VANCOUVER, British Columbia, May 25, 2020 (GLOBE NEWSWIRE) -- RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt:IJA2) (the “Company”) is pleased to provide shareholders with a comprehensive outlook and short term projection concerning management objectives following the 21st May 2020 successful granting of the Central Bank issued PSD2 license to the wholly owned subsidiary RevoluPAY EP S.L. Today’s news release is intended to offer shareholders increased specificity at it pertains to the remittance business focused news issued on the 28th April 2020 and underline the recent unlimited payment processing ability that the company now boasts.
RevoluPAY Mission
RevoluPAY has operated as the centralized closed-loop financial hub for all RevoluGROUP revenue verticals since the beta version debuted on 31st July 2018. The company has subsequently honed the RevoluPAY® Apple and Android multinational payment app into a robust, central bank approved payment system, linked to an analogous physical RevoluPAY app-linked Visa Card. It is important for shareholders to note that, beyond the ensuing specific upcoming agreements cited below, the utilization of the aforementioned RevoluPAY Visa Card is operational at ATMs and merchants worldwide and is now able to handle unlimited amounts of cashflow. Previously shackled by transaction volume limitations while awaiting the advent of the now granted PSD2 license the company worked tirelessly, largely behind the scenes, to consolidate the succeeding future economic revenue infrastructure.
The company will deploy a two-pronged approach to seek approximately 5% of 1st year market penetration into the remittance flows entering the countries displayed below. Firstly, the pursuit of prominent partners and their current user-bases through bilateral and mutually beneficial client onboarding which may include switching of clients from legacy systems to RevoluPAY and/or white label avenues yet to be divulged. Secondly, shareholders should be mindful of the inherent motivation for remittance senders to evoke the free download of RevoluPAY by family members and friends who are the habitual beneficiaries of their inbound remittance funds. Through preliminary field tests the company has discovered that 1 primary remittance sender/user propagates approximately 5 new app users autonomously, all in the absence of any marketing spend. Subsequently, those remittance receiving users solicit local users and propagate the app further amongst approximately 24 extra retailers or friends through eventual money distribution and daily payments. Another aspect which should not be overlooked is the cross platform use of our proprietary revenue verticals, which is further expected to exponentially expose additional users to the benefits of RevoluPAY, while simultaneously multiplying revenue from what was an initial seed source.
Top 40 World Bank – Central & South America, Caribbean
Top 40 World Bank. On February 13th 2020 the company received a written communication from the said bank confirming that all compliance and board approvals had been granted. The PSD2 license was essential to sign the final agreement. On the 26th May 2020, RevoluPAY S.L. CEO, Alfredo Manresa, will enact the legal deed modifying the: paid-up share capital, operating license and corporate name to properly reflect the new licensed financial nomenclature - RevoluPAY EP S.L. The EP indicating a Central Bank licensed Entidad de Pago, or in English - Payment Entity. Upon same-day submission of said deed to the Central Bank, the company and said Top 40 World Bank are able to legally sign the impending agreement and initiate processing immediately. As explained to shareholders, the parties have previously completed all of the technology integration into a yet unreleased version of RevoluPAY, all of which has been approved under intensive beta testing by the bank.
This agreement will cover remittance deliveries and reciprocal user synergies in: Argentina, Dominican Republic, Honduras, Peru, Bolivia, Ecuador, Mexico, Suriname, Brazil, El Salvador, Nicaragua, Uruguay, Colombia, Guatemala, Panama, Chile, Guyana, Paraguay, Surinam.
African Payment Institution – African Continent
The company has reached a tenable understanding with a large Africa focused payment institution which has been approved by CEO, Steve Marshall, on 18th May 2020. The impending definitive agreement is expected to be signed shortly, upon the mutual conclusion of the AML/KYC compliance process.
This agreement will cover remittance deliveries and reciprocal user synergies in: Algeria, Angola, Benin, Botswana, Burkina Faso, Cameroon, Cape Verde, Central Africa Republic, Chad, Comoros, Congo, Congo DRC, Djibouti, Egypt, Equatorial Guinea, Eritrea, Ethiopia, Gabon, Ghana, Guinea Bissau, Guinea Conakry, Ivory Coast, Kenya, Lesotho, Liberia, Malawi, Mali, Mauritania, Mauritius, Morocco, Mozambique, Namibia, Niger, Nigeria, Rwanda, Senegal, Sierra Leone, South Africa, Tanzania, The Gambia, Togo, Tunisia, Uganda, Zambia and Zimbabwe.
MIR Card - Russian Federation
Mir Card is a national payment system established by the Central Bank of Russia via a law adopted on May 1st, 2017. The system is operated by the Russian National Card Payment System, a wholly owned subsidiary of the Central Bank of Russia.
The company has tapped into an existing relationship associated with RevolUTILITY and RevoluCHARGE to foment an agreement concerning the successful load of funds from the RevoluPAY app directly onto any Mir Card in Russia. The company intends to then pursue a self-named RevoluPAY Mir Card using the same design and colors as the current RevoluPAY Visa Card.
This agreement will cover remittance deliveries and reciprocal user synergies where the Mir Card is prevalent: Russian Federation, Vietnam, Thailand, United Kingdom, Tajikistan and Turkey.
Bilateral App Linking
The company has commissioned an existing relationship associated with RevolUTILITY and RevoluCHARGE which will be overseen by Daniel Hernandez to rapidly obtain an agreement concerning the successful transfer of funds via the RevoluPAY app directly to/from the below mentioned financial platforms.
- MCoinz - mCoinz vouchers operate across the Middle East at over 60,000 point of sale locations.
