Vancouver, BC , Nov. 25, 2022 (GLOBE NEWSWIRE) — RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2) (the “Company”) is pleased to announce that it has signed a mutual Business Development agreement on November 25th, 2022, in which the potential Acquirers and the Company agree to a future joint strategy should the equity investment conclude favorably. The addendum is a continuance of negotiations concerning the October 14th, 2022, term sheet defining a potential share equity acquisition by a European Financially Regulated entity allied to a UAE Based Financial Consultancy firm. Under the terms of the agreement, if fruitful, it may result in a change of control as specified in the SECURITIES ACT [RSBC 1996] CHAPTER 418 – Part 1. The Company issues the current news release in conformity with policy 85, sections A and C of the SECURITIES ACT as it pertains to “Continuous Disclosure.”
About the Business Development Agreement
The negotiations continue to progress favorably. Today’s Business Development Agreement projects a defined mutual understanding and future strategy should the Equity Investment occur. The parties have agreed to a comprehensive 2-year plan to initiate on the day of the eventual equity acquisition. The agreement includes but is not limited to the speedy expansion of numerous financial sectors in which the Company already has an operational presence, including centralized compliance fulfillment of KYC (“Know Your Customer”) and AML (“Anti Money Laundering”) for all adjoined users. Growth of financial intermediation in various industries is also planned, such as Financial-on-Ramps, Virtual Asset Management & Custody, Expanded E-Commerce, Expanded Family Remittances, Payroll Services, Banking as a Service, Payment Settlements, Expanded Forex services, and other business avenues. Other sectors, such as Gambling and Betting, while RevoluBET is still unreleased, would pursue a quick involvement in the financial movements associated with this sector. The agreement further projects the pursuit and obtention of additional financial licenses in seven international jurisdictions seeking supplementary jurisdictional financial licensing. Lastly, the agreement further projects a roadmap to pursue the supplementary affiliate membership statuses of two other major payment instrument providers.
Analysis Term and Evolution of Talks
As per the term sheet signed on October 14th, 2022, the parties agreed that a maximum term of 45 calendar days suffices to conclude the underlying proposal’s documentary due diligence, underlying business plan, and contract analysis. On November 7th, 2022, The Company informed shareholders of the signing of an updated term sheet addendum in which the potential Acquirers and the Company confirmed the satisfactory completion of the ‘Documentary Due Diligence’ phase of the negotiations. Today’s advent of approving the mutual underlying business plan is considered a notable continued positive advancement in the talks. The Company agreed and entered a period of exclusivity in which it undertook not to hold or participate in negotiations or discussions on any other proposed purchase of its shares for 45 days ending at midnight November 28th, 2022. There can be no assurance that any definitive agreement, tender, or investment will be completed, and the term sheet remains preliminary and non-binding. The Company will continue to update shareholders on any material changes and possible advancements between the parties.
Canadian FINTRAC and Florida MSB II
The Company is pleased to announce that The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has extended the Canadian FINTRAC approval M20352455 for two years. Similarly, the Florida Office of Financial Regulation received the extended bond coverage from RevoluGROUP USA Inc. (dba “RevoluPAY”) Money Transmitters Part II license with expanded implicit regulatory approval for Part III financial activities for another year.
Links Used in This News Release
FINTRAC Website – https://www.fintrac-canafe.gc.ca/fintrac-canafe/1-eng
Florida MSB II License – https://www.docdroid.net/gDc85Wc/revolupay-msb-license-florida-pdf
The Company’s flagship Neobanking technology is RevoluPAY®, the Apple and Android multinational payment app. Conceived entirely in-house, RevoluPAY features proprietary, sector-specific technology of which the resulting source code is the Company’s intellectual property. RevoluPAY’s built-in features include Remittance Payments, Forex, Crypto-to-fiat exchange, Retail and Hospitality payments, Real Estate Payments, pay-as-you-go phone top-ups, Gift Cards & Online Credits, Utility Bill payments, Gaming Credits, Leisure payments, Travel Payments, etc. RevoluPAY is aimed squarely at the worldwide multi-billion dollar Open Banking sector, cross-border forex payments, and + $595 billion family remittance market. RevoluPAY® is operated by the European wholly-owned subsidiary RevoluPAY EP S.L situated in Barcelona. RevoluPAY is a licensed United States MSB, Canadian FINTRAC, and European PSD2 payment institution 6900 under the auspices of E.U. Directive 2015/2366 with E.U. 27 Country Passporting and official issuer of Visa® Cards and authorized Visa® Affiliate Member. RevoluGROUP Canada Inc. controls five wholly-owned subsidiaries on four continents.
About RevoluGROUP Canada Inc.:
RevoluGROUP Canada Inc. is a multi-asset, multidivisional, publicly traded Canadian Company deploying advanced technologies in; Banking, Mobile Apps, Money Remittance, Cross-Border Forex Payments, Mobile Phone Top-Ups, EGaming, Healthcare Payments, Esports, Invoice factoring, Online Travel, Vacation Resort, Blockchain Systems, and Fintech app sectors. Click here to read more.
For further information on RevoluGROUP Canada Inc. (TSX-V: REVO), visit the Company’s website at www.RevoluGROUP.com. The Company has approximately 192,356,376 shares issued and outstanding.
RevoluGROUP Canada, Inc.
For further information, contact:
RevoluGROUP Canada Inc.
Telephone: (604) 332 5355
Email: [email protected]
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. IndiaChron.com takes no editorial responsibility for the same.