AB INTL GROUP Announces Warrant Termination and Release Agreements Executed

NEW YORK, Dec. 02, 2020 (GLOBE NEWSWIRE) — AB International Group Corp. (OTCQB: ABQQ), an intellectual property (IP) and movie investment and licensing firm, today announced that on November 23, 2020, it entered into a Termination and Release Agreement with Armada Capital Partners LLC (“Armada”), a Delaware limited liability company. Pursuant to the agreement, the parties agreed to terminate the warrant issued in favor of Armada to purchase 4,200 shares of our common stock for a payment of $20,000. The parties also entered into a mutual release of claims. On November 30, 2020, it entered into a Termination and Release Agreement with Crown Bridge Partners, LLC, (“Crown”), a New York limited liability company. Pursuant to the agreement, the parties agreed to terminate the warrants, dated January 8, 2020 and July 23, 2020, issued in favor of Crown to purchase an aggregate of 9,720 shares of our common stock for a payment of $75,000. The parties also entered into a mutual release of claims.
On December 1, 2020, pursuant to the agreements, the Company has payments of $95,000 cash for the surrender and cancellation of the warrants previously issued by the Company as part of convertible notes, that is all unexercised warrants. Therefore, the Company decided to abandon the corporate action to increase the Company’s authorized common stock, and will not increase its authorized common stock at this time.“We are excited to execute the Termination and Release Agreements as we continue to optimize the Company’s capital structure for our stockholders, we will have no more such cashless warrants diluting our stock,” said Chiyuan Deng, Chief Executive Officer.About AB International Group Corp. 
AB International Group Corp. is an intellectual property (IP) and movie investment and licensing firm, focused on acquisitions and development of various intellectual property. We are engaged in the acquisition and distribution of movies. The Company has a Patent License to a video synthesis and release system for mobile communications equipment, in which the technology is the subject of a utility model patent in the People’s Republic of China. The Company engages highly anticipated video streaming service, targeting global multi-billion dollar and growing video streaming industry. The online service will be marketed and distributed around the world under the brand name ABQQ.tv. ABQQ.tv is expected to generate a new and profitable revenue stream immediately following its launch derived from its hybrid subscription and advertising business model.