In a release issued under the same headline earlier today by CUV Ventures Corp. (TSX-V:CUV) please note that in the first paragraph of the release there is a new hyperlink inserted behind the text "new offices". The corrected release follows:
- RevoluFIN Inc. Signs two-year office lease in the upmarket Marbella Financial District of Panama City.
- RevoluFIN Inc. Approved for operations after receiving Panamanian RUK and DGI approval for commencement of operations.
- Panamanian Citizen and, Certified CPA, Jorge Alvarado Joins the CUV RevoluFIN Advisory Board.
- RevoluPAY® QR Code payment activated across +400 Proprietary Retail Websites.
- CUV Begins negotiations with an entity active in 80 remittance countries, derived from CUV CEO’s presentation at IMTC in Miami.
- Negotiations with Top 40 World Bank advances to contract proposal stage.
VANCOUVER, B.C., Nov. 26, 2018 (GLOBE NEWSWIRE) -- CUV Ventures Corp. (TSX-V: CUV) (the “Company”) is pleased to announce that it has begun operations of the wholly owned subsidiary RevoluFIN Inc., from its new offices in the Marbella Financial District in the Republic of Panama. RevoluFIN Inc. has now complied with Panamanian legislation and received RUK and, DGI approval, for commencement of commercial activities. Panamanian Citizen and, Certified Accountant, Jorge Alvarado begins advising RevoluFIN Inc. QR Code based sales through RevoluPAY® activated across +400 of the company’s 614 websites. IMTC contact and multinational remittance purveyor in 80 countries begins negotiations with wholly owned subsidiary RevoluPAY S.L. Negotiations with top 40 World Bank progresses to final contract analysis phase.
About RevoluFIN Inc.
RevoluFIN Inc. is a wholly owned subsidiary of CUV Ventures initially presented to shareholders on March 8th 2018 and, subsequent launch of the RevoluFIN web based platform on March 21st 2018. CUV signed a definitive agreement with Vesilen Investments to facilitate an initial seed capitalization of 40 million Euros (approx 60 million CAD) to provide, both private and corporate, short to medium term loans and factoring for transactions. On May 22nd 2018, the company concluded the 100% acquisition of the mercantile entity now named RevoluFIN inc., domiciled in the Republic of Panama. On November 23rd 2018, the Panamanian wholly owned subsidiary begun operations from its new offices in Marbella Financial District of Panama City. The Panamanian subsidiary will now be directly involved in certain aspects of the RevoluFIN platform, guaranteeing through CUV Subsidiaries and banking partners, fiduciary and other services to lending partners. Panama has the most modern and successful international banking center in Latin America, with more than 85 banks from 35 countries, furthermore, 60 of these banks are located within 4 blocks of the new RevoluFIN offices in Panama. The RevoluFIN finance platform intends to provide payment facilities for commercial Letter of Credit (LC) holders, and short-term financing requirements. Secondly, the platform will focus upon stimulating the nascent self-employed economies around the world, in travel related services, sold through the company's and partner websites, giving entrepreneurs access to much needed capital, while securitizing loans through pre-booking retentions in synergy with RevoluPAY and RevoluVIP. Through RevoluFIN, CUV Ventures Corp hopes to assemble numerous deals it has identified over the past 14 months, which could directly impact the company's revenues, especially in the; Hospitality, Travel & Media sectors. Additionally, the RevoluFIN platform hopes to enable third party financiers to directly finance outstanding secured receivables, while obtaining above market interest returns of between 8 and 9.5%. RevoluFIN should appeal to small and medium-sized enterprises (SMEs) looking for an improved way of working capital financing by selling their outstanding means of payment collection from sales in international markets (typically LC and Secured Drafts) by transferring the credit rights to RevoluFIN and, its financiers, while at the same time handling daily consumer transactions through the company’s RevoluPAY e-wallet. RevoluFIN Inc Panama will also be involved in Panamanian tourism promotion through the company’s vertical RevoluVIP, including the potential leased use of a network of +50 websites currently promoting the Central American nation.
