Readen Holding Corporation (OTC PINK: RHCO), a Venture Capital Corporation focused on the Fintech, Online Payment, and E-commerce sectors, today announced the cancellation of its previously planned acquisition of a 9% stake in Excellentaste International Group Limited in Hong Kong (hereinafter “Excellentaste International, Chinese brand known as 良糧國際).

The acquisition plan was initially announced in February 2024. However, after comprehensive due diligence, RHCO has decided to withdraw from the acquisition. Despite the initial excitement and strategic alignment identified, the due diligence process revealed several factors that led to this decision. RHCO prioritizes transparency and rigorous evaluation in all its investments to ensure long-term value creation for its shareholders.

Ridzky Berg, CEO of RHCO stated, “While we were enthusiastic about the potential synergies between our online retail subsidiaries Neckermann Direct, Two Percent, and Excellentaste International, our thorough due diligence process is critical to safeguard our shareholders' interests. It is essential that we remain prudent and selective with our investments. We are confident that this decision aligns with our commitment to maintaining the highest standards of financial integrity and operational excellence.”

RHCO continues to seek strategic opportunities that align with its growth objectives and business model. The company remains dedicated to expanding its footprint in the Fintech, Online Payment, and E-commerce sectors and leveraging innovative solutions to enhance its market presence.