JAKARTA, Indonesia, Feb. 9, 2021 /PRNewswire/ -- KinerjaPay Corp (OTCQB: KPAY), a Delaware Corporation, a digital payment and e-commerce platform Company ("KinerjaPay" or the "Company") with its business operations based in Indonesia, today announced that the Company received its payment mechanism in the form of a Letter of Credit (L/C) from its Buyer to ship Coal Grade NAR 3,800 kcal/kg (ARB) to Tianjin Port, China. The Letter of Credit was issued by the Buyer's Bank to the Company's bank at China Construction Bank in Indonesia as a payment guarantee for the shipment of 70,000 Metric Tons Coal Grade NAR 3,800 kcal/kg (ARB) with specifications of Ash Content at 5% ADB rate, Moisture at 34% ARB rate, and Volatile Matter at approximately 40% ADB rate.
The laycan period, usually expressed in the terms of layday and canceling dates, is scheduled to be from 20th February to 28th February 2021, in which the contract must start. The Company has negotiated with local suppliers at East Kalimantan and some local miners to fulfill the required quantity. The Company has also negotiated payment terms with the suppliers which follow the terms specified on the Letter of Credit. The Company expects the loading process to be running smoothly upon its commencement.
The first shipment is worth US$2.1 million based on the contract price for the calorific value of NAR 3,800 kcal/kg. Mr. Edwin W. Ng, the Company's CEO & Chairman, commented "We have prepared the groundworks for the loading to start on 20th February, which will mark our first delivery of Coal to China. As soon as the first shipment is completed, our buyer will immediately schedule another laycan date for the next shipment. Each loading period shall take maximum 2 weeks to complete, with each week delivering minimum 5 flat-bottom barges of 7,000 tons per load." This coal contract is expected to earn in excess of $10 million of operating profit at todays prices for the company. Mr. Ng further commented that "We are starting 2021 hitting on all cylinders as all of our other operations are recovering rapidly. We expect this to be a good year for KPAY shareholders."
KinerjaPay enables consumers to "Pay, Play and Buy" through its secure web portal and mobile applications. Based in Indonesia, the Company provides an easy and convenient payment solution while shopping online at its marketplace platform. With its current omni-channel platform, users can perform various payment services such as credit card bill payment, utility, phone bill, healthcare insurance and direct transfer to anyone at their convenience. KinerjaPay is also planning to launch other eCommerce verticals such as travel market, delivery services, and online gaming in the near future. The Company's services are available through its mobile applications and on its website at www.kinerjapay.com.
Notice Regarding Forward-Looking Statements
This press release may contain forward-looking statements, about KPAY's expectations, beliefs or intentions regarding, among other things, its product development efforts, business, financial condition, results of operations, strategies or prospects. In addition, from time to time, KPAY or its representatives have made or may make forward-looking statements, orally or in writing.
Forward-looking statements can be identified by the use of forward-looking words such as "believe," "expect," "intend," "plan," "may," "should" or "anticipate" or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by KPAY with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of KPAY's authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause KPAY's actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause KPAY 's actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements, including, but not limited to, the factors summarized in KPAY 's filings with the SEC. In addition, KPAY operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. KPAY does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise. Please see the risk factors associated with an investment in our securities which are included in our Annual Report on Form 10-K as filed with the SEC on April 20, 2018 and most recently in our Registration Statement on Form S-1/A filed with the SEC on December 21, 2018, pursuant to which we are offering 300,000 Shares of 11% Series C Cumulative Redeemable Perpetual Preferred Stock at $25.00 Per Share.
For more information, please visit our website http://www.kinerjapay.co. There you will find access to all of our past press releases and SEC filings regarding the activities discussed in this release.
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SOURCE KinerjaPay Corp.