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Kitchen Culture’s business transformation at risk – funds raised not accounted for

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SINGAPORE, Apr 21, 2022 - (ACN Newswire) - As the single largest shareholder of Kitchen Culture Holdings Ltd. ("Kitchen Culture") with a 21.19% stake, OOWAY Group Ltd. ("OOWAY Group" or the "Group") shares the frustration of many shareholders who raised concerns over matters of internal controls and governance ahead of Kitchen Culture's recent Annual General Meeting held on 18 March 2022.

We are deeply disappointed by the findings of Baker Tilly Consulting (Singapore) Pte. Ltd.'s ("BTC") latest report which confirm our worst fears regarding the shocking matters of concern which were first revealed in June 2021 after Kitchen Culture's Audit Committee engaged BTC to review its internal controls.

In August 2020, Kitchen Culture entered into a sale and purchase agreement and a shareholder's agreement with OOWAY Group to acquire a 30% equity stake in OOWAY Technology Pte. Ltd. ("OOWAY Technology") at a purchase consideration of S$23.92 million (the "Purchase Consideration") to be satisfied by way of the allotment and issue of 90,000,000 new ordinary shares in the capital of Kitchen Culture at an issue price of S$0.2658 per ordinary share ("Acquisition").

Mr Liu Yanlong, representative for OOWAY Group, said, "We welcomed Kitchen Culture as a strategic investor in OOWAY Technology given the mutual benefits of the acquisition, which was in line with Kitchen Culture's diversification strategy and OOWAY Group's expansion in the ASEAN region. OOWAY Group provided an opportunity for Kitchen Culture to leverage our network and capabilities, as well as to participate in the significant growth potential of Big Data analytics and Artificial Intelligence."

Kitchen Culture's diversification strategy was crucial as it had long suffered from recurring losses and negative operating cash flow from its core business as a kitchen solutions provider for 8 years and was in a dire state at the time of the acquisition.

The combination of the newly raised funds and OOWAY Technology's gilt-edge technical capabilities would have provided new engines for growth and hastened the return to profitability for Kitchen Culture.

Prospective investors present at OOWAY Group-led investment roadshows, eventually took up equity in Kitchen Culture, with the expectation of the game-changing business diversification through the acquisition of OOWAY Technology. Unfortunately, the raised capital has not materialised into any effort in business transformation.

Instead, we are deeply disappointed with the findings of the BTC report, which revealed that the gaps in Kitchen Culture's financial operating procedures led to[2]:

- Risk of misuse of Kitchen Culture's funds
- Risk of unauthorised use of proceeds obtained from the S$19.23 million of funds raised
- Risk of diversion of raised funds to purposes outside business diversification purposes
- Risk of questionable debt repayments to third parties
- Lack of independence and checks and balances in approving and processing payments
- Lack of accountability and traceability over entertainment expenses
- Lack of documentation for personnel hiring and pay increments
- Inappropriate operating structure involving multiple family members as management staff

These risks which were unknown to us prior to the acquisition have had a major impact on our growth plans as ongoing audits, investigations and lawsuits require significant time and resources, a challenging situation further compounded by the historical losses. Furthermore, Kitchen Culture has suffered reputational damage as a result of these issues.

Kitchen Culture's last traded price of S$0.08 per share marks an unrealised loss of close to 70% or S$16.72 million for the OOWAY Group following the completion of the acquisition. On the other hand, OOWAY Technology's value has remained stable during this period, which is also Kitchen Culture's key asset. As OOWAY Technology continues its development and making encouraging progress to grow its business, the long-term value of Kitchen Culture's stake in OOWAY Technology remains fundamentally intact.

Mr Liu added, "As a shareholder of Kitchen Culture, we have sustained significant losses, but we remain committed to growing our business together with Kitchen Culture and intend to provide the funding support needed in the near term to allay going concern issues."

The latest BTC report has identified S$7.22 million as "unmatched". This is a staggering sum and OOWAY Group hopes that the Management of Kitchen Culture investigates further to get to the bottom of this issue, so that any and all discrepancies will be ultimately accounted for to shareholders.

The Commercial Affairs Department (CAD) has recently requested for copies of the BTC reports for further review and investigation. We call on the new Board of Kitchen Culture to continue its relentless efforts to strengthen internal controls and implement BTC's recommendations without delay and to cooperate with the CAD to leave no stone unturned in fully resolving all outstanding issues, so we can lead the company in business transformation again.

Our confidence in Kitchen Culture's new Board to safeguard the interests of shareholders remains strong, but it must work hard to rebuild long-term value for Kitchen Culture and its shareholders.

