Quarterly Activities Report
Sydney, July 29, 2022 AEST (ABN Newswire) - GoConnect Limited (
NSX:GO8) continued to derive income from sale of investment. However, in the June 2022 quarter, GO8 withheld further sale pending the generation of revenue from a number of investments held by Go Green Holdings Ltd. Go Green Holdings Ltd co-founded by GO8 is expected to generate its own revenue and profits during the next 12 months and will then be in a position to distribute dividends to its shareholders including GO8. Nevertheless, GO8 generated $75,000 of Go Green Holdings share sale revenue after 30 June 2022.
GO8 continues to be supported, when required, by Sino Investment Services Pty Ltd with unused credit facility at the end of the June 2022 quarter. The unused credit facility together with the company's ability to generate income from investment will be more than sufficient to cover GO8's future expenses.
GO8 Group investment and business portfolio
Together with its 43.7% owned associate Go Green Holdings Ltd ("GGH"), which GO8 cofounded in late 2015 ("the Group"), the Group actively manages and operates a number of high growth businesses and investments. These include: plant based meat sales and marketing (wholly owned by GGH), antiviral and anti-inflammatory drug development for treatment of Covid-19 via Covirix Medical Pty Ltd (about 25% owned by GGH), GGH's celebrity product endorsement and representation, crypto investment via GGH's holding in Zucoins (40,000 Zucoins owned directly by GGH, and 80,000 Zucoins owned by Covirix Medical), and development of Augmented Reality Hologram Chat technology (80% owned by GGH), a unique communication platform being developed for the Metaverse. Each of these businesses and investments has significant growth prospects and can be expected to generate long term substantial enterprise value for the Group. Covirix Medical is planning to seek a stock exchange listing. The plant based meat sales and marketing business is in partnership discussion with the aim to establish an Australian partnership via Natures Inspired Food Services Pty Ltd which is currently wholly owned by GGH.
*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/S1L8493I
About GoConnect Limited
GoConnect Limited (NSX:GO8) has been established since August 1999 as a media communications company. Since 1999 and until 2015 when it co-founded Go Green Holdings, its core business specialised in the online delivery of interactive audio and video contents via its unique and proprietary technology.
Since 2015, GoConnect has transformed itself to an active investment company developing businesses that can leverage on the Company's expertise and long experience in communications technology and marketing.
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