CUV Ventures Corp. (TSX-V:
CUV) (the “Company”) is pleased
to announce that the prestigious law firm, Hogan Lovells, has
provided the Company with a copy of a formal communication sent to
the Central Bank on April 08th 2019 at 17.25 CET. Expedia, Booking
Holdings and, Agoda VCC customers increase during the month of
April 2019. RevoluVIP includes new airlines, hotel search
enhancements and, airport code searches.
PSD License Application Chronology and
Current Status
As shareholders were informed on October 1st
2018, the wholly owned subsidiary RevoluPAY S.L. retained the
prestigious law firm, Hogan Lovells, to assist with the petition of
a proprietary, Central Bank issued, European PSD license.
Subsequently, CEO of RevoluPAY, Alfredo Manresa, along with Hogan
Lovells Counsel, met with the Central Bank on November 7th 2018.
Subsequently, the formal petition for the PSD license was submitted
by Hogan Lovells on November 19th 2018, with a formal receipt of
the petition having been received on November 22, 2018 and, subject
to a statutory approval time, for the said application, of 90 days.
On November 25th 2018, the Central Bank adopted the new legislation
associated with the PSD2 European Banking Directive. On 4 December
2018, Hogan Lovells received preliminary positive feed-back from
Central Bank concerning the application. On December 20th 2018,
RevoluPAY concluded the update of the RevoluPAY payment app to meet
the stringent PSD2 two factor authentication requirements. On
February 15th 2019, the wholly owned subsidiary RevoluPAY S.L.
concluded the final requisite, by increasing its paid-up share
capital to 250k Euro (Approx. 375k $CA), in anticipation of the
Central Bank PSD2 license approval. On February 20th 2019, the
company informed shareholders of the update it had received from
Hogan Lovells concerning the PSD2 license petition, in which the
law firm provided the 08th March 2019, as a tentative date for a
response from the Central Bank. On March 8th 2019, Hogan Lovells
informed the company that it had contacted the Central Bank on
March 6th 2019 and, were informed directly, that the license
application was proceeding correctly. On March 19th 2019 the
Company received a direct call, at 5.50pm CET, from the Head of
License Authorizations of the Central Bank, concerning the
impending PSD2 license approval. During the call, the senior
department of authorizations official explained to Mr. Manresa that
the bank had preferred to call directly to explain that the slight
approval delay is associated with the sheer volume of departmental
work underway, however, that between Thursday 28th and Friday 29th
of March 2019, the Central Bank would issue a written communication
to RevoluPAY® concerning the PSD2 license petition. As no
communication was received from the Central Bank, the Company
contacted Hogan Lovells on April 2nd, 2019. On April 3rd 2019,
Hogan Lovells, in a written correspondence, communicated to the
Company that they had physically met with the Central Bank on
Monday 1st April 2019 and, that the Central Bank had informed them
that, at the latest, Wednesday April 3rd 2019 Hogan Lovells would
receive a communication from the Central Bank concerning the
license petition. Today, Hogan Lovells informed the Company that on
April 08th 2019 at 17.25 CET, they sent a formal written request
for an update to the Central Bank, providing a copy of the said
communication, between Hogan Lovells and, multiple departmental
divisions of the Central Bank, to the Company. In the cited
communication, Hogan Lovells lead counsel, expresses his
disappointment as to not having received the numerous promised
responses and, urges the Central Bank to provide an update
forthwith. However, the Company wishes to express that, in
managements opinion, the Central Bank has evidently been subject to
enormous changes, upon implementation of the PSD2 licensing, just a
few days after the Company applied for its PSD license in November
2018 and, during every communication with both the Company and,
Hogan Lovells, the bank has explained this dilemma willingly and,
has always been very forthcoming with the acceptance that this
change in law has delayed numerous matters, concerning license
approvals, post PSD2 implementation.
Booking Holdings, Expedia And Agoda VCC
Update
The company is pleased to announce that the
clearance of VCC payments continues to increase, having added 9 new
property consortiums thus far this month.
RevoluVIP Adds 9 Extra Airlines
As explained to shareholders in the 25 March
2019 News Release, RevoluVIP will gradually add more airlines to
the platform, over the coming days and, weeks. The following
airlines were therefore added to RevoluVIP on April 09th 2019 and,
members may now book with these airlines;
Precision Air, Air Namibia, Thai Airways, Mongolian Airlines,
Sky Express, Air Malta, Air Baltic, EVA Airways, Bangkok
Airways
RevoluVIP Technical and Programming
Updates
As explained to shareholders in the 22nd March
2019 news release, RevoluVIP will incorporate a gradual launch. The
company would like to thank RevoluVIP Members who are proving
invaluable in assisting the Company with feedback on the
revolutionary travel platform. As such, over the past 5 days, the
following enhancements have been introduced.
Refined Hotel Search –
Permitting, Specific Property, Location Price Range and/or Star
Rating
Airport Code Search – Members
may now search using airport codes, as well as cities.
Initial Roll Out of The VIP Collection
Websites
The Company is pleased to announce that the
initial websites of the VIP Collection are now available in
functioning beta form, these include:
AmericaVIP.com
CanadaVIP.com
The Company will continue to roll-out all
websites within the VIP Collection in as short of a timeline as is
possible.
Resignation of Timothy
Fernback
The Company announced today that Timothy
Fernback has resigned from CUV Ventures' board of directors
effective April 09th, 2019. Timothy Fernback has provided valuable
insight and assistance as the Company’s subsidiaries have entered
into the payment app sectors and, the leisure related finance
realm. CUV Ventures Chairman, Jim Petitt, said, "We thank Mr.
Fernback for his service to the Company and wish him success in his
future endeavors"
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, Mobile phone top-ups, Invoice factoring,
Blockchain Systems, and Fintech app 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.
For further information on CUV Ventures Corp.
(TSX-V: CUV) visit the Company’s website at
www.cuvventures.com. The Company has approximately 134,500,000
shares issued and outstanding.
CUV VENTURES CORP.
“Steve Marshall” ______________________STEVE
MARSHALLCEO
For further information contact:Don MosherCUV
Ventures Corp.Telephone: (604) 685-6465Toll 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.
CUV Ventures (TSXV:CUV)
Historical Stock Chart
From Jun 2024 to Jul 2024
CUV Ventures (TSXV:CUV)
Historical Stock Chart
From Jul 2023 to Jul 2024