VGrab Enters Into Memorandum Of Understanding To Acquire The DUESEY Coffee and Chocolates Outlets
Vancouver, British Columbia- (July 15, 2019) - VGrab Communications Inc. (OTCQB: VGRBF) (the “Company” or “VGrab”), an OTCQB-listed issuer, is pleased to announce that on July 2, 2019, the Company entered into a Memorandum of Understanding (“MOU”) with Hampshire Motor Group (China) Limited (“HMG”), a related party, to acquire the Duesey Coffee and Chocolates outlets in China and Malaysia (“Duesey Coffee”).
Duesey Coffee is a spinoff brand of Duesenberg. Pursuant to the MOU, the Company will have six months from the signing of the MOU to conduct its due-diligence of Duesey Coffee and to negotiate the terms of the acquisition, which will retain profit sharing arrangements as contemplated under the Cooperation Agreement No:VIL/CA/HMGC/V180625/1 between VGrab and HMG and dated for reference June 25, 2018.
Joe Lim, the President of Vgrab, commented, “The MOU with Duesey Coffee is the first step in our entry into the retail market. We are exploring the global and local sourcing with opportunities to reach millions of coffee consumers within the Coffee Industry. According to coffee market analyses reported, the growth rate of coffee consumption in China is around 20% annually, more than 2% above the global growth rate. Revenue in the China Coffee segment amounts to US$8,214m in 2019. The China market is expected to grow annually by 11.3% (CAGR 2019-2023). We believe this acquisition, if completed, will open many new potential business opportunities for VGrab.”
On behalf of the Board of Directors,
Lim, Hun Beng, President
VGrab Communications Inc.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history; the need to comply with governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.