CUV Ventures Corp. Increases Share Capital of Travelucion and RevoluPAY. Begins RevoluPAY Bank Disbursements in Europe
September 24, 2018
Vancouver, BC – CUV Ventures Corp. (TSX-V: CUV) (the "Company") Vancouver, BC – (the "Company") is pleased to announce that it has increased the authorized share capital of wholly owned subsidiaries; Travelucion S.L to 463,600 euros, (approx 709,000 $CA) or 152 euros per share (total 3050 shares) and, RevoluPAY S.L. to 150,001 euros, or 1 euro per share (total 150,001 shares). RevoluPAY begins Bank Disbursements in Europe. Travelucion signs first major suppliers for the RevoluVIP platform.
RevoluPAY S.L Share Capital Increase
RevoluPAY S.L. increased its paid-up authorized share capital on 18 September 2018 to 150,001 euros (approx 229,500 $CA) in preparation for the application of the proprietary European Banking Payment Entity License (Entidad de Pago – EP). The minimum required capital of a soliciting entity is of 150,000 Euros. The company now meets the European banking prerequisite and, expects to submit its request for the cited EP banking license within 30 days. The approximately 90 day approval process could begin as early as October 22nd 2018. As per previous news releases, RevoluPAY is currently operating its e-wallet through a banking license partner. Obtaining the proprietary license is a step the company has planned from the outset and, will be an important milestone, which should bring increased influence to the wholly owned subsidiary RevoluPAY S.L and, shareholder value.
Travelucion S.L Share Capital Increase
Travelucion S.L. increased its paid-up authorized share capital on 19 September 2018 to 463,600 euros, (approx 709,000 $CA). The increase in capital reflects direct capital investments in the company since 2016.
RevoluPAY begins Bank Disbursements in Europe
As announced on 17th September 2018, the company has today begun trials, together with a new iteration of the RevoluPAY app, for banking disbursements (cash-out) in the entire European Union. The live testing will continue until September the 30th 2018, at which time, the iOS version of RevoluPAY is expected to launch. The company hopes to be entirely operational in the EU, with both Android and iOS, commencing in October 2018.
RevoluVIP Travel Club
The wholly owned, duly licensed Travel subsidiary, Travelucion, has signed multiple GDS -- XML supplier agreements with the following major entities:
Bonotel LLC – Las Vegas, Nevada
Turismo Solidario S.A.S – BOGOTA, Colombia
Bookohotel LLC – Miami, Florida
The company continues to diligently negotiate and, sign, key supplier agreements at an accelerated pace, to meet the roll-out criteria of the RevoluVIP Presentation.
RevoluVIP utilizes cutting edge Constellation Software subsidiary, Juniper, GDS XML technology, the newly obtained IATA and Amadeus licenses and, the proven know-how and team at Travelucion, to expand sales into over 130 new countries/markets, optimistically increasing Travelucion's current single test destination audited annual revenue of 2.5 million dollars by potentially significant multiples.
Travel Network Pre-Beta http://dev.americavip.com/dev/
Travel Club Pre-Beta http://revoluvip.club/devclub/
For more information about the revolutionary RevoluVIP Travel Club, please visit.
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, Invoice factoring, Blockchain Systems, and Cryptotoken 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 123,200,000 shares issued and outstanding.
CUV VENTURES CORP.
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CUV Ventures Corp.
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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.