RevoluGROUP Canada Inc. (TSX-V:
REVO),
(Frankfurt: IJA2) (the "Company")
is pleased to announce that it has signed a Term Sheet Period and
Exclusivity Extension agreement on November 28th, 2022, in which
the potential Acquirers and the Company agree to extend the closing
phase of negotiations until Midnight December 8th, 2022. The
appendix outlines the complexities of the culmination of the talks,
which, if successful, could result in an agreement 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."
Term Sheet Period and Exclusivity
Extension
The Acquirers and the Company have approved a
one-time extension of the term sheet's maximum closing date and the
exclusivity term, which now ends at midnight on December 8th, 2022.
The rationale surrounding management's approval of the extension is
two-fold. Firstly, the parties concluded perhaps the most
complicated Documentary Due Diligence phase as per the news release
dated November 7th, 2022. Secondly, in continued good faith, the
parties signed the Mutual Business Development Strategy addendum on
November 25th, 2022. Both of these complex phases have reached
apotheosis, paving the way to an expected final agreement.
Notwithstanding, the eventual conclusion of an
agreement within just one business day post-signing the Mutual
Business Development Strategy has proven an insurmountable
challenge. Therefore, the parties have approved the present Term
Sheet Period and Exclusivity Extension to permit appropriate time
for this crucial conclusive phase in the talks. Aside, management
has informed the parties, and it has been mutually agreed not to
grant further extensions to the term. While the present
negotiations are evolving tremendously positively, 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 update shareholders if there are any
material advents or possible contractual advancements between the
parties.
Phase Two RevoluTRANSFER Launch
Countries
Further to the news release dated August 2nd,
2022, the Company is pleased to announce the successful partial
launch of phase-two countries, the United States and Canada, on
both RevoluSEND and RevoluTRANSFER. This significant step in
open-banking development sees the Company incorporate North
American ACH ("Automated Clearing House") electronic fund transfers
into its financial platforms. These revenue verticals are now
enabled for further rapid expansion into the world's largest
consumer markets with, in most scenarios, same-day transfers and
payment settlements at a minimal cost to RevoluPAY users.
Links Used in This News
Release
RevoluTRANSFER - https://www.revolutransfer.com/
RevoluSEND - https://www.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 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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