Cuba Ventures Provides Additional Details Regarding Proposed CubaFIN Financing Platform
August 9, 2017
Cuba Ventures Corp. Director, Alfredo Manresa Ruiz is a qualified banking professional with over 20 years experience working for large international banks and was previously a director of CAM Bank (now Sabadell) in Havana, Cuba. Cuba Ventures intends to use the Company’s technological expertise, allied to Mr. Manresa’s extensive banking experience and, employing third party finance software and licenses, create the CUBAFIN trade market place to facilitate short to medium terms loans for Cuba related transactions to stimulate the self-employed private economy, giving Cuban entrepreneurs access to much needed capital.
The Company is currently studying numerous software/finance platforms, including, but not limited to, Barcelona based Finanzarel. In this type of financial hub, businesses requiring invoice clearing, short term financing and/or bridge-loan assistance may submit requests for financing of Letters of Credit (LC), contracts or other commercial agreements directly to the online platform for analysis and possible acceptance. Most buying entities related to the Republic of Cuba offer Letters of Credit or payment terms secured by national or international banks whose terms are on average between 360 and 720 days. CUBAFIN would work as a financial hub, assuming the terms of sale originally agreed between the buyer and seller for a specific transaction, while financing the immediate payment to the seller under a short term interest bearing loan. The spread obtained from the said loan would be divided under pre-agreed commission terms between Cuba Ventures Corp. and the capital lender. All funds added to the hub would be held within the same until dispersed and loan repayments made by sellers to the hub.
The letter of intent with Al-Fahim Technologies, announced August 8th, is to provide the initial seed capital required for the creation of this financial marketplace or hub described above. The letter of intent concerning initial seed capital for $40 million Euros (approx. $59 million CAD) was signed by Erik Aaron Lara, Senior Vice President of Al-Fahim Technologies. Cuba Ventures and Al-Fahim Technologies are working towards a definitive agreement.
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 providing Cuba travel information in up to six languages, featuring individual web assets for Cuba's popular cities and towns, online booking solutions and online reservations through proprietary software, catering to international visitors to Cuba.
The Company has 73,012,487 shares issued and outstanding.
CUBA VENTURES CORP.
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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.