Cuba Ventures Corp. (TSX-V:CUV) (the
“Company”) (“Cuba Ventures”) (formerly MPH Ventures Corp.) today
announces that the Company has received regulatory acceptance for
its change of business ("COB") through the acquisition of a 100%
interest in Travelucion S.L. ("Travelucion Media"). Shares of the
Company will commence trading at the opening Monday morning March
21st under the new symbol CUV on the TSX Venture Exchange.
Travelucion Media, now a wholly owned
subsidiary, is a cash-flow positive online travel and digital media
marketing company that specializes in travel marketing, electronic
reservations and online booking solutions for international
visitors to Cuba.
The COB was achieved through the acquisition of
the remaining 80% of the shares in Travelucion Media not previously
owned by the Company by the issuance of 16,000,000 common shares of
Cuba Ventures to Mr. Steve Marshall. 20,000,000 shares held by Mr.
Marshall and 536,100 shares held by Company CEO & President Jim
Pettit are subject to escrow agreements under the policies of the
TSX Venture Exchange.
To reflect its new business the Company has
changed its name from MPH Ventures Corp. to Cuba Ventures Corp.
Travelucion Media has developed and owns one of
the most significant portfolios of Cuban focused web assets with
432 websites collectively generating over 30 million page-views per
year, directing traffic to the main Travelucion Media booking and
e-commerce sites. Since 1995 these proprietary websites have been
promoting Cuba and offering online travel services to the Caribbean
nation. The websites cover all facets of the island including
specific tourist destinations, hotels and resorts, golf, spas,
restaurants, classic car rentals, Cuban culture, health, commerce,
food and much more.
Travelucion Media’s revenues have continued to
grow quickly in the wake of the notable shift in American policy
towards Cuba. Diplomatic ties are improving as the two nations
normalize relations and travel restrictions on Americans visiting
Cuba continue to relax.
Jim Pettit, President and CEO of Cuba Ventures,
stated: “This is a significant milestone for the Company and its
shareholders. Cuba Ventures will commence trading this morning as
one of the first and only Cuba-focused publicly traded vehicles in
North America offering investors direct exposure to the island. Our
team is dedicated to value creation and capitalizing on the growth
and unique opportunities present in Cuba. Our acquisition of
Travelucion Media marks our initial entry into Cuba and its largest
industry, the tourism industry.”
Furthermore, Cuba Ventures announces that Steve
Marshall, the Founder and President of Travelucion Media, has been
appointed a Director of the Company.
“Taking Travelucion Media public is the pinnacle
of my life's work. Building an online travel and media company
focused on Cuba has required years of hard work and relationship
building on the island,” Steve Marshall stated. “Two decades later
with President Obama arriving today in Cuba, the first sitting U.S.
President to visit Cuba in almost 90 years, my vision seems to be
coming to fruition. These past 15 months have been exciting times
at Travelucion Media with rapidly increasing travel-related
revenues as well as a surge in American web visitors to our 432
websites, clearly exemplifying the unwavering passion the American
people have to discover more about Cuba, a place I called home for
11 years.”
Mr. Marshall continues: “Sharing my long-term
enthusiasm for Cuba, the management and team at Cuba Ventures Corp.
are a pleasure to work with and, in my new role as Company
Director, I look forward to many years of ongoing commitment to
furthering our common goals. Our shareholders can expect great
things from our newly combined team over the coming months and
years as we channel our burgeoning internet traffic towards
additional Cuban commercial ventures and opportunities, while
continuing to capitalize on the growing, multi-billion dollar Cuban
tourism industry. Cuba Ventures plans to focus on the emerging, yet
underserved, American tourist market to Cuba. It has become clear
that more and more Americans wish to visit the island under the
current 12 U.S. exemptions and the new people-to-people educational
visit criteria just instituted by the Obama administration on March
14th.”
Mr. Marshall remains the President and CEO of
Travelucion Media, now a wholly owned subsidiary of Cuba Ventures.
He is a trilingual entrepreneur specializing in international
marketing and deal brokering. Steve spent 11 years in Cuba
specializing in Cuban joint ventures and successfully founded a
number of companies including the Primeras Inversiones (Havana Free
Zone), the first State approved real estate joint venture (CIMEX),
the Dimension W-Tech start-up joint venture with the Ministry of
Communications, and the first Cuba-centric online marketing company
handling over 30 million annual internet visitors with the Ministry
of Tourism. Steve's past Cuban ventures have received coverage in
the Financial Times, BBC News, CNN, Time Magazine, Washington Post,
Chicago Tribune and The Wall Street Journal. Steve was a special
advisor to a number of Cuban corporations spearheading their
entrance into the new economy and providing support and investment
in a range of commercial sectors. He is knowledgeable concerning
the idiosyncrasies of dealing with the Cuban Government and Cuba's
foreign investment laws.
Cuba Ventures has received final TSX Venture
Exchange acceptance for its private placement financing, see news
release March 10th.
Early Warning Report
Steve Marshall announces that he has acquired
beneficial ownership of 16,000,000 common shares (the "Shares") in
the capital of Cuba Ventures Corp. Mr. Marshall beneficially
owns a total of 21,000,000 common shares of Cuba Ventures and
warrants to purchase an aggregate of 1,000,000 common shares of
Cuba Ventures, which represent 34.16% of Cuba Ventures issued and
outstanding common shares on a non-diluted basis or 35.79% of Cuba
Ventures issued and outstanding common shares calculated on a
partially-diluted basis assuming the exercise of the warrants held
by Mr. Marshall. Mr. Marshall acquired the Shares for
investment purposes. He intends to evaluate his investment in
Cuba Ventures and to increase or decrease his beneficial
shareholdings from time to time as he may determine appropriate for
investment purposes. A copy of the early warning report filed on
SEDAR by Mr. Marshall may be obtained by contacting Mr. Jim
Pettit, a director of Cuba Ventures at (604) 687-3376.
About Cuba Ventures Corp.:
Cuba Ventures Corp. has acquired Travelucion
Media, now a wholly owned subsidiary of the Company. Travelucion
Media is a cash-flow positive online travel and digital media
company that specializes in travel marketing, electronic
reservations and online booking solutions for international
visitors to Cuba. Travelucion Media owns one of the most
significant portfolios of Cuban focused web assets, through its 432
websites, which collectively generate over 30 million page-views
per year and direct traffic to the main Travelucion booking sites
including www.Havanatur.com.
For further information on Cuba Ventures Corp.
(TSX-V:CUV) or Travelucion Media visit the companies’ websites at
www.cubaventures.com or www.travelucion.com.
Cuba Ventures Corp. has approx. 61.5 million
shares issued and outstanding.
CUBA VENTURES CORP.
« Jim Pettit »
______________________________
JAMES G. PETTITPresident & CEO
For further information contact myself or:Don
MyersCuba Ventures Corp.DirectorTelephone: 604-687-3376Toll Free:
800-567-8181Facsimile: 604-687-3119Email: info@cubaventures.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS 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.
MPH Ventures Corp. (TSXV:MPS)
Historical Stock Chart
From May 2024 to Jun 2024
MPH Ventures Corp. (TSXV:MPS)
Historical Stock Chart
From Jun 2023 to Jun 2024