Flourish City Development’s AGWD becomes the first Digital Asset Token Offering approved by CEZA
PHILIPPINES / July 16, 2019
FLOURISH CITY DEVELOPMENT LIMITED (“FCD”) today announces that AGWD is the first asset-backed token approved by Cagayan Economic Zone Authority (“CEZA”) and Asia Blockchain and Crypto Association (“ABACA”) under CEZA’s Digital Asset Token Offering (“DATO”) Rules. The AGWD tokens will be offered to accredited investors and will be traded on Cryptosx Digital Assets Exchange (“Cryptosx”) licensed by CEZA.
FCD is a leading plantation owner, developer and producer of agarwood, oud oil, and related products. Agarwood is a fragrant dark resinous wood used in incense, perfume, Chinese medicine and small carvings. First-grade agarwood is one of the most expensive natural raw materials in the world.
FCD is planning to raise USD4.9 million from the sale of 40 million AGWD tokens. Each AGWD token is backed by one common share of FCD. The net proceeds will be used to expand and develop FCD’s agarwood plantation.
Mr Simon Choi, the CEO and Director of FCD, is excited for the launch of AGWD tokens. “The current global market for agarwood is valued at about USD8 billion and growing rapidly from unmet and increasing demand. The oud oil extracted from agarwood is well known as ‘liquid gold’ and is highly coveted by many industries, forcing prices to rise in excess of 16% per annum. We believe through investing in AGWD tokens, investors will help write history and be able to leverage blockchain technology to benefit from our agarwood business.”
FCD believes the listing of AGWD tokens will be transformational for its business and help strengthen its leadership role in biotechnology and the development of agarwood while enlarging its investment portfolio at the same time.
About Cagayan Economic Zone Authority (CEZA)
CEZA is a government-owned and controlled corporation created by virtue of Republic Act No. 7922, mandated by law to develop and manage the Cagayan Special Economic Zone & Free Port in the Philippines. On May 21, 2018, CEZA announced the launch of its “Crypto Valley of Asia” and Financial Technology Solutions Business Enterprise (FTSBE) and Offshore Virtual Currency Exchange (OVCE) License program. This license allows foreign companies to operate an FTSBE and/or OVCE in this jurisdiction under a protected and recognized regulatory framework.
About Asia Blockchain and Crypto Association (ABACA)
ABACA has been granted Self-Regulatory Organization (SRO) Status by CEZA as the governing Business Association for all FTSBEs, OVCEs and Authorized Service Providers (ASPs) in the “Crypto Valley of Asia.” Together, they will form a Regulatory Advisory Panel composed of foreign and local subject matter experts. This panel will provide guidance and promote global best practices in the dynamic and evolving space of Blockchain/DLTs, Digital/Virtual Assets and FinTech. ABACA will also serve as CEZA’s Policy and Regulatory Research Center.
About Cryptosx Digital Assets Exchange (Cryptosx)
Cryptosx is a wholly-owned subsidiary of First Bullion Holdings, Inc. (“First Bullion”) which is a Principal License holder under CEZA’s “Financial Technology Solutions and Offshore Virtual Currency Exchange” program. Cryptosx is a next-generation digital assets exchange which will focus on the issuance, trading and management of asset-backed tokens. First Bullion is a reputable Asia-focused investment hub, and its investment portfolio includes licensed banks, lending companies, remittance companies and crypto businesses.
About Flourish City Development Limited (FCD)
FCD is a biotechnology company led and managed by a team of experts and professionals in agriculture, plantation management and biotechnology development. The main plantation of FCD is agarwood trees in Cambodia. FCD is actively working with various product manufacturers to produce goods using oud material or oud oil products.
The statements in this press release constitute forward-looking statements based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, such forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Potential risks and uncertainties include, but are not limited to, technical advances in the industry, as well as political and economic conditions, present within the industry. We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made.