VANCOUVER, British Columbia, November 25, 2022 (GLOBE NEWSWIRE) — RevoluGROUP Canada Inc. (TSX-V: Revo), (Frankfurt: IJA2) (the “Company”) announced that it entered into a mutual business development agreement on November 25th.th, in 2022, the potential acquirer and the Company agree on a future joint strategy in the event of a favorable exit from the equity investment. Addendum is a continuation of the negotiations on October 14th.th, 2022, a term sheet defining potential share acquisitions by the European Financial Regulatory Authority in partnership with a UAE-based financial consultancy firm. Under the terms of the agreement, results may result in a change of control as specified in the SECURITIES ACT. [RSBC 1996] Chapter 418 – Part 1. The Company publishes current news releases in compliance with Policy 85, Sections A and C of the Securities Act relating to “continuous disclosure.”
regarding Business development contract
Negotiations continue to go smoothly. Today’s business development agreement demonstrates a clear mutual understanding and future strategy should an equity investment occur. The parties have agreed to a comprehensive two-year plan that will commence on the date of the final share acquisition. The deal includes rapid expansion of the numerous financial sectors in which we already operate, including focused KYC (“Know Your Customer”) and AML (“Anti Money Laundering”) compliance enforcement. Including but not limited to: user. In various industries such as financial-on-ramps, virtual asset management and custody, enhanced e-commerce, enhanced family remittances, payroll services, banking-as-a-service, payment settlement, enhanced foreign exchange services, etc. financial intermediation growth is also planned. other business means. While RevoluBET has not yet been released, other sectors such as gambling and betting will seek to quickly become involved in financial developments related to this sector. and further plans to pursue and obtain additional financial licenses in seven international jurisdictions. Finally, the deal further sets out a roadmap for pursuing complementary affiliate membership status for his two other major payment instrument providers.
Analytical term and the evolution of talk
According to the term sheet signed on Oct. 14th2022, the parties have agreed that a maximum of 45 calendar days shall be sufficient to complete the written due diligence of the underlying proposal, the underlying business plan and contract analysis. DaythToday, the approval of the mutual underlying business plan is considered a notable and continued positive step forward in consultations. The Company has agreed to and entered into an exclusivity period in which it commits not to hold or participate in any negotiations or discussions regarding any other proposed share purchases for a period of 45 days ending at midnight on November 28.th, 2022. There is no guarantee that a final agreement, bid or investment will be completed and the term sheet remains provisional and non-binding. The Company will continue to keep shareholders updated on potential material changes and developments between the parties.
FINTRAC in Canada and MSB II in Florida
We are pleased to announce that the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) has extended Canada’s FINTRAC approval M20352455 for two years. Similarly, the Florida Department of Financial Regulation has received an extension of its Money Transmitters Part II license from RevoluGROUP USA Inc. (dba “RevoluPAY”) with implied regulatory approval for Part III financial activities for an additional year.
Links used in this news release
FINTRAC Website – https://www.fintrac-canafe.gc.ca/fintrac-canafe/1-eng
Florida MSB II License – https://www.docdroid.net/gDc85Wc/revolupay-msb-license-florida-pdf
Our flagship neo-banking technology is RevoluPAY®, a multinational payment app for Apple and Android. Conceived entirely in-house, his RevoluPAY features unique sector-specific technology, the source code of which is our intellectual property. RevoluPAY’s built-in features include money transfer payments, foreign exchange, virtual and fiat currency exchanges, retail and hospitality payments, real estate payments, pay-as-you-go phone charges, gift cards and online credits, utility payments, and gaming. It is included. Credits, leisure payments, travel payments, etc. RevoluPAY is aimed squarely at the global multi-billion dollar open banking sector, cross-border foreign exchange payments and +$595 billion family remittances market. RevoluPAY® is operated by RevoluPAY EP SL, a wholly owned European subsidiary in Barcelona. RevoluPAY is a US MSB, Canadian FINTRAC and European PSD2 payment house 6900 licensed as EU 27 Passport and Official Visa Issuer under the auspices of EU Directive 2015/2366.® card and approved visa® Affiliate member. RevoluGROUP Canada Inc. manages his five wholly owned subsidiaries on four continents.
about RevoluGROUP Canada Inc.:
RevoluGROUP Canada Inc. is a multi-asset, multi-sector, publicly traded Canadian company deploying advanced technology. Banking, mobile apps, money transfer, cross-border forex payments, mobile phone top-ups, e-gaming, healthcare payments, e-sports, invoice factoring, online travel, vacation resorts, blockchain systems, fintech app sectors. Click here to read more.
For more information about RevoluGROUP Canada Inc. (TSX-V: REVO), please visit their website at www.RevoluGROUP.com. The Company has approximately 192,356,376 outstanding shares.
RevoluGROUP Canada, Ltd.
For more information, please contact:
RevoluGROUP Canada Inc.
Phone: (604) 332 5355
Email: [email protected]
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICE PROVIDERS (AS THAT TERM IS DEFINED IN THE TSX VENTURE EXCHANGE POLICIES) ARE RESPONSIBLE FOR THE SUITABILITY OR ACCURACY OF THIS RELEASE.
This release contains certain statements that may be considered “forward-looking statements.” All statements, other than statements of historical fact, in this release address events or developments anticipated by the company’s management and are forward-looking statements. Although management believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may vary. or developments may differ materially from forward-looking statements. We undertake no obligation to update these forward-looking statements if management’s beliefs, estimates, opinions or other factors change. Factors that could cause actual results to differ materially from forward-looking statements include market prices, exploration and development success, continued availability of capital and financing, general economic and market or business situations. See our public documents. www.sedar.com for more information.
RevoluGROUP Canada Inc. Signs Mutual Business Development Strategy to Facilitate Equity Investment Negotiations, The Canadian Business Journal
Source link RevoluGROUP Canada Inc. Signs Mutual Business Development Strategy to Facilitate Equity Investment Negotiations, The Canadian Business Journal