RHCO Announces the Signing of Letter of Intent (LOI) for Acquiring Majority Shares of Ecoolex

  • Payments
  • 16.07.2021 03:00 pm

Readen Holding Corp. (OTC Pink: RHCO), a Venture Capital Corporation, today announced that they have signed a Letter of Intent (LOI) for acquiring majority shares of Ecoolex to have controlling interests. The acquisition will boost OkeApp to a flying start, as Ecoolex will instantly bring in existing merchants and partners, which include major network platforms, online travel agencies (OTAs) and financial institutions.

As a cross-border consumer services and multi-channel provider, Ecoolex (www.ecoolex.com) has innovated traditional virtual card / voucher and cross-border payment and created a cross-border consumer financial services platform with transactions of hundreds of millions RMB through global financial institutions and network platforms. Ecoolex has signed multiple contracts with major players in retail, travel and fintech industries as strategic partners, namely Ctrip (www.ctrip.com) and UnionPay (www.unionpayintl.com), etc., creating various discount and voucher programs for cross-border and overseas customers. These collaborations will be fully supported in OkeApp and OkePay, as both voucher and payment systems will be seamlessly integrated in a complete solution to benefit both Consumers and Merchants.

OkeApp, the revolutionary super app launched by RHCO’s wholly owned subsidiary Oke Partners, is a totally unique solution for Consumers and Merchants. As the Consumers will gain notable discounts using the OkeApp, no direct payment fees are applied to the participating Merchants. The Merchants will reap the benefits of online and offline marketing campaigns provided by the OkeApp. In addition, the OkePartners who contribute to recruiting Consumers, will get cash rewards with any transactions made by such Consumers through the OkeApp with the participated Merchants.

RHCO has originally forecast to sign between 8,000 and 10,000 new Merchants on the OkeApp platform within the next twelve months in Hong Kong, which will eventually bring 4 million payment transactions per month. With the acquisition and the joining force of Ecoolex, OkeApp will be enhanced to welcome cross-border consumers from Mainland China and other countries and paving the way for OkeApp to expand to other regions.

The acquisition will also further optimize the utilization of OkePay, a comprehensive back-end Payment Platform operated by RHCO, which accepts standard credit and debit cards, such as Visa, MasterCard, AMEX, UnionPay, along with Alipay, WeChat Pay and other mobile wallets and e-vouchers. 

The LOI outlines RHCO’s offer to take over 51% of Ecoolex shares with total investment accounts to US$5.45 million, which includes 45 million restricted shares of RHCO, along with a cash funding injection of RMB 10 million (approx. US$1.54 million) into Ecoolex.

Richard Klitsie, CEO of RHCO stated, this acquisition is an exciting and excellent strategic move for RHCO, as OkeApp will be instantly benefited by Ecoolex’s existing clients, merchants and partners. We are looking forward to work with Ecoolex’s management team and I believe the joint force will definitely realize OkeApp’s potential to achieve an even higher level, boosting OkeApp to worldwide markets at a higher speed.

The newest version of OkeApp will be available for download from Apple App Store and Google Play Store in the coming week.     

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