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24 Aug 2022

Readen Holding Corporation (OTC Pink: RHCO) Announces Amendment of Transaction with Angelo Mermer Marble Mining

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READEN HOLDING CORPORATION (OTC PINK: RHCO), a Venture Capital Corporation which is active in the Fintech, Online Payment and E-commerce industries, today announced multiple amendments to previous transactions.

In early 2021, RHCO agreed to acquire 64 acres of prime real estate alongside the Rhone River in France, and planned to develop 690 houses, villas and apartment for sale and lease. The purchase price was 15 million shares of RHCO common stocks. Yet the selling party had multiple tax and legal issues since then, and failed to deliver the required documents for constructing permission. For a long period of time RHCO has tried to resolve the issues but the selling party kept delaying and did not have positive response. Thus, RHCO has come to the decision to cancel the deal.

In another agreement, RHCO intended to sell the above real estate to the existing shareholders of ANGELO MERMER MADENCİLİK LİMİTED ŞİRKETİ (www.angelovalentinomarble.com), which is Turkey’s largest holder of marble reserves. The transaction amount of EUR 2,070,000 (approx. USD 2.4 million) was paid by convertible bond of ANGELO MERMER, and was converted at 50% discount into 200 shares of ANGELO MERMER which equals to 5% of total ANGELO MERMER shares. Based on the valuation report of Baker Tilly (one of the largest valuation firms in the world) as of 31 March 2021, those shares worth approximately USD 5 million. It was calculated from 10% (USD 100 million) of total investment value of ANGELO MERMER (USD 1 billion) with its 1 million tons onyx marble in reserve.

Despite the cancellation of the real estate acquisition, RHCO has honored the deal with ANGELO MERMER. Instead of the real estate, RHCO has paid ANGELO MERMER with 15 million shares of RHCO common stocks restricted. RHCO now have the right to handle the sales and export of ANGELO MERMER’s raw onyx marble blocks into China. Such exporting operations have started recently, with marble blocks being sold and shipped to China and Italy.

ANGELO MERMER MADENCİLİK LİMİTED ŞİRKETİ operates an onyx marble mine located in Manisa, Turkey. Onyx is a rare and exotic stone with stunning patterns and veining in each slab that is not available easily. According to ANGELO MERMER, its economically recoverable high-grade reserve amount to 1 million tons. Its total onyx reserve accounts for 5% of the world’s total onyx reserves. Based on the valuation report of Baker Tilly as of 31 March 2021, the total investment value of ANGELO MERMER was calculated at USD 1 billion.

Richard Klitsie, CEO of RHCO stated, “Even though the real estate deal did not work out, we have full confident on our investment in ANGELO MERMER. That’s why we want to continue to work with ANGELO MERMER. With both the currency and liquidity crisis in Turkey, we realize the opportunity of minimizing the cost of marble export thus increases the profit margin on the export of the products. The trading of onyx marble to China would bring us sizable profit for years to come.”