TORONTO, ON, March 01, 2018 (GLOBE NEWSWIRE) -- Agora Holdings Inc. (OTC PINK: AGHI) today announced it has entered into a letter of intent (“LOI”) to acquire ESILKROAD NETWORK LIMITED, a limited partnership incorporated under the laws of Hong Kong and its controlled subsidiary, eSilkroad of Ukraine, an entity formed and operating in the Ukraine, (collectively the “targets”).
Under the terms of the LOI Agora will have 30 days to complete due diligence on the targets before entering into a formal acquisition agreement, the terms of which are to be negotiated between the parties during the next 30 days as due diligence is underway. The Company expects the acquisition to include the issuance of restricted common shares and to include a commitment for financing.
The primary asset of Esilkroad Network Limited is a fully developed concept for a global B2B networking platform called “eSilknet” which is intended to provide international users a one-stop portal to carry out direct trade and other business activity, reach investors for product and other corporate development purposes, organize international trade events, attract professional services for international activities and advertise products and services. eSilknet will make interaction between businesses and non-profit organizations throughout the World faster, less costly and more effective. Along with eSilknet, the eSilkroad group of projects includes eSilktrade (a cross border ecommerce platform) and eSilkexpo, which is intended to be a virtual exhibition and display platform.
The completed eSilknet platform will allow users to peruse the site in their native language, making it truly accessible to the global community. Anticipated to be a groundbreaking B2B networking portal providing the global community a new way of direct interaction, eSilknet is focused solely on international business activities. The completed site is expected to allow users to establish a profile, set up contact details and summarize key corporate data, including available products and opportunities. Users will be able to leave reviews and ratings, chat directly in a secure environment and conduct business through the site using eSilktrade.
Under continuing development over the past year under the expert guidance of its founder, Oleg Sytnyk, eSilknet has assembled a team of experts with successful careers spanning the fields of project development, online and offline marketing, startup enterprises, software development including IT, Payment systems, mobile, web and high tech concepts and industrial, graphic and web design. eSilknet has a clear roadmap and is ready to implement the next phase of development to achieve pilot launch.
About Agora Holdings Inc.
Agora Holdings Inc., together with its subsidiary Geegle Media and affiliates, is presently an entertainment and media enterprise. Agora Holdings Inc. brings together media and technology, driving innovation to enhance online entertainment in five business segments: media networks, TV, studio entertainment, consumer products and interactive media. Agora is seeking to expand its portfolio to include dynamic and interactive web-based networking platforms for global implementation.
Disclaimer -- Forward-Looking Statements
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 Exchange Act of 1934, as amended and such forward looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that could cause future results to differ materially from the forward-looking statements. You should consider these factors in evaluating the statements herein, and not rely on such statements. Forward-looking statements in this release are made as of the date hereof and Agora Holdings Inc. undertakes no obligation to update such statements.