the U.S. Securities and Exchange Commission, including in its current report on Form 8-K filed on September 17, 2021. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Cosmos undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.
Head, Investor Relations
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SOURCE Cosmos Group Holdings Inc.