BTC's Schedule of Matched and Unmatched Expense Items[3]
https://www.acnnewswire.com/docs/Multimedia/Low_OOWAY20220421.jpg

General Announcement:: UPDATE ON REVIEW BY BAKER TILLY CONSULTANCY (SINGAPORE) PTE. LTD. https://bit.ly/386bU8i
General Announcement:: ASSISTANCE IN THE REVIEW BY THE COMMERCIAL AFFAIRS DEPARTMENT https://bit.ly/3jWNY9U

[1] "Unmatched" refers to situations with any of the following criteria:
- Expenses cannot be traced to the bank statements
- Details of expenses cannot be traced to the underlying supporting documents
- Description of the expenses on the supporting document is not in line with the categories of utilisation as stated in Kitchen Culture's schedules
[2] These risks and gaps reflect the summary of findings listed in Kitchen Culture's response to SGX queries on 12 July 2021
[3] Rounded up to two decimal points

About OOWAY Technology Pte. Ltd.

OOWAY Technology is a big data AI technology company which uses innovative applications to creatively design intelligent digital products and models used in multiple fields. It does so by forming a closed loop of the entire process which includes data collection, model analysis, and intelligent applications.

OOWAY's development of an advanced technology platform - DIGIT (Digital Innovation of Global Integrated Trade) propels it to leading the way in a new era of B2B trading 4.0. By integrating the vitality of global trading businesses with emerging digital technologies, OOWAY's credit 3.0 technology is combined to construct a smart platform that ensures the authenticity and credibility of global trade whilst reducing costs, increasing efficiency and facilitating trade in a more reliable fashion. OOWAY brings to users the 5S operating framework, pushing out a new form of Ultimate Trade (UT). This has enabled global trade to evolve towards a new stage of standardization and intelligence.

Issued by OOWAY Group Ltd.

Media Contact:
Email: service@ooway.com

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comAs the single largest shareholder of Kitchen Culture Holdings Ltd. ("Kitchen Culture") with a 21.19% stake, OOWAY Group Ltd. ("OOWAY Group" or the "Group") shares the frustration of many shareholders who raised concerns over matters of internal controls and governance ahead of Kitchen Culture's recent Annual General Meeting held on 18 March 2022.

Layerzero Labs Secures $135 Million to Bolster Cross-Chain Interoperability – Finance Bitcoin News

Layerzero Labs, the agency behind the interoperability protocol Layerzero, has revealed the corporate has raised $135 million in a Series A+ finance spherical led by Andreessen Horowitz (a16z), FTX Ventures, and Sequoia Capital. The new financing brings Layerzero Labs’ total valuation to $1 billion and the funds might be leveraged to develop cross-chain decentralized functions […]

The post Layerzero Labs Secures $135 Million to Bolster Cross-Chain Interoperability – Finance Bitcoin News appeared first on Bitcoin Upload.

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Tag Template - News Hub PRO CoinGenius Hosts Virtual Crypto Event The Road To Mass AdoptionPRESS RELEASE. Fast-growing blockchain protocol Ariva was highlighted as one of the key drivers of blockchain technology in the tourism sector at the Blockchain For Travel Summit held in Dubai on March 26, 2022. A gathering of key stakeholders in the tourism sector for blockchain ‘’The Global Tourism Forum Blockchain for Travel Summit’’ was organized […]

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Queen of Pop Becomes a Metaverse Material Girl — Madonna Buys Bored Ape for $564KThe ‘Queen of Pop,’ Madonna has revealed she has “entered the metaverse” after she acquired the non-fungible token (NFT) collectible Bored Ape #4988. According to onchain data, Madonna’s Bored Ape #4988 was purchased for 180 ether or $564K at the time of settlement. Madonna Says She ‘Finally Entered the Metaverse’ Madonna is the latest celebrity […]
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Top Ethereum Gaming Altcoin Erupts After $1,700,000,000 Treasury Plans Are Unveiled

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A popular play-to-earn metaverse altcoin built on Ethereum is seeing significant gains after project developers revealed plans for community governance. In a new blog post, Axie Infinity (AXS) highlights the game’s tremendous growth over the past year and announces long-term plans to implement what it calls “progressive decentralization” to empower the community. “Players deserve ownership […]

The post Top Ethereum Gaming Altcoin Erupts After $1,700,000,000 Treasury Plans Are Unveiled appeared first on The Daily Hodl.

