Steve’s and/or Nicks responses... before I head into jungle.I really appreciated his responses... as well his knowledge and professionalism... top notch Management and Directors.... wow this is a Gem for a company..
Many of the questions cited below broach upon material information and/or internal management strategies associated with information not disseminated to the public. May we remind you that it is prohibited to provide such information which has not already been publicly made available. However, certain points we can assist with so, we will endeavor to answer your questions based upon the above premise.
CubaFin Platform:
I have a growing concern about the potential to secure financing for CubaFin etc. Management has only provided business details at a very high level and really haven’t substantiated some important details; such as Revenue potential per agreement and cost to serve and risk/leverage etc.
- As per the company’s news releases. There has been no single definitive agreement signed for the securing of financing for CubaFIN. The company has an LOI issued in August 2017 and, ongoing discussions with multiple other entities regarding said financing which are subject to NDAs. Each party has wanted to see first-hand the web support (CubaFinTeach) allied to CubaFIN. As the factoring market for Cuba is estimated to be approximately $3 Billion annually, numerous sources are evidently required, thus, management is working diligently towards securing these sums across a broad base. The concept, going forward, is that any entity or individual can become a lender, however, a significant seed sum is in the process of being secured from various sources to kickstart the platform.
There will be a need for a banking license (lending) and/or approvals from Cuban Authorities when will details on partners be provided? How and where will profit/fees be collected and retained within CubaFin platform?
- Regarding banking partners, this information has not been released to the public. Further, management is acutely aware of its requirement to diligently inform shareholders of any and all material developments related to each division and proposed projects. The Cubafin platform will operate like most other factoring platforms, in which letters of credit or secured payment instruments are held until maturity, while the original beneficiary is dispersed with monies in advance, minus interest charges and set up fees. Therefore, profits will be realized at maturity of each LC/PI in this instance. Secondly, shorter term (smaller) loans proposed in the Cuban private sector will be fully secured against retained revenues from travel related services confirmed and paid in advance, in favor of the private business in question but, retained by our travel division until visitor arrival dates. These loans will be thus self fulfilling, as loan payments will be deducted from retained funds payable for future services booked through our proprietary travel channels.
Why is Jim signing off n NRs?
- Mr. Pettit is the president of the company. Mr. Marshall has not been intimately involved in these purely administrative matters cited in the past two releases.
Is there any MOU/LOI for bridge financing as of yet?
- As cited previously, please review news releases from the month of August 2017 and subsequent releases.
I see by the Cubafin APP there is a 600,000 euro limit, will this be max available?
- No this is not the limit. The website is a beta version as explained to shareholders in the penultimate news release.
Where will borrowers Money’s be held in trust, while in transition/progression payments and/or how will payments be paid/ collect said funds i.e. paid directly… hold at bank etc?
- Funds will be dispersed to the beneficiary of any bridge loan (factoring) through pre-arranged banking channels. Trust accounts are to be held at a reputable bank which will be disclosed forthwith along with a broader update of the platform.
Engineering an APP is one thing but the business side has really not be spoken to. If funding is to be provided in a DA for CubaFin; where and how will funds be held if no banking license is secured or delayed as these approvals can take months or years?
- The company has already stated it is in the process of deciding which of 3 (three) companies it will accept offers from in the interim of obtaining its own European EDE license. It has also cited the involvement of EandY.
Revolupay Platform:
When will a NR be release regarding which bank/s and/or financial institutions/s agreements be provided as they are required to fulfill remittances etc.
- We are prohibited from providing individual shareholders with dates as to when a specific news release will be issued, concerning unmistakably precise questions/material news relating or pertaining to the company’s affairs. Such advance news would be a violation of numerous laws and provide an unfair playing field to other shareholders.
I assume security and encryption for transactions need to be creditable, so who will be providing these services etc?
- This information will be forthcoming in the generalized Cubafin update mentioned earlier.
Will remittances be accessible for USA Cuban nationalists and or USA residents?