CUV Ventures Corp. (TSX-V:CUV) (the “Company”)
recently issued its third quarter financial statements, and
associated MD&A, and would like to provide some additional
commentary with regards to its travel division, Travelucion.
As mentioned on several previous occasions, the
Company's travel division experienced an unusually high incidence
of cancellations during the past quarter, both during and, after
the advent of Hurricane Irma. The effect of Hurricane Irma has been
widely disseminated by the global press, echoing across the entire
Caribbean travel sector as a whole with many companies being
impacted negatively. Although the principal Caribbean tourism
zones were not severely impacted by Hurricane Irma, as was the case
with many other neighbouring Caribbean islands such as Puerto Rico,
it appears that tourism in the Caribbean has suffered a longer than
anticipated negative impact from the Hurricane. Tourists
refrained from booking Caribbean destinations for longer than
expected, predominantly due to the continued coverage on national
media of those islands especially devastated. It is estimated by
management that the Company suffered approximately CAD$800,000 loss
of revenue in the quarter, from both cancellations and reduced
bookings.
In order to mitigate the effect of future
catastrophic and unpredictable events like hurricanes, the Company
has made a concerted effort to build new functionality and new
business opportunities beyond the Caribbean that will complement
and enhance its travel division. These changes will both
improve and diversify associated revenues generated by the
Company’s travel division. The inception of the global
travel platform RevoluVIP allied to the successful integration of
the Company’s Amadeus GDS XML distribution license together with
the planned IATA approval and, the inclusion of 134 worldwide
destinations, means that the Company will take its travel business
global in the coming months. Management believes that this
increase in international destinations will mitigate the negative
effects of natural disasters within a specific geographical region
in the future.
Notwithstanding these new opportunities, the
Company's travel bookings have recently shown signs of improvement,
and management believes this will result in improved revenues and
profitability going forward post-Hurricane Irma.
Further to its news release dated April 11,
2018, the Company wishes to clarify that on that day it granted its
Chief Executive Officer options exercisable to purchase 2,000,000
common shares at a price of $0.11 per share for a period of 5 years
ending April 11, 2023. The options are subject to a
four-month-and-one-day hold period from the date of grant.
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 remittance app, powered by
blockchain protocols, and aimed at the worldwide + $595 billion
family remittance market.
The ₡CU Coin Cryptotoken, allied to RevoluPAY®,
promises to be the coin of choice for remittance senders,
travelers, and the hospitality industry. Its increasing adoption
across several spheres exemplifies its international perspective
and future value amongst users.
The company’s FinTech division continues to
expand into this rapidly emerging segment, in which it; manages,
operates and develops end-to-end digital platforms to monetize the
blockchain ecosystem across a broad spectrum of leisure related
industries, remittances, and finance.
A diverse division of the company,
named Cuba Ventures, is involved in Caribbean Basin strategic
investments. Similar to the United States NASDAQ
listed Herzfeld Fund, the focus is to control noteworthy
assets related to the Caribbean Basin (including Cuba). The
division is comprised of numerous assets. A wholly owned
subsidiary Travelucion Media is a duly licensed and bonded
online travel company, Amadeus GDS affiliated, digital
and print media powerhouse that specializes in travel marketing,
electronic reservations, and online booking
solutions. Travelucion owns a vast portfolio of web
assets consisting of 432 Caribbean-centric websites in up to 5
languages which generate over 35 million page-views per year and
direct traffic to Travelucion’s online booking and e-commerce sites
and proprietary online booking systems, also customized for white
label deployment on third party booking websites for; Cayman
Islands, Dominican republic, Aruba, Bahamas, BVI, Belize, Antigua,
Jamaica and Cuba, offering bookings for hotels, private residences,
car rentals, tours, flights and a variety of other types of
specialized travel services.
In 2017, the company acquired equity in the
Florida, USA based, licensed and bonded travel
agency; International Business & Travel Opportunities, LLC
(IBTO), a Caribbean Basin focused travel facilitator operating
trips in the region (including licensed Cuba trips for
Americans).
In 2018, the company acquired equity in the
Florida, USA based, Third Circle Publishing LLC, publisher of the
esteemed and U.S circulated print and digital magazine Cuba
Trade Magazine. CUV Ventures Corp owns an interest in some
important print and digital media assets, reaching 10s of millions
of consumers globally.
In 2018, the company acquired equity in the
Toronto; Canada based, FINTRAC licensed, remittance company, Duales
Inc. as part of the RevoluPAY® remittance app partner network.
In 2018, the company acquired equity in the
Miami, USA based, Business advisory/consultant think-tank Havana
Consulting Group, as part of the progressive acquisition of key
Caribbean related but, non domiciled, businesses.
The Cuba Ventures division consulting team
harnesses over 80 years of combined advisor experience in
submitting and, obtaining approval, for joint ventures, joint
production agreements, and import/export permits for foreign
enterprises. More recently the company has taken a royalty approach
for future agreements between third parties anxious to begin
commercial operations with Cuba and, the company’s Cuba Consulting
Unit.
Through this methodology, the Company is
gradually building a potentially valuable “future-ready”, non
Caribbean domiciled asset base while, in the interim, securing
revenue, growth and unique opportunities present in the Caribbean
Basin, with an emphasis on the Caribbean remittance industry and
international corporate consulting for Cuba’s estimated $86 Billion
annual economy.
For further information on CUV Ventures Corp.
(TSX-V:CUV) visit the Company’s website at www.cuvventures.com. The
Company has approximately 123,000,000 shares issued and
outstanding.
CUV VENTURES CORP.
STEVE
MARSHALL______________________________Steve MarshallCEO
For further information contact myself or:Nick
FindlerCUV Ventures Corp.Telephone: 604-639-3850Toll Free:
800-567-8181Facsimile: 604-687-3119Email: info@cuvventures.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.
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