Vancouver, BC, March 20, 2023 (GLOBE NEWSWIRE) -- 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 MARSHALL
CEO
For further information, contact:
RevoluGROUP Canada Inc.
Telephone: (604) 332 5355
Email: 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.