- Cashlib - Cashlib is an e-money service originating from France operational in European countries of: France, Netherlands, Belgium, Greece and Spain.
- Flexepin Voucher - Redeemable voucher for use worldwide.
- Qiwi - QIWI Wallet is a leading payment method. It has deployed over 19 million virtual wallets, over 152,000 kiosks and terminals in Russia, Kazakhstan, Moldova, Belarus, Romania and the UK.
- Payeer - Payeer is a multifunctional electronic tool for carrying out multiple financial tasks and payments.
- Advcash - Advanced Cash (AdvCash) is a payment system that allows electronic payment forwarding to 200+ countries
Previous Definitive Agreements No Longer Subject to Processing Restrictions
- RedCHAPINA - This agreement covers remittance deliveries and reciprocal synergies in: El Salvador, Guatemala, Mexico
- EZPAY - This agreement covers remittance deliveries and reciprocal synergies in: Costa Rica
- Argenper - This agreement covers remittance deliveries and reciprocal synergies in: Argentina, Peru, Chile and Ecuador
Countries for RevoluPAY In-App SEPA Instant Transfers
Users of RevoluPAY are now able to send SEPA (Single Euro Payments Area) transfers for any amount or, their whole RevoluPAY balance, directly from the mobile App to a bank account in any of the following countries: Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Great Britain, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Albania, Azerbaijan, Brazil, Costa Rica, Dominican Republic, East Timor, El Salvador, Georgia, Israel, Kazakhstan, Kosovo, Kuwait, Macedonia, Montenegro, Palestine, São Tomé & Príncipe, Saudi Arabia, Andorra, Bahrain, Belarus, Bosnia & Herzegovina, British Virgin Islands, Cyprus, Gibraltar, Guatemala, Iraq, Jordan, Lebanon, Luxembourg, Malta, Mauritius, Moldova, Monaco, Pakistan, Qatar, Saint Lucia, San Marino, Serbia, Seychelles, Switzerland, Tunisia, Turkey, Ukraine, United Arab Emirates.
United States MSB Licensing
Slightly deferred due to the COVID pandemic, the company expects the licensing paperwork to be submitted within 30 days for the petitioning of 1 MSB license for the state of Florida, the legal domicile state of the wholly owned subsidiary RevoluGROUP USA Inc and, simultaneously, the following 27 individual state MSB license petitions through MMLA accords: California, Connecticut, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Nebraska, North Carolina, North Dakota, Ohio, Rhode Island, South Dakota, Tennessee, Texas, Utah, Vermont, Washington, Wyoming.
Management have been advised that the fact the company now holds the analogous PSD2 license and has further met all European Central Banking requirements, the state MSB approval process in the United States may now be expeditiously granted.
Further Agreements That Mandated PSD2 Approval
Company advisor Emilio Morales has been instructed to immediately conclude each Definitive Agreement and submit these to CEO, Steve Marshall, for final signing: Interbank (Peru), Easy Pagos (Ecuador), Grupo Eficacia (Guatemala, El Salvador, Nicaragua), Banco Bolivariano (Ecuador), Maxicambios (Paraguay), and Banco Guayaquil (Ecuador).
Parties Apprised of PSD2 Granting
The following entities were informed on Friday 22nd May of the successful granting of the requisite PSD2 License. The absence of said license had rendered the signing of the final agreements impossible. The company expects a rapid turnaround concerning each definitive agreement forthwith:
Nasdaq Listed Mobile, Cable, Pay TV Company focused upon the Mobile, Cable Broadband and Paid TV sectors, with over 50 million subscribers and, present in the South American and, African markets. The company is in final stages of an agreement with this entity for user onboarding and bilateral technology deployment.
Large Chinese Payment Processor – With a final agreement impeded by PSD2 delays, the parties have continued their intent to pursue a mutual relationship for RevoluPAY® in Asia and to facilitate these advances now that the PSD2 has been officially granted.
Warrants and Options Exercised
The Company is delighted to announce that it has received a corporate treasury influx of approximately 1,290,000 $CA through the exercising of incentive employee options and warrants over the previous 30 days.
About RevoluPAY®
The Company’s flagship technology is the PSD2 Licensed RevoluPAY®, the Apple and Android multinational payment app. Built entirely in-house, RevoluPAY features proprietary, sector specific, technology of which, the resulting source code is the property of the Company. RevoluPAY’s built-in features features include: Leisure payments, travel payments, forex, retail and hospitality payments, Remittance payments, Real Estate payments, Healthcare Payments, Egaming, Esports, pay-as-you-go phone top-ups, Utility Bill payments, alternative Lending, etc. RevoluPAY is powered by blockchain protocols, and, is squarely aimed at the worldwide multi-billion dollar leisure sector and, + $595 billion family remittance market. RevoluPAY® is operated by the European wholly owned subsidiary RevoluPAY EP S.L located in Barcelona. RevoluPAY EP S.L is a fully self-licensed European PSD2 payment institution under the auspices of EU Directive 2015/2366. RevoluGROUP Canada Inc. controls 5 wholly owned subsidiaries on 4 continents.
About RevoluGROUP Canada Inc.:
RevoluGROUP Canada Inc. 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, EGaming, Healthcare Payments, Esports, Invoice factoring, 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 165,042,105 shares issued and outstanding.
RevoluGROUP Canada Inc.
“Steve Marshall”
______________________
STEVE MARSHALL
CEO
For further information contact:
Don Mosher
RevoluGROUP Canada Inc.
Telephone: (604) 685-6465
Toll Free: 800-567-8181
Facsimile: 604-687-3119
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.