Resolving The Latency Dilemma Of Blockchain Technology

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Blockchain technology and the vivid range of products and services built upon it are touted as the “key drivers” of the next wave of innovation across the traditional and digital ecosystems. The transition from Web2 to Web3 is happening faster than ever, as is evident from the growing popularity of blockchain-native applications. In the last […]

Polygon Launches Mobile Burning Capabilities for $MATIC Tokens

Polygon (MATIC) Technical Analysis

Ethereum layer scaling solution Polygon has announced the launch of a mobile burning mechanism for its native $MATIC token. While Polygon revealed its MATIC burning console weeks ago, the company has recently launched an integrated build for its mobile app which is now available for Polygon’s mobile wallet suite. “Burning MATIC tokens is an amazing way to help contribute to the MATIC ecosystem, and by our estimates we may burn around 0.27% of total supply per year,” the announcement release stated. You can now support the #Polygon ecosystem and burn $MATIC tokens on your mobile. Why burn? ⚖ Deflationary tokens are good for all⛽ Predictable gas prices for your transactions👛 Better value for validators and delegators Check out now 👇https://t.co/qK7XD5jd0Q — Polygon Developers 💜 (@0xPolygonDevs) March 25, 2022 MATIC tokens deflationary characteristics will induce more burning for more tokens, and will provide a balance for the protocol that will result in better predictions in terms of gas prices. This is because token burns and smart contract implementations ensure that the gas prices do not fluctuate above a specific level. In addition to the mobile burning capabilities, users can also use the Polygon Token Lists to check out investment opportunities while also providing token creators with a platform to be visible to the crypto market they are aiming to serve.

The post Polygon Launches Mobile Burning Capabilities for $MATIC Tokens appeared first on Cryptoknowmics-Crypto News and Media Platform.

Polygon Launches Mobile Burning Capabilities for $MATIC Tokens

Polygon (MATIC) Technical Analysis

Ethereum layer scaling solution Polygon has announced the launch of a mobile burning mechanism for its native $MATIC token. While Polygon revealed its MATIC burning console weeks ago, the company has recently launched an integrated build for its mobile app which is now available for Polygon’s mobile wallet suite. “Burning MATIC tokens is an amazing way to help contribute to the MATIC ecosystem, and by our estimates we may burn around 0.27% of total supply per year,” the announcement release stated. You can now support the #Polygon ecosystem and burn $MATIC tokens on your mobile. Why burn? ⚖ Deflationary tokens are good for all⛽ Predictable gas prices for your transactions👛 Better value for validators and delegators Check out now 👇https://t.co/qK7XD5jd0Q — Polygon Developers 💜 (@0xPolygonDevs) March 25, 2022 MATIC tokens deflationary characteristics will induce more burning for more tokens, and will provide a balance for the protocol that will result in better predictions in terms of gas prices. This is because token burns and smart contract implementations ensure that the gas prices do not fluctuate above a specific level. In addition to the mobile burning capabilities, users can also use the Polygon Token Lists to check out investment opportunities while also providing token creators with a platform to be visible to the crypto market they are aiming to serve.

The post Polygon Launches Mobile Burning Capabilities for $MATIC Tokens appeared first on Cryptoknowmics-Crypto News and Media Platform.

Polygon Launches Mobile Burning Capabilities for $MATIC Tokens

Polygon (MATIC) Technical Analysis

Ethereum layer scaling solution Polygon has announced the launch of a mobile burning mechanism for its native $MATIC token. While Polygon revealed its MATIC burning console weeks ago, the company has recently launched an integrated build for its mobile app which is now available for Polygon’s mobile wallet suite. “Burning MATIC tokens is an amazing way to help contribute to the MATIC ecosystem, and by our estimates we may burn around 0.27% of total supply per year,” the announcement release stated. You can now support the #Polygon ecosystem and burn $MATIC tokens on your mobile. Why burn? ⚖ Deflationary tokens are good for all⛽ Predictable gas prices for your transactions👛 Better value for validators and delegators Check out now 👇https://t.co/qK7XD5jd0Q — Polygon Developers 💜 (@0xPolygonDevs) March 25, 2022 MATIC tokens deflationary characteristics will induce more burning for more tokens, and will provide a balance for the protocol that will result in better predictions in terms of gas prices. This is because token burns and smart contract implementations ensure that the gas prices do not fluctuate above a specific level. In addition to the mobile burning capabilities, users can also use the Polygon Token Lists to check out investment opportunities while also providing token creators with a platform to be visible to the crypto market they are aiming to serve.

The post Polygon Launches Mobile Burning Capabilities for $MATIC Tokens appeared first on Cryptoknowmics-Crypto News and Media Platform.

Luxury Italian Retailer Michele Franzese Moda Reveals Fashion Brand Accepts Crypto Payments

Luxury Italian Retailer Michele Franzese Moda Reveals Fashion Brand Accepts Crypto PaymentsThe Italian luxury brand Michele Franzese Moda has announced the firm is accepting crypto assets for payments. The company revealed the decision via Michele Franzese Moda’s online magazine in an article called “Its Time for Crypto.” Italian luxury Brand Michele Franzese Moda Says ‘Its Time for Crypto’ According to the company’s fashion news blog, […]
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