RevoluGROUP Canada Inc.
(TSX-V:
REVO),
(Frankfurt: IJA2),
(Munich:
A2PU92), (the "Company") is pleased to announce
that on March 19th, 2023, it has signed a third addendum to the
BINDING MOU ("Memorandum of Understanding") dated January 5th,
2023. Said addendum brings into contemporary perspective the
sustained mutual intent to conclude a share equity acquisition by a
European Financially Regulated entity allied to a UAE Based
Financial Consultancy firm. The Company issues the current news
release in conformity with policy 85, section B of the SECURITIES
ACT as it pertains to "Disclosure of Material Change."
Suitor Signs New
Addendum Defining
Extension Petition Justification
and New
Timeline
Further to the news release dated 16th of March,
2023, in which the Company notified shareholders of the impromptu
receipt of an urgent email communication from the CEO of the
European Financially Regulated entity on the 15th of March 2023 at
10.40 PM CET (5.40 PM ET.) Sadly, the parties could not coordinate
a video conference earlier since the suitors had unplanned
extensive international travel over the previous 72 hours.
Propitiously, after maintaining a 70-minute video conference with
the suitors on Sunday, March 19th, 2023, the Company announces it
can now provide shareholders with additional information.
As a result of said video conference, the
parties have signed the aforementioned third addendum to the
BINDING MOU ("Memorandum of Understanding") dated January 5th,
2023. Opportunely, the addendum reiterates that despite the
consequences of the unfortunate failure of the US financial
institutions Silvergate and Signature Banks, the suitor remains
wholly committed to concluding the Equity Investment promptly with
RevoluGROUP. Additionally, the suitors confirmed that the pending
final EU transactional compliance approval was, in effect, granted
on March 15th, 2023. That said, the mutually agreed addendum
assigns a newly defined timeline within which the European
Financially Regulated entity expects to complete within a new
14-day maximum term ending on or before midnight April 2nd, 2023,
its remediation of the aforementioned circumstances brought about
by the failure of Silvergate and Signature Banks. Conclusively, per
the most recent addendum, the investment proposal is expected to
culminate on or before midnight on April 3rd, 2023.
Latest Chronology of
The Equity Investment
Today's third signed contractual addendum
emphasizes the steadfast determination of the European Financially
Regulated entity, having sought and obtained primary EU regulatory
approval on March 9th and the remaining regulatory hurdle of
transactional compliance on March 15th.
Current Status of the Equity
Investment
The anticipated transaction negotiations
continue to advance favorably. They now include a binding
obligation between the parties dated 5th January 2023, a 21st
February 2023 contractual addendum, a second contractual addendum
dated 8th March 2023, a third contractual addendum dated 19th March
2023, Canadian Regulatory PIF Approval of the Suitors, TSX Venture
Exchange having no objections to the proposed investment terms,
proof of funds covering the entire transaction, notification by the
suitors confirming EU regulatory approval, and today's declared
regulatory transactional compliance approval. Even so, the Company
restates there can still be no assurance that any definitive
agreement, tender, or investment will be completed. The Company
will keep shareholders closely informed of developments throughout
the final mutually agreed extension term.
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 192,835,376
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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