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News - Detailed News Story

Ace Achieve Infocom warns it may be unable to operate as a going concern

10 Apr 2019 09:00

By Nisha Ramchandani

A MEMORANDUM of understanding (MOU) and loan agreement that Ace Achieve Infocom entered into have been terminated after its shares were suspended from trading, with the company warning that it may not be able to operate as a going concern unless it finds replacement funding.

Ace said its board continues to search for one or more new investors to fund its outstanding audit, compliance and other professional fees needed to maintain its listing and compliance status. The company may no longer be able to operate unless replacement funding sources are available to the company to meet its financial obligations, it said.

On Nov 14 last year, Ace had entered into an agreement to receive a loan of S$500,000 from China Tian Ma (TM) Travel Group. The loan agreement was entered into at the same time that it signed an MOU to acquire a 36 per cent stake in online trading and payment-solutions firm GT Dollar from Zhang Bauluo.

Then on Nov 23, Ace's shares were suspended from trading.


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Source: Business Times
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