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20 Oct 2022

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


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 submitted all the required and necessary documentations along with the attorney opinion letter to OTC Markets to be back in the 'Pink Current' tier.

The Company has filed its annual financial statements for the year ending June 30, 2022 with OTC Markets Disclosure & News Service in August. Yet due to an adjustment of the attorney opinion letter, there has been a delay of submitting the letter, thus the OTC Markets has labeled RHCO a Yield Sign since end of September. Now an updated attorney opinion letter has been filed, RHCO is expecting the Yield Sign to be taken off and resume to Pink Current within a few working days.

RHCO also announced a restructure of deal with ANGELO MERMER MADENCİLİK LİMİTED ŞİRKETİ (, a Turkey marble mining company.

In early 2021, RHCO agreed to acquire 64 acres of prime real estate alongside the Rhone River in France, by acquiring a company called Quentin S.A. which fully owned the land and claimed to have construction permission to develop the land. The agreed purchase price was 15 million shares of RHCO common stock, and the shares was sent to and held by a notary at that time.

In a November 2021 transaction, RHCO sold Quentin S.A. along with the real estate to ANGELO MERMER MADENCİLİK LİMİTED ŞİRKETİ, in order to hold 5% of ANGELO MERMER’s total shares. The agreed price was EUR 2,070,000 (approx. USD 2.4 million at that time) and was paid by convertible bond of ANGELO MERMER.

Yet after 18 months since the agreement signed between RHCO and the original owner of Quentin S.A., RHCO had to stop the deal due to the fact that the ultimate seller failed to provide the construction permission and delivery of shares as agreed. For an extended period of time RHCO has tried to resolve the issues but the selling party kept delaying and did not have positive response. RHCO has come to the decision of halting the deal of Quentin S.A. and restructuring its transaction with ANGELO MERMER accordingly.

RHCO has sent a demand letter to the notary, requesting the return of 15 million shares of RHCO stocks. The Company has signed a new agreement to reissue these stocks to the shareholders of ANGELO MERMER to compromise the failed transaction of the real estate, and to successfully closing the transaction with ANGELO MERMER.

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