RevoluGROUP Canada Inc. Signs LOI With Coello & Company Miami
RevoluGROUP CEO, Mr. Marshall, signed a Letter of Intent (LOI) with Coello & Company LLC Managing Director, Mr. Chris Coello, to expedite the approval of the updated proposal.
VANCOUVER, British Columbia, March 10, 2020 (GLOBE NEWSWIRE) -- RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt:IJA2) (the “Company”) is pleased to announce that it has signed a Letter of Intent (“LOI”) on Monday 9th March 2020 with Miami based Coello & Company to mutually begin studying an updated proposal submitted to the company by Coello & Company to solicit 28 (twenty-eight) state issued MSB (Money Service Business) licenses in the United States of America for the wholly owned subsidiary RevoluGROUP USA Inc., to later permit the company’s proprietary RevoluPAY App and Visa Card to operate seamlessly with funds originating from these states within the United States, allied to unlimited deposits and national/international transfer/payment with said funds utilizing the RevoluPAY app and analogous RevoluPAY Visa Card.
Coello & Company Miami LOI
Further to the news release dated 3rd February 2020, the company has received an updated proposal dated 9th of March 2020 for consulting services which include both an ongoing advisory function and assistance for the successful petition of Money Services Business (MSB) registration and licensing for a total of twenty-eight (28) US States. RevoluGROUP CEO, Mr. Marshall, signed a Letter of Intent (“LOI”) with Coello & Company LLC Managing Director, Mr. Chris Coello, to expedite the approval of the updated proposal. The parties having agreed upon a 45-calendar day window to reach a definitive agreement and, during the interim, to begin preparing any and all corporate documents required. United States licensing is required for companies to transmit funds from one US domiciled party to both national and, international beneficiaries, (commonly known as a Money Transmitter (MT) licenses) when funds originate in the United States. These licenses are governed by each individual state from which the funds originate. The proposal outlines a chronology which includes simultaneous application for the Florida license, as well as the twenty-seven (27) state licenses that can be petitioned through the recently introduced National Multistate Licensing System & Registry’s (NMLS) Multistate Money Services Businesses Licensing Agreement (MMLA) Program. The MMLA program provides a convenient central submission point for most information required to obtain multi-state licenses and, in order to reduce the amount of paperwork required for each state/license.
27 US MMLA Initially Proposed Petition States
The Coello & Company proposal outlines petitioning 1 MSB license for the state of Florida, the legal domicile state of the wholly owned subsidiary RevoluGROUP USA Inc and, simultaneously, the following 27 individual state MSB license petitions through the MMLA: California, Connecticut, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Nebraska, North Carolina, North Dakota, Ohio, Rhode Island, South Dakota, Tennessee, Texas, Utah, Vermont, Washington, Wyoming.
European PSD2 Bank License Update
Further to the news release dated 26th February 2020, during the final phases of the Central Banks analysis of the company’s PSD2 license petition, a direct line of three-way communication has been permitted by the Central Bank between Alfredo Manresa, CEO of the company’s wholly owned subsidiary RevoluPAY S.L and, corporate attorneys Hogan Lovells and, the Head of License Supervision at the Central Bank. The company is appreciative of this latest step proposed by the Central Bank to allow the last-minute details to be expedited in a timely manner. The company remains confident that a PSD2 Banking license will be granted.
About RevoluPAY®
The Company’s flagship technology is RevoluPAY®, the Apple and Android multinational payment app. Built entirely in-house, RevoluPAY features proprietary, sector specific, technology of which, the resulting source code is the property of the Company. RevoluPAY’s built-in features include: Leisure payments, Travel Payments, Retail and Hospitality payments, Remittance Payments, Real Estate Payments, pay-as-you-go phone top-ups, Gift Cards & Online Credits, Utility Bill payments, etc. RevoluPAY is powered by blockchain protocols, and, is squarely aimed at the worldwide multi-billion dollar leisure sector and, + $595 billion family remittance market. RevoluPAY® is operated by the European wholly owned subsidiary RevoluPAY S.L located in Barcelona. RevoluPAY S.L operates under European E-money - Directive 2009/110/EC through a licensed electronic money institution or EDE Banking Licensed entity. RevoluGROUP Canada Inc. controls 5 wholly owned subsidiaries on 4 continents.
About RevoluGROUP Canada Inc.:
RevoluGROUP Canada Inc. is a multi-asset, multidivisional publicly traded Canadian company deploying advanced technologies in the; Online Travel, Vacation Resort, Mobile Apps, Money Remittance, Mobile Phone Top-Ups, EGaming, Healthcare Payments, Esports, Invoice factoring, 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 158,139,272 shares issued and outstanding.
RevoluGROUP Canada Inc.
“Steve Marshall”
______________________
STEVE MARSHALL
CEO
For further information contact:
Don Mosher
RevoluGROUP Canada Inc.
Telephone: (604) 685-6465
Toll Free: 800-567-8181
Facsimile: 604-687-3119
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.
