AABB - Asia Metals Upgrades Annual Gross Profit Target To $16M With Historic High Production Expected In Consecutive Quarters

LAS VEGAS, Dec. 01, 2020 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (OTC : AABB), through its wholly owned subsidiary Asia Metals Inc., announced today that the Company achieved record high production and gross profit for the third quarter ended September 30, 2020, with the expectation of surpassing the third quarter benchmark in the fourth quarter. Utilizing the new production facilities that began operating early this year at the mine in Guerrero, Mexico, Q3 was the first full quarter of production to capitalize on the new higher daily throughput levels and metals extraction efficiencies. Additionally, supplemental production equipment was integrated into the facilities near the close of Q3 that has been in full operation in Q4. AABB is anticipating a three-fold increase in gold production levels in 2020 from the Company’s added operational capacity.

Furthermore, economic conditions in 2020 have created strong and unprecedented fundamentals for gold producer equities. The economic volatility, uncertainty and inflationary effects of the Coronavirus pandemic have launched gold and gold producers into a significant growth phase. Additionally, the weakness of the oil market in 2020 has elevated the gold-to-oil ratio to all time highs contributing to lower production costs and increased profit margins for gold producers. Based on the operating results to date for the fourth quarter of 2020, AABB is updating its annual gross profit budget and is projecting it to exceed $16 million in 2020.

Asia Broadband Inc. (OTC : AABB), through its wholly owned subsidiary Asia Metals Inc., is a resource company focused on the production, supply and sale of precious and base metals, primarily to Asian markets. The Company utilizes its specific geographic expertise, experience and extensive industry contacts to facilitate its innovative distribution process from the production and supply of precious and base metals in Guerrero, Mexico, to our client sales networks in Asia. This vertical integration approach to sales transactions is the unique strength of Asia Broadband and differentiates the Company to its shareholders.

Forward-Looking Statements are contained in this press release within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Asia Broadband Inc.’s (the “Company”) expected current beliefs about the Company’s business, which are subject to uncertainty and change. The operations and results of the Company could materially differ from what is expressed or implied by the statements made above when industry, regulatory, market and competitive circumstances change. Further information about these risks can be found in the annual and quarterly disclosures the Company has published on the OTC Markets website. The Company is under no obligation to update or alter its forward-looking statements as future circumstances, events and information may change.