Given the inaccurate information provided by CP Group’s Corporate Communications Office in its March 24, 2018 press release
, Red Anchor Trading Corp., the owner of HotNow Inc., would like to clarify the relationship between CP Group, True Corporation, True Incube, Axion Ventures Inc. (AXV) and Red Anchor Corporation.
First, there is no current operational relationship between CP Group, True Corp. True Incube or its affiliates with Red Anchor Trading Corp., or HotNow Inc.
On December 27, 2016, True Incube (an affiliate of True Corp and CP Group) made a Canadian $10 million investment into AXV and now owns 8% of Axion Ventures Inc. (AXV)
. Axion Ventures Inc. (AXV) invests in video games, fintech and other innovative technologies. Subsequently, True Axion Interactive was formed as a joint venture between AXV and True Incube to develop global quality video games with development based in Thailand.
Separately, Axion Ventures Inc. (AXV) invested in and currently owns 15% of Red Anchor Trading, which owns HotNow
. The merchants, advertisers, consumers and gamers in the HotNow network will use HoToKeN as the utility token to access various services available on HotNow. Red Anchor managed the ICO of HoToKeN as part of the Asian growth strategy for the HotNow service.
Therefore, True Incube is an indirect investor in Red Anchor/HotNow. There is no current cooperation between Red Anchor/HotNow and CP Group on an operational basis. Presently, HotNow is one of the most effective consumer marketing platforms in Thailand so it’s natural that retailers large and small will want to join the HotNow network.
Red Anchor is developing an In-Game Advertising platform to be integrated into the HotNow service. Initially, the In-Game Advertising platform will allow the insertion of HotNow network's coupons and ad content into Axion Venture's and True Axion Interactive's various video games. In the future, video games developed by independent studios will also be welcomed onto the In-Game Advertising platform. HoToKeN will be the means by which such In-Game Advertising space can be accessed and by which gamers can unlock or redeem discounts and incentives.
True executives and Axion executives comprise the corporate board of True Axion Interactive. The True Axion Interactive board has discussed the strategic importance of In-Game Advertising/HoToKeN/HotNow for True Axion Interactive's success.
Although there is no current operational cooperation between CP Group businesses and Red Anchor/HotNow/HoToKeN, CP Group’s press release’s claim that “our company, our subsidiaries, and our executives have absolutely no knowledge of or involvement in this ICO” is not factually accurate.
Axion Ventures Inc. (AXV) does appreciate the partnership with True InCube in the formation of True Axion Interactive and appreciates the strategic input of the True executives at True Axion Interactive board meetings. Axion Ventures Inc. (AXV) believes that they did not contribute to the CP Group corporate communications’ inaccurate press release.