RevoluGROUP Canada Inc.
(TSX-V:
REVO),
(Frankfurt: IJA2) (the "Company")
is pleased to announce that it has signed an updated term sheet
addendum on November 4th, 2022, in which the potential Acquirers
and the Company confirm the satisfactory completion of the
'Documentary Due Diligence' phase of the negotiations. The addendum
updates the October 14th, 2022, term sheet defining a potential
share equity acquisition by a European Financially Regulated entity
allied to a UAE Based Financial Consultancy firm. Under the terms
of the agreement, if fruitful, it may result in a change of control
as specified in the SECURITIES ACT [RSBC 1996] CHAPTER 418 - Part
1. The Company issues the current news release in conformity with
policy 85, sections A and C of the SECURITIES ACT as it pertains to
"Continuous Disclosure."
About the
Satisfactory Completion
of Documentary Due Diligence
'Documentary Due Diligence' is a legal term
applied to the complex phase of negotiations in which the parties
petition, receive and study corporate documentation and public
disclosures covering an extended period into the past and up until
the present day. In some cases, depending upon the volume of
documents petitioned and received, this can often consume
significant time. The Company and parties are delighted to have
satisfactorily concluded this crucial phase.
Analysis Term
As per the term sheet signed on October 14th,
2022, the parties agreed that a maximum term of 45 calendar days
suffices to conclude the underlying proposal's preliminary due
diligence and analysis. As a result, the adoption of the underlying
business plan and agreements necessary to formalize the transaction
cannot take longer than 45 days from the date of the term sheet
signing. The satisfactory completion ahead of schedule of the
aforementioned 'Documentary Due Diligence' bodes well for the
projected timeframe and positive advancement of the talks.
Likewise, the Company agreed and entered a period of exclusivity in
which it undertakes not to hold or participate in negotiations or
discussions on any other proposed purchase of its shares for 45
days ending at midnight November 28th, 2022.
Market Herald Interview
CEO Steve Marshall sat down with Daniella
Atkinson to discuss his appearance on the ABC TV Network, New York.
Steve discussed the Company's 117-country remittance platform
RevoluSEND, and its focus on migrants allied to the six revenue
verticals targeting the 4.4m strong New York expatriate community.
He offered insight into the potential significant revenues
attainable by any entity choosing to expose a sizeable user base to
the Company's numerous existing consumer revenue verticals. See
Video
AML & KYC
Advanced Screening
Integration Completed
The Company is pleased to announce that it has
concluded the integration of the ameliorated AML ("Anti Money
Laundering") & KYC ("Know Your Customer") screening in
anticipation of the entrance into numerous new world markets. The
monitoring additions are now live. As stated in corporate news
dated 2nd of August, 2022, the Company expects the anticipated
Phase Two countries gradually come on stream shortly. Further
implications of this positive outcome include the planned alliance
with a Prominent Canadian Online Foreign Exchange entity, as per
news dated 1st April 2022. Lastly, a final positive consequence of
this regulatory technology update includes the upcoming launch of
North American ACH ("Automated Clearing House") transactions and
settlements within RevoluPAY and all corporate revenue verticals.
Shareholders shall remain closely informed about when these
positive advents occur via upcoming corporate news.
Employee Incentive Stock Options Exercised
The Company is pleased to announce that
1,600,000 of the incentive share options granted to officers,
directors, employees, and consultants at $0.27, expiring on the
22nd of November 2022, were recently exercised for net proceeds of
432,000 $CA to the Company's Treasury.
Links Used in this News Release
Market Herald Interview - https://tinyurl.com/2bn2unxh
RevoluSEND - https://revolusend.com/
About RevoluPAY®
The Company's flagship Neobanking technology is
RevoluPAY®, the Apple and Android multinational payment app.
Conceived entirely in-house, RevoluPAY features proprietary,
sector-specific technology of which the resulting source code is
the Company's intellectual property. RevoluPAY's built-in features
include Remittance Payments, Forex, Crypto-to-fiat exchange, Retail
and Hospitality payments, Real Estate Payments, pay-as-you-go phone
top-ups, Gift Cards & Online Credits, Utility Bill payments,
Gaming Credits, Leisure payments, Travel Payments, etc. RevoluPAY
is aimed squarely at the worldwide multi-billion dollar Open
Banking sector, cross-border forex payments, and + $595 billion
family remittance market. RevoluPAY® is operated by the European
wholly-owned subsidiary RevoluPAY EP S.L situated in Barcelona.
RevoluPAY is a licensed United States MSB, Canadian FINTRAC, and
European PSD2 payment institution 6900 under the auspices of E.U.
Directive 2015/2366 with E.U. 27 Country Passporting and official
issuer of Visa® Cards and
authorized Visa® Affiliate Member.
RevoluGROUP Canada Inc. controls five wholly-owned subsidiaries on
four continents.
About RevoluGROUP
Canada Inc.:
RevoluGROUP Canada Inc. is a multi-asset,
multidivisional, publicly traded Canadian Company deploying
advanced technologies in; Banking, Mobile Apps, Money Remittance,
Cross-Border Forex Payments, Mobile Phone Top-Ups, EGaming,
Healthcare Payments, Esports, Invoice factoring, Online Travel,
Vacation Resort, 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 191,757,876
shares issued and outstanding.
RevoluGROUP Canada,
Inc.
"Steve Marshall" ______________________STEVE
MARSHALLCEO
For further information, contact:RevoluGROUP
Canada Inc.Telephone: (604) 332 5355Email: 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.
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