Vancouver, BC, June 12, 2023 (GLOBE NEWSWIRE) -- RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2), (Munich: A2PU92), (the "Company") is pleased to announce a corporate update.
- TSX.V Approves 30-Day Private Placement Extension
- Lebanese Red Cross to Begin Humanitarian Payments
- RevoluGROUP USA Concludes Annual Audit
- CEO Marshall Meetings in Andorra
30-Day Private Placement Extension
Further to the news release dated 26th of April, 2023, regarding the negotiated non-brokered private placement, the Company informs shareholders that the principal of the strategic investor HBDIG Technologies GmbH informed management of a particularly severe bout of COVID, rendering him unfit to finalize the pending private placement. As such, the Company has sought and received approval from TSX.V to extend the closing date of the proposed financing for up to 30 days ending on July 10th, 2023.
Lebanese Red Cross to Commence Humanitarian Payments
Further to the news release dated 16th June 2021, the Company received a petition to open humanitarian designated accounts in the name of the Lebanese Red Cross ("LRC") to ultimately facilitate the direct channeling of LRC humanitarian aid into Lebanon via RevoluPAY and remittance partner MillionBridges. Corporate compliance has approved the LRC segregated accounts, and management awaits the final countersigned agreement this week. The Company expects the humanitarian financial aid to begin flowing into Lebanon through the new LRC RevoluPAY accounts before the end of the month.
RevoluGROUP USA Concludes Annual Audit
The Company is pleased to announce that the annual RevoluGROUP USA Inc. audit has concluded successfully. The annual audit is a Florida Office of Financial Regulation compliance requisite supporting the RevoluGROUP USA Inc. (dba "RevoluPAY") Money Transmitters Part II license with expanded implicit regulatory approval for Part III financial activities by the Florida Office of Financial Regulation, recently extended until 30th of April 2025.
CEO Marshall Meetings in Andorra
Corporate CEO Steve Marshall traveled to Andorra from 5th to 9th June 2023. Meetings included discussions with the principal of an Andorran investment advisory firm exploring potential mutual business interests concerning RevoluPAY's pan-European banking ability and PSD2 passporting.
Andorra, a small landlocked country in the Pyrenees Mountains between Spain and France, has emerged as a key financial hub in recent years. Despite its modest size and population, Andorra has established itself as an attractive destination for international investors and financial institutions. Andorra maintains a well-developed banking sector, offering a range of financial services to both domestic and international clients. Overall, Andorra's combination of favorable tax policies, stable political and economic environment, strong banking sector, and strategic location has positioned it as a key financial hub, attracting international investors and businesses looking for a secure and advantageous financial environment. Shareholders are reminded that Andorra has been among RevoluPAY transacting countries since the outset. The Company expects to update shareholders shortly concerning Andorran-focused positive developments due to Mr. Marshall's meetings.
Links Used in This News Release
Lebanese Red Cross - https://www.redcross.org.lb/
MillionBridges - https://millionbridges.com/
RevoluPAY USA MSB License - https://docdro.id/gDc85Wc
PSD2 EU Passporting - https://tinyurl.com/yeywhvzz
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, 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 193,585,376 shares issued and outstanding.
RevoluGROUP Canada, Inc.
"Steve Marshall"
______________________
STEVE MARSHALL
CEO
For further information, contact:
RevoluGROUP Canada Inc.
Telephone: (604) 332 5355
Email: info@revolugroup.com
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.
