True North Energy Corporation (OTC:TNEN) has been committed to identification, acquisition and development of oil and gas properties. TNEN also has a subsidiary in the Oil and Gas sector, TN Energy Corp, a Texas Corporation, which holds sovereign interests on oil and gas properties located in Colorado and Oklahoma.
Recently, True North has expanded with the acquisition of Box 23 Ltd. back in 2019 and its subsidiary 51%, 3 Store Web Srl, which acts as the exclusive seller of SIM cards and services authorized by Wind Tre SPA, owned by Hutchison Whampoa Limited, Fortune Global 500 company. From this, True North signed a Research and Services Agreement with MEDICI Global, to support the market & business research for a Neobank in Europe. This initiative will capitalize on its existing user acquisition capability, from the acquisition of Box 23, adding to the 35 employees of True North.
However, during the COVID_19 pandemic, Box 23 Ltd. went dormant, and stayed that away until 2 weeks ago in Mid July when filings from “Companies House” in the United Kingdom showed that Box 23 Ltd. was reinstated and activated.
First, the “Restoration Application” was filed in July.
Following that, on July 16 the restoration/reactivation filing was filed and approved.
In a recent release, the company hinted that a number of new US based subsidiaries will be set up, beyond the Box23 acquisition, which is a international subsidiary. The company had the following to say,
In conjunction with this geographical division, Mr. Michele Antonicelli, a noteholder of $400,000 in the Company, has agreed to waive payment of this existing debt to allow for equity opportunities for capital raises benefiting the new to be formed US subsidiaries.
So the question is asked, what are and will be these new US based subsidiaries? Well, let’s look at a already active subsidiary of TNEN, based in Italy.
3Store Web Srl – 51% owned by TNEN
From their official website, https://www.windtre.it/ , they expand on their 5g network.
We cover 94.8% of the Population in 5G FDD DSS mode, and 33.3% in 5G TDD mode. The covers are overlapping.
5G FDD DSS technology allows you to dynamically use the same FDD spectrum for both 4G and 5G connections. The network intelligently and quickly chooses between 4G and 5G based on the type of terminal and the offer subscribed by the customer.
The question still remains, what will be the new US based subsidiaries, and in what domain of FINTECH will they focus on? They company planned to release in 2020 its first FINTECH offering in the form of a Neobank, as stated below.
Now investors will have to wait to see if they continue with their original plans of releasing their own NeoBank, or if the new US based Subsidiaries will take a new approach within FINTECH or the 5g network route, as with their Italian subsidiary. This is all in addition to their portfolio of Oil and Gas assets in North America.
We can see from their recent filing that they actually have a significantly large position of assets, far greater than one would expect for a low float stock that is trading under a penny.