Jorge Alvarado Joins RevoluFIN Advisory Board
CUV Ventures is delighted to have a qualified CPA and, Panamanian national, Jorge Alvarado, join its RevoluFIN advisory board. Jorge Alvarado, CPA, has more than twenty-five years’ experience in the upper echelons of Panamanian accounting. Mr Alvarado is an Authorized Public Accountant and, has worked extensively for both private multinational companies and, as an accountant for the government in the Republic of Panama. Mr. Alvarado worked as chief Accountant for the Panamena de Motores Company, S.A., the national wholly owned Nissan importer. Further, Mr. Alvarado worked as fiscal auditor for the Municipality of Panama City. Jorge currently provides accounting and finance consulting services to several companies in Panama City.
RevoluPAY® QR Code payment activated
The company’s tech team have concluded and deployed a RevoluPAY® API (application program interface) across an initial group of +400 of the 614 proprietary retail websites. This API allows payment, via QR code, using the proprietary iOS and Android RevoluPAY® app, on any proprietary website, third-party website or, mobile app, worldwide. The company expects this API payment mechanism to be deployed across numerous third-party platforms, including the upcoming potential DA with NUKONDO®. Furthermore, those parties who request financing from RevoluFIN will be urged to allocate all or part of their day-to-day retail operations through RevoluPAY®, thus adding a layer of secondary loan securitization to the RevoluFIN factoring platform.
IMTC Conference Miami Generates Notable Lead
After the initial encounter with CEO Steve Marshall at the IMTC conference in Miami, CUV company director and, CEO of the wholly owned subsidiary RevoluPAY S.L, Alfredo Manresa, has begun dialogue with an entity that is a major purveyor of remittances in +80 countries. These discussions are progressing very positively, both parties having begun the initial phase of due diligence. Shareholders will be closely informed of any advancements in this new and interesting synergy.
Negotiations with Top 40 World Bank
On June 29th 2018, the company signed a binding NDA with a Top 40 ranked world bank to study the deployment of RevoluPAY for remittance deliveries in 16 South/Central American and Caribbean nations. These negotiations continue to progress favorably and, the company is happy to advise that it is studying an eventual contract at this time. Shareholders will be closely informed of any advancements if or when they occur.
Strategy of CUV Ventures Revenue Verticals
As should now be apparent, CUV is deploying numerous revenue verticals intrinsically linked to its proprietary, banking licensed, RevoluPAY® app. As the central hub of these verticals, it is the mechanism by which the company will generate revenue through a closed loop environment. For instance, RevoluFIN lenders, especially those who generate revenue through retail activities, will be urged to permit RevoluPAY® as a payment mechanism for their products or services, thus providing RevoluFIN with an added layer of securitization via the revenue flowing through the RevoluPAY app. Likewise, RevoluCHARGE, the company’s proprietary worldwide phone top-up service, which has already begun generating revenue, exclusively allows said top-ups to be sent via RevoluPAY®. Meanwhile, RevoluVIP, the upcoming travel Club, further requires the RevoluPAY® app for any financial interaction with the Clubs 613 GDS powered travel websites. This centralized closed loop revenue flow is thus, exclusively through CUV’s different divisions and subsidiaries. Essentially, the mantra at CUV is to encapsulate its revenue streams into an entirely closed system which favors specific divisional subsidiaries, depending upon their relevant licensed activity. Further, any third-party synergy, such as the proposed NUKONDO activity, or others, will invariably impose RevoluPAY® as settlement medium by which any and all payments must be conducted. The company feels that a closed loop system of this nature is the way of the future, where cross-use of retail platforms allow an accumulation of users, who are later exposed to other valuable services, despite having entered the network to conclude a single transaction. An example would be an individual who merely recharges a family members mobile phone, who later discovers that RevoluPAY® will also allow remittance sending and, then that RevoluVIP will allow him/her to make the annual trip to see family. Further, through third party arrangements, possibly, supermarkets or stores in the user’s hometown may now also accept RevoluPAY. The company firmly believes that a gradual but, persistent, roll out of this nature should foster increased user adoption and cross-use transactions within the varied network services offered under the cited or, future, “Revolu” verticals.
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, Mobile phone top-ups, Invoice factoring, Blockchain Systems, and Fintech app 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.
For further information on CUV Ventures Corp. (TSX-V: CUV) visit the Company’s website at www.cuvventures.com. The Company has approximately 123,200,000 shares issued and outstanding.
CUV VENTURES CORP.
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CUV Ventures Corp.
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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.