Sat, 28 Nov 2020

KUALA LUMPUR / ACCESSWIRE / October 27, 2020 / Greenpro Capital Corp. (NASDAQ:GRNQ) today announced that it has signed a Letter of Intent on October 21, 2020 with Adventure Air Race Company Limited, a company incorporated in Hong Kong, in cooperation to promote the World Championship Air Race ('WCAR') which is a new international world championship air racing series to be sanctioned by the Federation Aeronautique Internationale ('FAI').

Greenpro intends to raise US$ 5 million via a private placement to fund the business development and the preparation for the upcoming World Championship Air Race ('WCAR') for the proposed 2021/22 air race events in Saudi Arabia, Egypt, Australia, India, China, South Africa, United Kingdom, France and other countries included in the Racing Calendar for the upcoming racing season.

WCAR is not simply the fastest motorsport on the planet, but will evolve into the ultimate proving ground for future competitive air racing, urban air mobility, and clean technology. The World Championship Air Race as a global sporting series will be at the cutting edge, as the industry and aviation technology transforms over the coming years.

WCAR is working to secure a racing sanction from the FAI who will also provide sporting governance and safety oversight for the racing events. WCAR intends to enter into a long term agreement with FAI which will allow exclusivity on air racing of all forms of piloted air vehicles flown on a track consisting of air gates, which will allow WCAR to shape and define the future of this format of air racing giving investors, sponsors and event partners confidence in the series. WCAR has an Electrication Strategy for its race planes in place and will actively push the inclusion of eVTOL (Electric Vertical Take Off and Landing) aircraft and Jetpack/Gravity Suit racing into the air sports, with as future inclusion of an Original Equipment Manufacturer (OEM) competition in the racing series. Hence, WCAR will also serve as a R&D (Research and Development) platform for technology and innovation.

Alongside safety, environmental sustainability is a strategic driver at the heart of shaping WCAR organizational values and behaviour. WCAR will follow a three-step strategy to achieve a net zero carbon footprint: effective measurement of carbon output, prioritising reduction of the footprint and offsetting remaining unavoidable emissions. WCAR is a signatory of the Sports for Global Climate Action Declaration as set out by the UN Framework Convention on Climate Change (UNFCCC). WCAR will commit to promote greater environmental responsibility; reduce overall climate impact; educating for climate action; promote sustainable and responsible consumption; and advocating for climate action through communication.

WCAR will undertake Corporate Social Responsibility (CSR) program in organizing STEM (Science, Technology, Engineering, and Mathematics) programmes to reach back to support society and the sporting communities. WCAR will organize an Aviation Tech Village as an innovation hub which will host displays and an exhibition of aviation technology in every race event in the Host City, as a platform to promote awareness and active participation in aviation.

To inspire the next generation in participating in aviation, WCAR will initiate the WCAR Academy which will offer ambitious young pilots the chance to learn from champion pilots to become eligible to participate in WCAR in the future, and to refine their flying skills into an art.

A major change to the Air Race will be 'festivalization' of the sporting event in the host city. WCAR will organize its signature 'Hanger Stage' to hold high profile open-air concerts and entertainment over the race weekend. WCAR will team up with global promoters to secure world class performers relevant to each local audience. Festivalization will add value to the racing event and elevate the profile of each host city and sponsors as well as offering more enjoyment to the spectators.

WCAR will become a high profile global sporting and entertainment event which will allow sponsors and partners to enhance their global image and shape consumer attitudes, driving sales and perception. Aligning with green tech innovators will shape the future of urban air mobility and aviation. Through this platform WCAR will heighten visibility and create positive publicity differentiating itself from competitors, building a global reach and reputation for the company and all stakeholders.

Greenpro CEO CK Lee said, 'We are very excited and honored to be part of this World Championship Air Race event which will bring GRNQ to another level of world class branding within this partnership. We are looking forward to working with Michael Leung, Chris Brazendale, Alex Brazendale, Willie Cruickshank, Alan Miller and the team from WCAR for a successful season and to help list the company on a mainboard stock exchange in the future.'

Please see the exciting video: https://www.youtube.com/watch?v=yxxgrrkFALk

About Adventure Air Race Company Limited

Aventure Air Race Company Limited ('AARC') is a company incorporated in Hong Kong especially to organize the World Championship Air Race ('WCAR') series. AARC has received the FAI sanction for the new series of WCAR seeking to improve and enhance the racing series for the future. WCAR will actively push the inclusion of electric powered aircraft and eVTOL (Electric Vertical Take Off and Landing) aircraft into the sport. AARC's CSR missions will include promotion of interest in aviation to the next generation and enhancing worldwide peace and harmony through international air sporting events.

About Greenpro Capital Corp.

Headquartered in Kuala Lumpur, Greenpro Capital Corp. (Nasdaq: GRNQ), a Nevada corporation, with strategic offices across Asia, is a business incubator with a diversified business portfolio comprising finance, technology, banking, CryptoSx for STO's, health and wellness and fine art. With 30 years of experience in various industries, Greenpro has been assisting and supporting businesses and High-Net-Worth-Individuals to capitalize and securitize their value on a global scale through the provision of cross-border business solutions, spinoffs on major stock exchanges and accounting outsourcing services to small and medium-size businesses located in Asia. The comprehensive range of cross-border business services include, but are not limited to, trust and wealth management, listing advisory services, transaction services, cross-border business solutions, record management services, accounting outsourcing services and tax advisory services. We also operate venture capital businesses, including business development for start-ups and high growth companies, covering finance, technology, FinTech, and health and wellness. For further information regarding the Company, please visit http://www.greenprocapital.com.

Forward-Looking Statements This press release contains forward-looking statements, particularly as related to, among other things, the business plans of the Company, statements relating to goals, plans and projections regarding the Company's financial position and business strategy. The words or phrases 'plans,' 'would be,' 'will allow,' 'intends to,' 'may result,' 'are expected to,' 'will continue,' 'anticipates,' 'expects,' 'estimate,' 'project,' 'indicate,' 'could,' 'potentially,' 'should,' 'believe,' 'think,' 'considers' or similar expressions are intended to identify 'forward-looking statements.' These forward-looking statements fall within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of local, regional, and global economic conditions, the performance of management and our employees, our ability to obtain financing, competition, general economic conditions and other factors that are detailed in our periodic reports and on documents we file from time to time with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.

Gilbert Loke, CFO, Director|
Greenpro Capital Corp. Email: ir.hk@greenprocapital.com
Phone: +852-3111 7718

Contact Dennis Burns. Investor Relations.
Tel (567) 237-4132
dburns@nvestrain.com

SOURCE: Greenpro Capital Corp.



View source version on accesswire.com:
https://www.accesswire.com/612422/Greenpro-to-Invest-in-Adventure-Air-Race-Company-Limited-for-the-World-Championship-Air-Race-Events

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