Vancouver, BC – RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2) (the "Company") is pleased to announce an update.
- Jason Tong as Chief Financial Officer
- Derek Sobel as Corporate Secretary
- Issuance of 5 million Incentive Stock Options
- Recommencement of Travel Sales
- Recommencement of VCC Processing
- DCE White Label Launch
- Negotiations - Prominent Canadian Online Foreign Exchange
- Negotiations - Fortune 500 Company Collaboration Agreement
- Top Tier Card Issuer Negotiations
- DFSA Financial License
- Million Bridges and Sendity White Labels
- RevoluGROUP AGM
The Company Welcomes Jason Tong as CFO
The Company is pleased to welcome Mr. Jason Tong as full-time CFO. Jason has over 15 years of executive and corporate finance experience at private and public companies. Jason has served as CFO and advisory roles in the technology, fintech, tourism, and finance sectors. Previously, Jason was the CFO of Pathway Capital Ltd, a venture capital firm with a portfolio of early-stage ventures with a market capitalization ranging from $5M to $100M. Jason is a Chartered Professional Accountant (CPA, CA) and is a Chartered Financial Analyst charter holder (CFA). Jason began preparing for his new role on the 12th of November 2021; however, the formal tenure as CFO will commence on the 1st of December 2021.
CEO Steve Marshall commented, "As the Company forges ahead with its hattrick of international financial licenses, proprietary banking technology, current and upcoming white-label partnerships, increased revenues and projected migration to the TSX exchange, management concur that a full-time CFO is of judicious importance. We look forward to working with Jason Tong, CPA, CA, CFA, a multi-talented and sector qualified professional."
The Company welcomes Derek Sobel as Corporate Secretary
The Company welcomes its new Corporate Secretary Derek Sobel. Derek has over 10 years of experience in financial reporting, business insights and financial audits working with public and private companies. Derek has acted as Controller for numerous companies in the technology, mining, manufacturing, tourism, and service industries. Derek has extensive experience with SOX compliance and financial reporting under the IFRS, US GAAP, and ASPE accounting standards. Derek is a Chartered Professional Accountant (CPA, CA). Consequently, Taryn Downing is to leave the Company on the 30th of November 2021. We want to thank Taryn for her service as corporate secretary, wishing her all the best in her future endeavors.
RevoluGROUP to Issue Incentive Stock Options
The Company is pleased to announce that incentive share options to purchase up to 5,000,000 common shares of the Company were granted today to officers, directors, employees, and consultants of the Company, with an exercise price of $0.27 per share. The options have been granted pursuant to the Company's 10% rolling stock option plan. The Company has chosen to issue options at this time to reduce the rolling volume of options issuable. Furthermore, the reduced timeframe of expiration is as follows:
- 1 million incentive stock options to expire on the 28th of February 2022
- 4 million incentive stock options to expire on the 22nd of November 2022
Should all the today announced options be exercised in the term, the aggregate amount payable to the treasury would be CA$ 1,350,000.
Recommencement of RevoluVIP Division Travel Sales
As with almost every travel industry corporation, throughout the past 20 or so months, the Company's RevoluVIP Travel Division has remained paralyzed. Fortunately, the advent of the reopening of travel has provided this division with an almost immediate recommencement of revenue. As shareholders know, management maintained operational the 614 destination websites and booking platforms throughout the pandemic at minimal expense. Since this month's reopening of travel until 19th November (time of writing this news release), RevoluVIP has generated unaudited travel bookings revenue of approximately CA$46,790, revenue the Company expects to significantly increase as more people decide to travel for the holidays, allied to a decimated industry in which many key competitors have ceased trading.
Recommencement of RevoluPAY VCC Processing
A per the news release dated the 2nd of December 2019, the Company's revenue vertical supporting financial clearance for VCC (virtual credit cards) for leisure property owners and small hotels in collaboration with some of the world's biggest OTC (Online Travel Agents) was boosting monthly revenues significantly. For example, in the news dated the 3rd of January 2020, December monthly VCC processing surpassed CA$220,000, the following month of January reaching over $CA 390,000. Shortly thereafter, the world plunged into the COVID19 pandemic, crippling travel sales worldwide and the Company's VCC financial clearance business. As a result of the reopening of travel worldwide, commencing the 15th of November 2021, for the first time in 20 months, RevoluPAY started to receive initial VCC revenue volumes again. Furthermore, in comparison to before the pandemic, agreements with new properties have leaped by 11% during the first four days of resumed operations. The Company remains confident that the travel industry has resurrected. Future lockdowns are highly unlikely, boding well for this previously substantial revenue stream, newly poised to flourish.
