VANCOUVER, British Columbia, Jan. 11, 2019 (GLOBE NEWSWIRE) -- 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.
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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.