ARAX, a listed company makes strategic acquisitions of blockchain companies, core business
Arax Holdings Corp
ARAX announces the signed binding letter of intent and terms of agreement that formally bind the parties to acquire the majority of the core business.
Arax Holdings Corp (OTCBB:ARAT)
NEW YORK, USA, December 14, 2022 /EINPresswire.com/ — ARAX Holdings Corp. are pleased to announce that after several years of speculation, they have signed a definitive letter of intent and terms of agreement with Konrad Business s.r.o., based in Bratislava, Slovakia, to acquire the majority of the share capital of Konrad. Konrad is currently undergoing a name change to Core Business Holdings s.r.o. (Core Group).
Today, ARAX filed an 8K with the SEC announcing the signed binding letter of intent and terms of agreement formally and legally binding the parties to begin the acquisition process for ARAX to purchase the majority of Core Business Holdings’ share capital, which includes intellectual property rights. related to the following projects:
Core Token and Smart Contract Platform
Ping exchange and settlement platform
Wall Money NEO Banking and FinTech SaaS Platform
CorePay payment and remittance platform
In addition to acquiring 75% of Core Business Holding’s share capital, ARAX will also make an effort to acquire all of Core’s minority shares in the share capital. The total transaction value is €18 million. Subject to customary closing requirements, the transaction is expected to close within the next two months.
ARAX appointed arTax Consult s.r.o., business consultants and tax advisors, to oversee and facilitate cooperation with the Arax board and the current owners of the software. All intellectual property and software is currently under the custody of arTax Consult s.r.o. on behalf of its owners, and arTax is tasked by ARAX and the current owners of the software and IP to structure, document and secure it in Core Business Holdings in four different organizations, Core Token and Smart Contract Platform, Ping Exchange and Settlement Platform, Wall Money NEO Banking and Fintech Blockchain-based SaaS Platform, and CorePay Payment and Remittance Platform.
ARAX’s overall strategy is to divert from selling hot dogs in Mexico to invest in projects, focusing on the digital transformation of WEB 3 and the future WEB 4, and implementing blockchain-based solutions in the real world. ARAX sees Core Business Holdings, with its projects Core Token and Smart Contract Platform, Ping Exchange and Settlement Platform, Wall Money NEO Banking and FinTech SaaS Platform, CorePay Payment and Remittance Platform, and ARAX, which plays a key role in this strategy, bring shared vision, revolutionizing blockchain-based digital product categories, and growing and participating in a safer, more efficient and effective digital economy for all.
ARAX’s board is of the opinion that until now blockchain-based solutions introduced in the real world have been quite experimental.
These days things look a little different as businesses, government organizations and individuals are increasingly implementing blockchain technology as they seek to take advantage of its capabilities.
At ARAX, we create awareness among potential use cases that blockchain technology is not just about cryptocurrency. In reality, the underlying decentralized ledger technology continues to find applications in a multitude of industries, all in an effort to change how things are done and improve people’s lives.
The ground-breaking blockchain technology on which Core’s software solutions are built had a significant impact on ARAX’s choice to acquire Core Business Holdings. The Core Business Holdings software solutions were built on the Core Blockchain Network, the world’s fastest, most scalable and most secure fully decentralized proof-of-distributed-efficiency (PoDE). PoDE is the next generation of an environmentally friendly proof-of-work blockchain that verifies transactions on IoT devices using less than 10 watts per hour, and fits perfectly into ARAX’s ESG vision.
Blockchain use cases generally fall into one of three categories: a ledger for exchanging money, a computer ledger, or a notary ledger for public services. Industry leaders in financial institutions, logistics and public organizations predict significant commercial use of the information and notary for purposes such as digitization of trade documents, decentralized finance (DeFi) and land registries, especially due to instant settlement on decentralized and hybrid exchange platforms such as Ping Exchange. Traction in the value ledger is becoming more popular as platforms such as CorePass, Ping Exchange and the Core Smart Contract Asset Digitization platform are far safer for users than previously offered by layer-1 blockchains.
As the core of developing digital assets, connecting these digital assets to a digital identity like CorePass, and deploying it in the most secure payment processing and settlement systems, supply chains and e-commerce networks, blockchain implementation continues to find its way into various industries, Fintech and public organizations.
With organizations such as IBM, Microsoft, Amazon, Hitachi, Nestle and Unilever already focusing on data storage and distributed ledger technology, the trend in the financial world of decentralized finance and digital asset investments introducing blockchain into the real world was already set. two years ago by Morgan Stanley, BNY Mellon and Goldman Sachs. In this current cycle, the most active investors based on the number of investments in blockchain companies DHL, FDA, NASDAQ, Unilever, Shell and in the banking community are KB Financial Group, United Overseas Bank, Citigroup, Crédit Agricole and Commonwealth Bank of Australia.
The entry of these large companies and institutions is one of the main motivators for ARAX to focus its investment strategies. It is important to also highlight what Larry Fink, chairman of Blackrock recently wrote in a letter to his shareholders:
“BlackRock studies digital currencies, stablecoins and the underlying technologies to understand how they can help us serve our clients. (…) A global digital payment system, thoughtfully designed, can improve the settlement of international transactions while reducing the risk of money laundering of money. and corruption. Larry also said on stage in the New York Times last week “I think the next generation for markets, the next generation for securities, will be the tokenization of securities.”
Michael Loubser, CEO of ARAX made the following statement:
“The acquisition of Core Business Holdings will be a total game changer for ARAX. It will put the company at the forefront of digital assets, tokenization, instant settlement of data and transactions with a specific focus on asset management, and so much more with cutting-edge technology built on Core Blockchain, the next generation in fully decentralized networks.”
As the situation is now at ARAX, after the acquisition of Core Business Holdings; we believe in developing shareholder value, which is the result of doing a good job. An increase in shareholder value will also deliver quality employees and community growth and ultimately deliver the next generation of digitally inclusive products to our customers and use cases. We are all very excited to start this new journey.
Email: [email protected]
Telephone: +1 850 254 1161
Website: https://arax.cc
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Certain statements in this press release may be construed as “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “Act”). All statements that are not historical facts are “forward-looking statements.” The words “estimate”, “project”, “intend”, “expect”, “assume”, “believe” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management’s beliefs, as well as assumptions made by, and information currently available to, management pursuant to the “safe harbor” provisions of the Act. These statements are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of these statements. Investors should consider this cautionary statement and further, no guarantee can be given that the transaction described in this press release will be completed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company also undertakes no obligation to disclose any revision of these forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unforeseeable events.
Christopher Strachan
Arax Holdings Corp
+1 850-254-1161
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