RevoluGROUP Canada Inc. Equity Investment Suitor Requests Extension Due to Exposure to Silvergate and Signature Banks
March 16 2023 - 8:00AM
RevoluGROUP Canada Inc.
(TSX-V:
REVO),
(Frankfurt: IJA2),
(Munich:
A2PU92), (the "Company") received an unscheduled
urgent email communication from the CEO of the European Financially
Regulated entity on the 15th of March 2023 at 10.40 CET (5.40 ET.).
Said email divulges a scenario where the suitor reveals they had
financial exposure and banking relationships with the two
just-failed U.S. banks Silvergate ("S.V.B.") and Signature. The
suitors have requested a short period to assess the implications of
their involvement with said banks, including possible financial and
logistical ramifications. Notwithstanding, the suitors have
reconfirmed their commitment to the planned Equity Investment in
today's email communication. However, they state they are assessing
this rapidly evolving situation and respectfully request some time
to evaluate it diligently. Due to the late receipt of said
impromptu email, time-zone differences, and the impossibility of
coordinating a direct conference call, the suitor has agreed to
offer further details during a conference call with CEO Steve
Marshall today, the 16th of March, 2023.
The Company reminds shareholders that
RevoluGROUP Canada Inc. and its subsidiaries did not have any
relationship, banking accords, or financial dealings with the banks
Silvergate ("S.V.B.") nor Signature. As such, the Company's
economic activities are entirely unaffected.
The present news release was drafted at 9.45 pm
ET, March 15th, 2023, to disclose the underlying material
information immediately. Shareholders will be kept closely informed
once the Company has further details in the morning and has had the
opportunity to discuss directly with the suitors.
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 192,510,376
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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