RevoluGROUP Canada Inc. Provides Corporate Update
Vancouver, BC, April 01, 2022 (GLOBE NEWSWIRE) -- RevoluGROUP Canada Inc. (TSX-V: REVO ), (Frankfurt: IJA2 ) (the "Company") is pleased to announce a corporate update.
Vancouver, BC, April 01, 2022 (GLOBE NEWSWIRE) -- RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2) (the "Company") is pleased to announce a corporate update.
- Reprioritization of 3 upcoming revenue verticals
- DCE White Label Launch
- DA - Prominent Canadian Online Foreign Exchange
- Top Tier Card Issuer Approval
- DFSA 4thFinancial License
- Ceasing Russian Travel Services
Reprioritization of 3 upcoming revenue verticals
The Company will issue a second subsequent news release on Tuesday, 5th April, detailing the user metrics, future U.S-based White Labels, and the rationale behind the following reprioritization of the upcoming revenue verticals RevoluBET, RevoluMED, and RevoluESPORTS destined initially to launch in Q1 2022. The Company has experienced an exponential increase in users of its RevoluPAY App and, similarly, its currently active revenue verticals. The Company had planned to commence worldwide monetization of its financial ecosystem developed between 2019 and 2021 in May 2022. However, due to certain favorable circumstances, monetization has formally started on the 1st of March 2022, thus generating unprecedented results. Consequently, management has decided to deprioritize the launch of the supplementary revenue verticals as follows: RevoluBET Q2 2022, RevoluMED & RevoluESPORTS Q3 2022.
DCE White Label Launch
As per the news releases dated the 20th of September 2021 and subsequently the 22 November 2021, the Company expected to launch its first white-label enhanced RevoluEX powered platform for DCE ("Digital Currency Exchanges") partners in January 2022. At the Corporate AGM held on December 15th, 2021, management explained that cryptocurrency was heading for a tumultuous period. Since then, the sector has been experiencing radical transformations as Central Banks around the globe seek to deem digital currencies as a recognized asset class, thus rendering all DCEs subject to financial regulation and financial licensing. In late 2021 the E.U Financial regulator stepped up pursuit of regulation, ultimately incurring a comprehensive introduction of national controls throughout the E.U member states. Other worldwide jurisdictions have subsequently followed suit. Mirroring other E.U nations, Spanish financial regulators hurriedly introduced Royal Decree 7/2021, obliging all entities involved with the purchase or sale of cryptocurrency to register with the Central Bank and limit operations until said registration is approved. The Company has remained proactive, immediately petitioning for formal registration in late 2021. The Central Bank responded to this petition within the statutory 3-month approval term in early March, requesting just two additional elements be submitted. The Company replied concisely to said petition on the 25th of March. These rapidly shifting global crypto regulations are the culprit of the protracted release of the planned White Labels. Notwithstanding, shareholders should note that in the eventuality that the Company is granted approval, it will be one of the first such authorized entities in the E.U, combining both fiat currency financial licensing with the secondary granting of the right to transact cryptocurrency (purchase/sale) bilaterally. With scarce worldwide DCE compliance or, more importantly, inability to comply, said eventuality bodes well for not only the planned DCE launches but also in the scope of RevoluPAY being one of the first officially licensed E.U entities to attract other still non-compliant DCEs to the Company's entirely functional white-labeled RevoluEX platform.
DA - Prominent Canadian Online Foreign Exchange
Following the news release dated 22 November 2021, the Company has concluded negotiations with the prominent Ontario-based Canadian Foreign Exchange, having signed the financial terms sheet on the 29th March 2022; said approval is the final precursor to the eventual DA ("Definitive Agreement"). Upon eventual signing of the DA, planned synergies include cross-use of financial licenses and technology linked to an eventual easing of banking regulations in North America through the adoption of Open Banking legislation. The Company expects to sign the final DA imminently, which should incur the rapid launch of RevoluTRANSFER and other notable functionality benefits for RevoluPAY App users in North America and favor external transactions entering this region.
Dubai Financial Services Authority (DFSA) Financial License
In pursuit of the Company's 4th international financial license, shareholders were informed on 22 November 2021 that the petition to the Dubai Financial Services Authority (DFSA) was nearing fruition. On the 23rd of March 2022, the Company formally submitted the conclusive documents to the UAE authorities, receiving a reply composed of just two queries on the 30th of March 2022. These minor queries are now answered, and the Company awaits the final granting of the UAE Payment Service Provider ("PSP") license. Beyond the underlying benefits of the said license, the granting will ultimately permit the Company to launch its Consumer Finance subsidiary RevoluFIN Inc. Other notable aspects include a geographically favorable hub in the MEASA region at the Dubai International Financial Centre ("DIFC") as outlined to shareholders on the 4th of December 2020.
Top Tier Card Issuer Approval
Shareholders were informed on the 25th of February 2022 that the capital increase formalities for RevoluPAY EP S.L. are completed. Having achieved this final level of endorsement RevoluPAY EP S.L. completed the final submission of all closing application paperwork on March 31st, 2022. The Company expects the granting of affiliate membership status to occur quickly. The partner is one of the top 4 worldwide card issuers boasting nearly 50% of all credit cards in circulation in the U.S. and over 50% in Europe.
Ceasing Russian Travel Services
In compliance with international sanctions, the Company's +130 country travel platform RevoluVIP ceased all bookings to and from the Russian Federation via RussianVIP on February 28, 2022.
Links Used in this News Release.
Explanation (Spanish) Royal Decree 7/2021 - https://tinyurl.com/2p8fc77v
About DIFC https://www.difc.ae/about/
3D License Dubai https://shortly.cc/O7Ztt
RevoluVIP - https://www.revoluvip.com/pages/info/sites
About RevoluPAY®
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, Leisure payments, Travel Payments, etc. RevoluPAY employs blockchain protocols and is squarely aimed at the worldwide multi-billion dollar Open Banking sector 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 EU Passporting. 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, 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 186,969,692 shares issued and outstanding.
RevoluGROUP Canada, Inc.
"Steve Marshall"
______________________
STEVE MARSHALL
CEO
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.
