Vancouver, BC, July 27, 2023 (GLOBE NEWSWIRE) -- RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2), (Munich: A2PU92), (the "Company") is pleased to announce a corporate update.
- RevoluPAY Signs NDA linked to European Telecommunications Giant
- RevoluPAY Signs Bilateral Agreement with BANKMED SAL Lebanon
- Correction News Release 20th July 2023
- Update Legal Preparations HBDIG Technologies GmbH
NDA linked to European Telecommunications Giant
Per the news release dated July 11th, 2023, revoking exclusivity, the Company is pleased to announce that it has entered into a nondisclosure agreement ("NDA") with a new entity linked to and collaborating with one of Europe's largest telecommunications companies. The parties are discussing the RevoluPAY EU and international financial licensing, passporting, and financial technology in view of potential future synergies.
BANKMED SAL Lebanon
The Company is pleased to announce that RevoluPAY EP S.L financial institution #6900 has entered into a banking correspondent agreement with Bankmed SAL, a Lebanese bank. Bankmed SAL, established in 1944, is one of Lebanon's top five banks by assets with over $19 billion and deposits maintained in 36 branches in Lebanon and one in Geneva (called Bankmed Suisse). RevoluPAY continues growing its international financial relationships to fulfill the June 12th, 2023, notified Lebanese Red Cross ("LRC") and Million Bridges humanitarian programs.
Correction News Release 20th July 2023
The Company wishes to correct the news release issued on 20th July 2023. Specifically, the news release stated that an aggregate of 1,736,308 Common Shares was to be issued to the Company's Chief Executive Officer extinguishing $138,904.63 of corporate debt. An amended directors' resolution dated 26th July 2023 corrects the error since no shares for debt are to be issued to the Company's Chief Executive Officer. The balance of the news release is correct, including issuing a total of 320,394 common shares to four directors representing $25,631.52 in extinguishing the debt owing to them, which remains subject to TSX Venture approval.
Unresponsive HBDIG Technologies GmbH and Director Erik Aaron Lara Riveros
Further to the news release dated July 11th, 2023, the Company informed shareholders that it had remitted a Certified Letter on July 3rd, 2023, to HBDIG Technologies GmbH Austrian Headquarters. In continuance of the legal preparations, on July 12th, 2023, the Company also remitted an EU-recognized formal notification via digital copy of the requisition letter to the email address utilized for all communication with Director Erik A. Lara Riveros until he became unreachable. Regrettably, Director Erik Aaron Lara Riveros remains incommunicado at the time of publishing the present news release, not having responded to any of the Company's communications.
Links Used in This News Release
Wiki BankMED - https://en.wikipedia.org/wiki/Bankmed
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 194,047,376 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.
