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HUNTINGTON BEACH, Calif., March 24, 2025 (GLOBE NEWSWIRE) -- UA Multimedia, Inc. (OTC: UAMM), a technology solution provider specializing in information technology, artificial intelligence (AI), and fintech, today announced leadership changes as part of a strategic shift in the Company's direction and vision for the future.
Huan Nguyen, who has served as CEO since 2023, has resigned from the position. In light of this transition, the Board of Directors is pleased to announce the appointment of Nathan Ho as the new CEO of the Company. Nathan Ho, a seasoned executive with extensive experience in fintech, joins UA Multimedia with a proven track record in fintech, blockchain, and AI from his current role as CEO of Onfa Fintech USA (Onfa.io). The Board is confident that Nathan Ho's leadership and strategic vision will guide the Company toward significant growth and innovation.
Additionally, UA Multimedia announces the resignation of Michael Lajtay as the director of the Company. To fill the vacancy left by Michael Lajtay's departure, Professor Thanh (Nicholas) Phan has been appointed as the new sole director of the Company. Thanh Phan brings a wealth of experience across a wide range of industries from his role as Chairman of Mettitech Group and is well-positioned to support the Company's goals as it moves forward.
These changes signify a shift in the leadership structure and control of the Company, positioning UA Multimedia for a new chapter of growth and transformation. The Board is excited about the future under Nathan Ho's leadership and the continued development of UA Multimedia.
"I am honored to take on the role of CEO at UA Multimedia during this pivotal time. With a strong foundation in fintech, blockchain, and AI, I am committed to driving innovation, expanding our market presence, and creating long-term value for our shareholders. This leadership transition marks the beginning of an exciting new chapter, and I look forward to working with our talented team to propel the Company to new heights," commented Nathan Ho.
As part of its new direction, the Company is in the process of changing its name to Mettitech Group Holdings, Inc. and integrating certain assets from the Mettitech conglomerate to strengthen UA Multimedia's position in the global market.
To reduce debt, mitigate potential significant dilution, and better align the Company, management has settled four convertible promissory notes related to the Pascal Software investment, totaling $200,000. Each note holder has agreed to cancel their note in exchange for direct ownership of Pascal Software equity and 1,000,000 restricted common shares of the Company. As a result, the Company's debt is reduced by 70%.