CUV Ventures Corp. Advances to NDA with Top 40 World Ranking Bank To Enable South American RevoluPAY® Remittance Deliveries
VANCOUVER, British Columbia, June 29, 2018 (GLOBE NEWSWIRE) -- 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.
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.
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.
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.
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.
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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.
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