18 Oct 2021
Readen Holding Corporation (OTC Pink: RHCO) Announces the Sale of Dutch Grow Labs
READEN HOLDING CORPORATION (OTC PINK: RHCO), a Venture Capital Corporation, active in the Fintech, Online Payment and E-commerce industries, today announced the sale of its wholly-owned subsidiary, Netherlands based, Dutch Grow Labs, for Euro 600,000. to a privately-held Dutch corporation.
Dutch Grow Labs ( www.dutchgrowlabs.com ) is an online retail store which sells CBD products in the European market. RHCO started the business in 2017, in order to expand its E-commerce business. The decision to sell the company is part of RHCOs strategic move to be more focused on OkeApp and OkePay, its revolutionary super app and comprehensive back-end Payment Platform. The transaction also accounted for a sizable profit for RHCO.
Earlier this month RHCO announced that the Company had filed its financial statements for the year ending June 30, 2021 with OTC Markets Disclosure & News Service. RHCO reported an increase in Revenues of 42% compared to 2020. The Companys Net Profit also increased by 374% and Net Assets saw an increase of 2919%.
The Annual Report also included the recently completed share buyback program, in which RHCO had repurchased 29,200,000 shares of its Common Stock. The Companys filings also stated several major acquisitions and product launches, including the acquisition of OkePay New Zealand, the launch of its proprietary e-Voucher READIES, the acquisition of French real estate company Quentin Societe, with prime real estate alongside the historic Rhone River and the acquisition of shares in Tianrong Medical Group, Inc. (OTC: TNMD).