CUV Ventures Corp. (TSX-V:CUV) (the “Company”)
Vancouver, BC – (the “Company”) is pleased to announce that
subsequent to the news release dated 19th June 2018, it signed a
non-disclosure agreement (“NDA”) with the international bank in
question and, negotiations are progressing more rapidly than
anticipated. The advent of these unexpected and, extremely positive
developments, may lead to a much broader country launch of
RevoluPAY® than was originally anticipated.
Original Planned Launch Markets for
RevoluPAY®
Shareholders were informed of a two country
launch for the month of June 2018 totaling $9.49 billion USD
potential remittance markets.
Cuba |
$ |
3.600.000.000 |
Source |
Dominican Republic |
$ |
5.895.000.000 |
Source |
Total |
$ |
9.495.000.000 |
USD |
Current Planned Launch Markets for
RevoluPAY®
Due to the current status of the aforementioned
negotiations, the eventual launch of RevoluPAY® may incorporate all
of the following potential $71 billion USD remittance markets.
Argentina |
$ |
686.000.000 |
Source |
Bolivia |
$ |
1.278.000.000 |
Source |
Brazil |
$ |
2.285.000.000 |
Source |
Colombia |
$ |
5.579.000.000 |
Source |
Cuba |
$ |
3.600.000.000 |
Source |
Dominican Republic |
$ |
5.895.000.000 |
Source |
Ecuador |
$ |
2.721.000.000 |
Source |
El Salvador |
$ |
5.021.000.000 |
Source |
Guatemala |
$ |
8.192.000.000 |
Source |
Honduras |
$ |
4.331.000.000 |
Source |
Mexico |
$ |
28.630.000.000 |
Source |
Nicaragua |
$ |
1.409.000.000 |
Source |
Panama |
$ |
442.000.000 |
Source |
Paraguay |
$ |
582.000.000 |
Source |
Peru |
$ |
306.100.000 |
Source |
Uruguay |
$ |
100.000.000 |
Source |
|
|
|
|
Total |
$ |
71.057.100.000 |
USD |
Modified Launch Date For
RevoluPAY®
The company wishes to inform shareholders that,
due to the unanticipated but positive progress with regard to the
aforementioned prospective banking disbursement partner, the
scheduled launch of RevoluPAY® for June 2018 must be modified to
July 2018. The rational for this heavily pondered decision is that,
if these unforeseen negotiations conclude favorably, the logistical
and software modifications required to the RevoluPAY® App will
consume all of our tech partner’s manpower, meaning that a
premature launch into the 2 planned markets, followed by a future
rollout into the extended 14 markets, could severely impact the
speed of inclusion of the new markets, especially if they are not
included at the outset. However, if, in a prudent period of time,
management concludes that the negotiations may take longer than is
currently anticipated, it is not ruling out an accelerated
time-frame and launch, before July 31st, into those markets already
prepared for remittance disbursement through existing accords.
RevoluFIN Update
On May 22nd, 2018 the company completed the
acquisition of a Licensed and operating (Since 2011), Panamanian
Limited Liability company, which became a wholly owned subsidiary.
The company obtained the approval from Panamanian authorities to
rename this entity RevoluFIN Inc. The acquired entity has an
existing corporate banking relationship with Tower Bank Panama.
TowerBank was founded in 1971 and has a Fitch rating of A and
Equilibrium rating of A+. The Panamanian entity is to be directly
involved in the RevoluFIN platform, loan approvals and activity,
outlined in the company’s news release dated March 8th, 2018
On May 31st, 2018, attorney Fernan Adames submitted a request to
the Panamanian DGI (General Directorate of Revenue) to commence
operations. The company expects to receive a final approval within
the statutory 30 day period. The company has studied an impressive
number of RevoluFIN loans, many of which are viable; however, the
Panamanian RevoluFIN subsidiary is crucial to the division’s
commencement and loan approvals.
RevoluVIP Update
On Jan 18, 2018, the company informed shareholders it was
awarded the Amadeus GDS license, an elemental component of the
RevoluVIP Platform. The next central and crucial step of obtaining
the IATA (International Air Transport Association) wholesale
License obligated a IATA requisite, 28 month specific audit of the
duly licensed Travel subsidiary, Travelucion. The said audit was
completed on 18 May 2018, submitted to IATA and, subsequently
approved. The final bond required for the IATA license was
submitted on June 26th, 2018. Travelucion expects to have the
approved wholesale IATA license before July 6th, 2018. In parallel,
the company has chosen Juniper as its GDS feed aggregator and
technology partner for the RevoluVIP Travel Club.
An internal, limited country trial, between March 1st and June
28th, has garnered impressive results of remunerated bookings
across the proposed legacy websites, with real-time purchased
services in; America, Bahamas, Belize, Great Britain, Bulgaria,
Canada, Cancun, China, Cyprus, Czech Republic, Dominican Republic,
Dubai, UK, Jamaica, Mexico, Panama, Peru, Qatar, Tanzania and the
U.S Virgin Islands. The company expects the RevoluVIP members only
Travel Club to be a venerable revenue source, pivoting the
company’s travel division into over 134 world countries, while
garnering annual subscriptions to the Club, with a target of 1
million members by 2020, allied to significantly increased gross
revenue from travel sales. Shareholders are reminded that the
wholly owned subsidiary, Travelucion, is a duly licensed and bonded
online travel company, with millions of dollars in online travel
related annual revenue, operating through its current 430
proprietary websites. Travelucion, through its recently obtained
Amadeus License, upcoming IATA license and immense technical
knowledge of online travel, is now in the process of deploying 134
country specific travel websites, covering 134 country destinations
(see footer), some of which have formed part of the said limited
trials.
ITER and Atos Data Center Negotiations
Placed on Hold
On April 27, 2018, the company announced that it
was studying the proposed lease of the; installations, data center,
and Teide Supercomputer, located in the canary Islands Spain. The
Teide-HPC supercomputer is solar powered and, is one of the 500
most powerful super computers in the world. Subsequent to events in
the crypto market and, the overall unfavorable outlook of the
crypto mining sector, the company has decided to suspend
negotiations until further notice. The company made no investments
into this potential endeavor and, merely redacted an in-house
feasibility study between Feb and April 2018. The results of this
study indicate that major crypto currencies would need to increase
in value, from today’s valuations, by over 40% and, sustain this
increase, in order for a mining operation, of the type proposed
using solar power, to even be remotely profitable.
About CUV Ventures Corp.:
CUV Ventures Corp. is a multi-asset,
multidivisional publicly traded Canadian company deploying advanced
technologies in the; Online Travel, Vacation Resort, Mobile Apps,
Money Remittance, Invoice factoring, Crypto Mining, Blockchain
Systems, and Cryptotoken sectors.
Our flagship technology is RevoluPAY®, the Apple
and Android multinational leisure payments and remittance app,
powered by blockchain protocols, and aimed at the worldwide + $595
billion family remittance market. Click here to read more.
CUV VENTURES CORP.
STEVE
MARSHALL______________________________Steve MarshallCEO
For further information contact myself or:Nick
FindlerCUV Ventures Corp.Telephone: 604-639-3850Toll Free:
800-567-8181Facsimile: 604-687-3119Email: info@cuvventures.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.
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