Karachi April 13 2023: Avanceon Limited (AVN) hereby informs you that the Board of Directors of AVN has approved through circulation dated 13 April 2023 the disposal, sale, transfer and assignment, all right, title and the Partnership Interest in Avanceon LP, a Pennsylvania USA limited Partnership, according to company filing to the exchange.
In pursuant of section 183 of the Companies Act, 2017 and subject to the grant of all approvals and consents, as required under law, Octopus Digital Inc. Pennsylvania USA (formerly Engro Innovative, Inc.), is a “Special Purpose Vehicle company” (SPV) (Invest company), a wholly owned subsidiary of Avanceon FZE Dubai UAE, which is in ultimate turn is the wholly owned subsidiary of Avanceon Limited Pakistan, which holds 25.0656% of the Limited Partnership Percentage Interest (the “Partnership Interest”), in, Avanceon LP, a Pennsylvania USA limited Partnership (the “Company”), and holds 25.0656% Percentage Interest in GP (the “GP Interest,”), hereby withdraw from the “Company and GP”, sells, transfers and assigns to the Company, all right, title and interest in and to the Partnership Interest.
The stake was sold in consideration of One Million Five Hundred Thousand Dollars ($1,500,000) and the transfer of rights of trademark and/or service mark/brand “AVANCEON” to Octopus Digital Inc. Pennsylvania USA (formerly Engro Innovative, Inc.) the SPV, ultimately to its parent company “Avanceon FZE Dubai UAE”, in the territories forming part of the world other than United States, Canada or Mexico (“North America”).
