CUV Ventures Corp. Raises $420,000 through Warrant and Option Exercises and Provides Corporate Outlook for 2019
12 January 2019 - 12:00AM
CUV Ventures Corp. (TSX-V:
CUV
) (the “Company”) is pleased to announce that
it has received a total of 5,400,000 exercised warrants and
options, totaling $420,000 in working capital for the Company,
since October 1st, 2018. The Company would like to thank its
current shareholders for continuing to show financial support for
the Company.
The company considers that it is sufficiently
financed, for the time being, having already satisfied the bulk of
division and, subsidiary expenditures, throughout 2018. Remaining
unexercised warrants total approximately CAD$1.5 million, all of
which are significantly “in-the-money” and likely to be exercised
in the near term. It further expects each subsidiary division, that
is already generating revenue, to experience increased revenue
generation throughout 2019 and, the two subsidiaries pending
revenue generation to be entirely on-stream by late February
2019.
Economic Status of the Various Divisions and
Subsidiaries
RevoluPAY® S.L – The European
wholly owned subsidiary began operations in June 2018. The company
has since, successfully: opened a manned office in Barcelona Spain,
built a proprietary payment and, remittance app, which has been
approved and, is operational, on iOS and Android, for several
months. RevoluPAY® S.L currently operates the app under an
indefinite third-party banking license. RevoluPAY® submitted a
formal petition for a proprietary European PSD2 Electronic Money
Institution banking license on November 22nd, 2018, which is
subject to a statutory 90-day approval term. The major expenditures
of Subsidiary creation, equipping a manned office, programming the
proprietary app source code, software, launching the app, legal
fees and, other major expenditures for the subsidiary, were largely
covered during 2018. RevoluPAY® S.L is already generating revenue
and, the company sees this as a key revenue generating subsidiary
going forward.
Travelucion S.L - The European
wholly owned, travel licensed & bonded subsidiary, in 2018
signed accords with Constellation Software Inc subsidiary Juniper
to launch the RevoluVIP discount travel division. The major
expenditures to Juniper have been covered in 2018. This division is
now equipped to sell travel to 182 destinations around the world.
The subsidiary also successfully obtained licenses from Amadeus
GDS, IATA in 2018. The company has also fully paid the annual lease
for 182 world domain names, known as the “VIP Collection”, which,
are the basis of RevoluVIP, in September 2018. The company does not
anticipate any further major expenditure associated with the launch
of RevoluVIP. Travelucion S.L is already generating revenue and,
the company sees this as a key revenue generating subsidiary going
forward.
RevoluVIP International Inc. –
The Canadian wholly owned subsidiary was incorporated as the basis
of the RevoluVIP Club and, membership platform. The costs
associated with the incorporation of the company were satisfied in
2018 and, the entity is domiciled at CUV headquarters, mitigating
extra costs to the company. The company does not anticipate any
further major expenditure associated with RevoluVIP International
Inc. The company expects that RevoluVIP International Inc. will
begin generating revenue, through RevoluVIP membership dues, by the
end of January 2019 and, the company sees this as a key revenue
generating subsidiary going forward.
RevoluFIN Inc. - The Panamanian
wholly owned subsidiary was approved for operations in November
2018. All expenditures for the incorporation of this subsidiary
were satisfied in 2018. Furthermore, the company has previously
paid the office lease for RevoluFIN for two years in advance,
ending on December 1st, 2020. The company expects that RevoluFIN
Inc. will begin generating revenue by the end of February 2019 and,
the company sees this as a key revenue generating subsidiary going
forward. Future financings might be considered to enhance our
growth rate in areas where we are seeing a need to expand rapidly
to avoid missing market opportunities.
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 128,930,000 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.
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