Vancouver, BC , Nov. 29, 2022 (GLOBE NEWSWIRE) — 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
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.
For further information, contact:
RevoluGROUP Canada Inc.
Telephone: (604) 332 5355
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.
Disclaimer: Any information written in this press release does not constitute investment advice. Optimisus does not, and will not endorse any information about any company or individual on this page. Readers are encouraged to do their own research and base any actions on their own findings, not on any content written in this press release. Optimisus is and will not be responsible for any damage or loss caused directly or indirectly by the use of any content, product, or service mentioned in this press release.