Cuba Ventures Corp. tests Beta 2 of its Revolupay® blockchain app, awarded an Amadeus GDS license, and proposes an electronic banking subsidiary
January 18, 2018
Vancouver, BC - Cuba Ventures Corp. (TSX-V: CUV) (Frankfurt: IJA2) (OTCBB: MPSFF) (the “Company”) - is pleased to announce that, as a result of the recently signed Definitive Agreement with UXS Mobile for internationalization of the Company’s blockchain-based mobile remittance and payment application, the Beta 2 version of the Revolupay® app is now in live testing phase and ahead of schedule. Revolupay® will be initially deployed in significant remittance markets in Latin America and the Caribbean under the proposed national master franchisee model. Sneak Peek of Revolupay Beta 2.0 (Link)
Further to the Company’s November 3rd news release, its wholly owned travel division Travelucion has been awarded a license as a GDS distributor with Amadeus IT Group SA, an international travel technology developer.
Further, the Company has obtained initial European mercantile registry acceptance for the creation of a subsidiary to be named “Revolupay Europe EDE” (electronic money institution.) The Company is actively seeking to obtain the cited banking license and has contacted the “Big 4” consulting firms (Ernst & Young, Deloitte, KPMG, and PwC), having concluded initial talks thus far with Ernst & Young. Should the EDE license be approved, the proposed wholly owned subsidiary will have both proprietary Swift and ACH ability, and be fully licensed under European law to operate as an electronic money institution (EDE). Such a banking license would allow autonomous banking operations and reduced transaction costs for Revolupay, allied to an increase in projected profit from the estimated 2% featured in the Revolupay Presentation to approximately 4%.
Company Update and Progress Report
Mobile Internet in Cuba - As the Company previously projected, on January 3rd 2018 the Cuban government announced that it had begun the nationwide rollout of mobile internet. Cuba has a 93% national cellular coverage and Cuba Ventures welcomes this news of the inclusion of cellular data to the existing GSM cellular network.
Atos Meeting - During a recent visit to Europe, CEO Steve Marshall and advisor Bernard Lonis met with a director of the European tech giant Atos. Talks centered on the possible deployment of a large-scale data mining center. Management continues to study this attractive opportunity related to both proprietary and third party crypto currency mining. You can view Atos’ website by clicking the link, here.
Capital Conference Bahamas - CEO Steve Marshall, attended this prestigious event from January 12th to 14th. The Company concluded numerous presentations and meetings with Canada’s large brokerage houses and, both private and institutional investors.
CubaFin Lending Platform - In-house software engineers are concluding the final beta three iteration of the proposed CubaFIN lending platform, as per the Company’s news release dated August 8th, 2017. This most recent version of the overall lending and factoring platform will serve as the basis for the concluding negotiations with Al-Fahim Group.
Cuba Ventures Issues Options
The Company has granted its directors, officers, employees and consultants an aggregate of three million stock options under the Company’s 10% rolling stock option plan approved by shareholders at the Annual General Meeting held on December 19th, 2017. The options will be exercisable for five years at a price of $0.27 per share.
About Cuba Ventures Corp.:
Cuba Ventures Corp. is a publicly traded Canadian company capitalizing on the growth and unique opportunities in the USD 3.5 billion per year Cuban travel and tourism industry. Travelucion, a wholly owned subsidiary, is a digital media and marketing company which owns a vast portfolio of Cuba related websites and online portals. These websites and portals include Cuba travel information in up to six languages, featuring web assets for Cuba’s popular cities and towns, online booking solutions and online reservations through proprietary software, catering to international visitors to Cuba. Travelucion’ s online travel division is duly licensed retail travel supplier handling millions of dollars in sales annually.
Cuba Ventures Corp. has acquired an equity interest in a Florida, the USA domiciled, licensed and bonded travel agency which specializes in travel to Cuba. This equity ownership permits the company and, its subsidiary Travelucion, to promote U.S. compliant travel packages to American citizens through its equity partner International Business & Travel Opportunities, LLC, Fort Lauderdale, Florida, USA.
Travelucion’ s 432 Cuba-focused multilingual websites generate over 35 million page-views per year, directing traffic to the company's online booking and e-commerce sites. These online websites cover all facets of Cuba including over 80 travel destinations, hotels & resorts, bed & breakfasts, tours, car rentals, restaurants, as well as Cuban culture, history, music, celebrities, sports, and medical treatments.
Cuba Ventures FinTech division is embracing world renowned entities to bring together a global force to stimulate Cuba’s archaic economic systems. Financing of both internal and external debt, ₡CU Coin Cryptocurrency and Revolupay® blockchain deployment - across the all-important private enterprises and remittance industry are primary objectives of this division. Finally, bridge loans for foreign enterprises who receive Cuban bank payment instruments will enable faster transactions and rapid advances in the economy.
Cuba Ventures' consulting division harnesses over 80 years of combined advisor experience in submitting and obtaining approval for, joint ventures, joint production agreements, and import/export permits for foreign enterprises. More recently the Company has taken a royalty approach for future agreements between third parties anxious to begin commercial operations with Cuba and, the Company’s Cuba Consulting Unit. Current contractual partnerships include Tyrval, a worldwide hotel industry supplier. Cuba Ventures intends to augment the amount of financially beneficial consulting related businesses.
For further information on Cuba Ventures Corp. (TSX-V: CUV) or Travelucion visit the Company’s website at www.cubaventures.com or www.travelucion.com. The Company has approximately 109,000,000 shares issued and outstanding.
CUBA 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.