RevoluGROUP Canada Inc. (TSX-V:
REVO),
(Frankfurt: IJA2) (the "Company")
is pleased to announce that it has signed a mutual Business
Development agreement on November 25th, 2022, in which the
potential Acquirers and the Company agree to a future joint
strategy should the equity investment conclude favorably. The
addendum is a continuance of negotiations concerning 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 Business
Development Agreement
The negotiations continue to progress favorably.
Today's Business Development Agreement projects a defined mutual
understanding and future strategy should the Equity Investment
occur. The parties have agreed to a comprehensive 2-year plan to
initiate on the day of the eventual equity acquisition. The
agreement includes but is not limited to the speedy expansion of
numerous financial sectors in which the Company already has an
operational presence, including centralized compliance fulfillment
of KYC ("Know Your Customer") and AML ("Anti Money Laundering") for
all adjoined users. Growth of financial intermediation in various
industries is also planned, such as Financial-on-Ramps, Virtual
Asset Management & Custody, Expanded E-Commerce, Expanded
Family Remittances, Payroll Services, Banking as a Service, Payment
Settlements, Expanded Forex services, and other business avenues.
Other sectors, such as Gambling and Betting, while RevoluBET is
still unreleased, would pursue a quick involvement in the financial
movements associated with this sector. The agreement further
projects the pursuit and obtention of additional financial licenses
in seven international jurisdictions seeking supplementary
jurisdictional financial licensing. Lastly, the agreement further
projects a roadmap to pursue the supplementary affiliate membership
statuses of two other major payment instrument providers.
Analysis Term and
Evolution of Talks
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 documentary due
diligence, underlying business plan, and contract analysis. On
November 7th, 2022, The Company informed shareholders of the
signing of an updated term sheet addendum in which the potential
Acquirers and the Company confirmed the satisfactory completion of
the 'Documentary Due Diligence' phase of the negotiations. Today's
advent of approving the mutual underlying business plan is
considered a notable continued positive advancement in the talks.
The Company agreed and entered a period of exclusivity in which it
undertook 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. There can be no assurance that any
definitive agreement, tender, or investment will be completed, and
the term sheet remains preliminary and non-binding. The Company
will continue to update shareholders on any material changes and
possible advancements between the parties.
Canadian FINTRAC and Florida MSB
II
The Company is pleased to announce that The
Financial Transactions and Reports Analysis Centre of Canada
(FINTRAC) has extended the Canadian FINTRAC approval M20352455 for
two years. Similarly, the Florida Office of Financial Regulation
received the extended bond coverage from RevoluGROUP USA Inc. (dba
"RevoluPAY") Money Transmitters Part II license with expanded
implicit regulatory approval for Part III financial activities for
another year.
Links Used in This News
Release
FINTRAC Website -
https://www.fintrac-canafe.gc.ca/fintrac-canafe/1-eng
Florida MSB II License -
https://www.docdroid.net/gDc85Wc/revolupay-msb-license-florida-pdf
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 192,356,376
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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