CUV Ventures Corp. (TSX-V:
CUV
) (the “Company”) Vancouver, BC – (the
“Company”) is pleased to announce that the wholly owned subsidiary,
RevoluPAY® S.L. has formally submitted its application for a
proprietary finance license in the European Union on the 22
November 2018. The statutory approval time for the said application
is 90 days. Shareholders are reminded that RevoluPAY® currently
operates through an indefinite third-party banking license, thus,
financial operations remain unaffected throughout the central
bank’s approval process. The company is pleased to provide updates
for the RevoluCHARGE and RevoluVIP verticals and, Chinese Approval
of trademark.
Timeline of Proprietary License
Petition.
1 June 2018 – Wholly owned European Subsidiary
RevoluPAY S.L begins operations
6 June 2018 – RevoluPAY S.L. obtains indefinite
third-party banking license.
29 June 2018 - RevoluPAY S.L. signs NDA with Top
40 World Banking Institution for remittance disbursements
31 July 2018 – RevoluPAY App launches on
Android
24 September 2018 - RevoluPAY® App begins trials
of cash-out Bank Disbursements in Europe
1 October 2018 – Int. Financial Law Firm Hogan
Lovells retained to assist with Central Bank issued License.
5 November 2018 – RevoluPAY® commences cash-out
Bank Disbursements in 73 countries
7 November 2018 - Director Alfredo Manresa &
Hogan Lovells meet with the Central Bank to finalize requirements
of application of proprietary License.
8 to 21 November 2018 – RevoluPAY S.L prepares
additional documents and compliance recommendations suggested
during Central Bank meeting
11 November 2018 - RevoluPAY® App launches on
Apple iOS
22 November 2018 – License Application
Submitted
4 December 2018 – Hogan Lovells receives
preliminary positive feed-back from Central Bank concerning
application
11 Feb 2019 – Statutory approval term
concludes
Corporate Rational Behind License
Application
While RevoluPAY® continues to operate
transparently via an indefinite third-party banking license.
Management are convinced that a proprietary license issued by the
Central Bank will garner greater freedoms to the company and,
permit direct relationships with financial institutions worldwide.
Furthermore, the inherent value placed upon a license of this type
brings with it both notoriety and, credibility. Furthermore, the
economic upside of such a license cannot be overlooked, as certain
commissions and costs can be shaved from every transaction.
Overall, the obtention of a Central Bank issued license should
thrust the wholly owned subsidiary RevoluPAY S.L into the financial
sector, bring shareholder value and, an inevitable favorable equity
assessment of the subsidiary. Management remains extremely hopeful
that a license could be issued within the statutory term.
RevoluCHARGE Update
The company is pleased to announce that mobile
phone top-ups have been successfully enacted in numerous countries
around the world. Internal marketing of the platform is set to
begin this month. Shareholders are reminded that all top-ups must
be carried out using RevoluPAY.
RevoluVIP Update
The company’s internal IT division continues to
ensure the initial VIP Travel Club rollout as per the RevoluVIP
Presentation timeline. Management are working closely with our
software engineers in the final phase and, are pleased with the
overall look and feel of RevoluVIP. Shareholders are free to visit
the previously provided beta test sites to visualize the progress
in real-time. The company anticipates a strong uptake for VIP Club
memberships when the division is launched. Shareholders are
reminded that all interaction with the RevoluVIP Travel Club must
be carried out using RevoluPAY.
RevoluPAY® Trademark
Approved in China
The company is pleased to confirm that Chinese
authorities have approved the previously submitted Trademark
petition on December 4th 2018.
About CUV Ventures Corp.:
CUV Ventures Corp. is a multi-asset,
multidivisional publicly traded Canadian company deploying advanced
technologies in the; Online Travel, Vacation Resort, Mobile Apps,
Money Remittance, Mobile phone top-ups, Invoice factoring,
Blockchain Systems, and Fintech app sectors.
Our flagship technology is RevoluPAY®, the Apple
and Android multinational leisure payments and remittance app,
powered by blockchain protocols, and aimed at the worldwide + $595
billion family remittance market. Click here to read more.
For further information on CUV Ventures Corp.
(TSX-V: CUV) visit the Company’s website at www.cuvventures.com.
The Company has approximately 124,890,000 shares issued and
outstanding.
CUV VENTURES CORP.
STEVE
MARSHALL______________________________Steve MarshallCEO
For further information contact myself or:Nick
FindlerCUV Ventures Corp.Telephone: 604-639-3850Toll Free:
800-567-8181Facsimile: 604-687-3119Email: info@cuvventures.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.
CUV Ventures (TSXV:CUV)
Historical Stock Chart
From Jun 2024 to Jul 2024
CUV Ventures (TSXV:CUV)
Historical Stock Chart
From Jul 2023 to Jul 2024