ADGO - Advantego Expands North American Footprint Through Strategic Partnership With Aska Electronics Co. Ltd.
Leading Chinese Innovator Grants Exclusive Wholesaler Rights to OTCQB:ADGO
DENVER, CO / ACCESSWIRE / January 22, 2019 / Advantego Corporation (OTCQB: ADGO) today announced the signing of a Strategic Partnership through a Definitive Agreement with Aska Electronics Co., Ltd. of China.
Aska is a leading manufacturer of wireless audio and innovative electro-acoustic products that include proprietary noise cancellation technology and Bluetooth capability for headphones, earphones, waterproof sport earbuds, speakers and IoT devices. The firm provides its products and services as an OEM (Original Equipment Manufacturer), an ODM (Original Design Manufacturer) and a JDM (Joint Design Manufacturer) for customers worldwide.
Under the agreement, Advantego will acquire the ongoing rights to be Aska's Wholesale Aggregator for all Aska-related product sales in North America. Aska's 2018 North American revenues were $13,900,322 US (unaudited). The Agreement also provides Advantego a minimum of $280,000 in net profit from this relationship regardless of revenue and cost of goods during the first year.
Advantego will provide additional North American product branding, sales and distribution services for Aksa's existing and new product introductions. Aska will provide research and development, product design and manufacturing services, along with private labeled products to Advantego and its customers.
"This strategic move will enable us to combine best-in-class technologies with Aksa's innovative products and maximize niche opportunities that we have identified in targeted markets," according to Advantego CEO Robert W. (Rob) Ferguson.
In exchange, Aska will receive up to 700,000 shares of Advantego's preferred shares, at $2 per share. The preferred shares are convertible into shares of Advantego's common stock, under certain pricing and timing conditions.
The closing of the transaction is subject to approval by Advantego's Board of Directors.
ABOUT ASKA ELECTRONICS CO, LTD
Aska is known as a professional OEM, ODM and JDM manufacturer of middle- and high-level Bluetooth headphones and sport earbuds. They have a research department with more than 15 years of engineering experience designing and implementing acoustic noise cancelling technologies. The firm also has their own acoustic anechoic chamber as well as advanced R&D testing equipment and radio frequency simulation systems. The company is heavily focused on human engineering, high-end material selection and extraordinary sound performance, providing rapid design capabilities and timely delivery while offering cost-effective wholesale pricing.
ABOUT ADVANTEGO CORPORATION
Advantego Corporation designs, develops and implements enterprise software solutions as a specialized Business Process as a Service (BPaaS). These elite, custom business solutions are available to large enterprises, affiliate networks and franchise operations. The Company also offers a variety of stand-alone products specific to targeted industries and provides its business offerings to include product design, manufacturing and distribution services. Company website: www.advantego.com.
FORWARD LOOKING STATEMENTS
This news release may contain forward-looking statements within the meaning of the Securities Act. As a general matter, forward-looking statements may reflect our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. These statements may be identified using forward-looking terminology such as "may", "will", "expects", "plans", "estimates", "anticipates", "projects", "intends", "believes", "outlook” and similar expressions. The forward-looking statements contained in this news release are based upon our historical performance, current plans, estimates, expectations and other factors we believe are appropriate under the circumstances. The inclusion of this forward-looking information is inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: our business and investment strategy; our projected operating results; estimates relating to our ability to make distributions to our stockholders in the future and economic trends.
CONTACT:
GREG McANDREWS & ASSOCIATES
Gregory A. McAndrews
(310) 804-7037
mcandrews_pr@hotmail.com
SOURCE: Advantego Corporation