DCE White Label Launch
As per the news release dated the 20th of September 2021, the Company expected to launch its first white-label enhanced RevoluEX powered platform for DCE partners in September. RevoluPAY management received confirmation from the DCE management team on the 8th of September 2021 confirming that they intended to launch within the previously informed timeframe. However, the partners have delayed certain aspects of the launch. Consequently, the Company now expects the launch to occur in January 2022.
Prominent Canadian Online Foreign Exchange
Subsequent to the news release dated the 20th of September 2021, the Company continues in advanced negotiations with a prominent Ontario-based Canadian Foreign Exchange company involved in businesses such as money transfer, online currency tools, and Currency Converters. The projected partnership may now include an extended U.S. component since RevoluGROUP obtained the MSB II license in Florida. Planned synergies may include cross-use of financial licenses and technology linked to an eventual easing of banking regulations in Canada through the adoption of Open Banking legislation.
Fortune 500 Company Collaboration Agreement
As the Company approaches the eighth month of negotiations, the extensive talks with a prominent Fortune 500 company in the international payment sector are nearing the final contract stage. The parties have arrived at an eventual final draft definitive agreement to permit international depositary services and correspondent bank accounts in numerous desirable jurisdictions, including the USA, Canada, and the United Kingdom, amongst others. Should the final contract be signed, the Company will obtain partner access to a portfolio of products for the financial services sector, including retail and investment banking. Likewise, the Company's EU-issued PSD2 Master License, Florida MSB II License and Canadian FINTRAC license may be utilized in bilateral international transactions.
Top Tier Card Issuer Negotiations
The Company expects to finalize an agreement with one of the top 4 worldwide card issuers shortly. The delays in completing are the product of the recent granting of the United States MSB License and its possible integration into specific new activities. The eventual agreement authorizes RevoluPAY to become the primary card issuer of multicurrency payment cards both for RevoluPAY users and third-party white-label derived partnerships. Notable within the draft agreement is the ability of users to load RevoluPAY funds onto their credit or debit cards issued by any bank or those of third parties anywhere in the world. RevoluPAY would also be permitted to issue and manage all financial matters for branded cards issued to third parties. These negotiations remain subject to a binding non-disclosure agreement ("NDA"). The Company hopes to finally inform shareholders of the positively amended agreement and card issuer partner soon.
DFSA Financial License
Further to the news release dated the 19th of April 2021, the Company advised shareholders that RevoluPAY EP S.L had entered into a binding Memorandum of Understanding ("MOU") on the 15th of April 2021 with Dubai-based BTA Wealth Management Limited. Potential synergies were to include a future joint venture concerning the Company's wholly-owned Finance subsidiary RevoluFIN Inc. Other notable aspects included the ongoing joint petition of a Payment Service Provider ("PSP") Money Service Business License in the Dubai International Financial Centre ("DIFC") from the Dubai Financial Services Authority as outlined to shareholders on the 4th of December 2020. The Company is now nearing the fruition of the Dubai Financial Services Authority (DFSA) financial license and expects to update shareholders next month.
Million Bridges and Sendity White Labels
Both Million Bridges and Sendity utilize the RevoluPAY financial licenses exclusively under white-label arrangements. Shareholders are urged to follow the advancements of each entity to follow the exceptional marketing and promotion each entity is delivering. As with all such licensing, the RevoluPAY PSD2 banking license and superior KYC and AML protections sustain all financial cashflows.
The Annual General Meeting of the registered shareholders of RevoluGROUP Canada Inc. (the "Company") will be held by Zoom on December 15, 2021, at the hour of 10:00 a.m. (PST). The Company has opted for a zoom conference instead of a physical meeting this year due to the intermittent travel complications, hopefully for the last time. However, travel permitting, Mr. Marshall and some other board members expect to be in Vancouver from the 14th through the 16th of December should any shareholders wish to meet to discuss the Company after the remote AGM call.
Links Used in this News Release.
BTA Wealth Management Limited https://bta.ae/
Million Bridges https://millionbridges.com/
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 175,180,592 shares issued and outstanding.
RevoluGROUP Canada, Inc.
For further information, contact:
RevoluGROUP Canada Inc.
Telephone: (604) 332 5355
Facsimile: (604) 687 3119
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.