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26 Aug 2022

Readen Holding Corporation (OTC Pink: RHCO) Announces Filing of June 30, 2022 Annual Financial Statements with OTC Markets, Revenue Up 283%


READEN HOLDING CORPORATION (OTC PINK: RHCO), a Venture Capital Corporation which is active in the Fintech, Online Payment and E-commerce industries, today announced that the Company has filed its financial statements for the year ending June 30, 2022 with OTC Markets Disclosure & News Service.

RHCO reported an increase in Revenue of 283% compared to 2021. The Company also achieved impressive Earnings from Operation, up 25% year-over-year. Yet the Company recorded a loss in Net Profit due to the underperformance of the share price in Tianrong Medical Group, Inc. (OTC: TNMD).

The increase in Revenue and Earnings from Operation is a result of RHCO’s continuing effort to transform itself into a Fintech enterprise. With the synergy of the Company’s fully owned OkePay, OkeApp and Readies, RHCO has prepared extremely well for the huge growth in E-payment sector globally. Readies the E-voucher solution has already contributed significantly to the Company’s revenue last year, and OkePay is expected to outperform Readies with the full launch of OkeApp in 4Q of 2022. The Company has recently revised the financial forecast of OkeApp to achieve higher revenue as new features of Oke Travel Club and E-doctor will be added to the super App.

E-commerce and Retails section of RHCO is also welcoming a bright future, with both Neckermann Direct and Two Percent are fully operating. RHCO has successfully transformed the 90 years old retail brand Neckermann into a B2C E-commerce Platform, and it is bringing Asian products to European customers. Thousands of popular products are added to the platform every day as RHCO has made arrangement with AliExpress to fulfill cross-border orders. Two Percent, on the other hand, are shipping European high brand products to Asian customers. Hundreds of world-famous brands’ fashion, cosmetic and skin cares products can be purchased online and shipped worldwide, with crazy discount price and free shipping. The increase popularity of Neckermann Direct and Two Percent will also promote the usage of OkePay and OkeApp.

Other revenue is also expected from the Company’s recent investment in ANGELO MERMER MADENCİLİK LİMİTED ŞİRKETİ, the largest holder of marble reserves in Turkey. It operates an onyx marble mine located in Manisa, Turkey, and its economically recoverable high-grade reserve amount to 1 million tons which is about 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 valuated at more than USD 1 billion. RHCO now holds 5% of total ANGELO MERMER shares. This investment has already brought RHCO earnings, but it has not yet reflected on the balance sheet. RHCO also has 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, Italy and Spain. This will bring significant income to the group.

The only investment that hit RHCO with a loss was TNMD. RHCO acquired 2.2 million shares of TNMD in 2021 which equals to 0.5% of TNMD total shares. The technology company owns the largest railway Wi-Fi media platform HuanMedia in China, yet its business has suffered during Covid time thus the share price dropped drastically.

Richard Klitsie, CEO of RHCO stated, “For the past year, RHCO has taken many steps to clear up our business, focusing more on Fintech, Online Payment and E-commerce industries, and developing our own technology and solutions. This has been a year of digging, seeding, watering and fertilizing, and we believe the harvest days are coming. Our team is working hard every day to enhance every details of our business. We are on the right track and looking forward to our up-listing process to be completed very soon.”

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