VANCOUVER, British Columbia, Canada – VGrab Communications Inc. (the “Company” or “VGrab”), an OTCQB-listed issuer, is pleased to provide its shareholders with an update to the news release issued on July 15, 2019, in which the Company announced its intention to acquire the Duesey Coffee and Bistro outlets in China and Malaysia.
The Company has had advanced negotiations with each individual outlet and anticipates the entry into definitive agreements within the coming weeks.
VGrab Communications Inc. entered into a Memorandum of Understanding with Hampshire Motor Group (China) Limited (“HMG”), a related party, to acquire the Duesey Coffee and Chocolates outlets in China and Malaysia (“Duesey Coffee”) on July 15, 2019.
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.