RevoluGROUP Canada Inc. Signs Purchase Agreement to Acquire Outright the VIP Collection, 182 domain names Operated by The RevoluVIP Travel Club
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Vancouver, BC, June 21, 2022 (GLOBE NEWSWIRE) -- RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2) (the "Company") is pleased to announce that it has successfully negotiated and signed a purchase agreement on June 20th with an insider, Stephen Marshall, for the "VIP Collection," the collection of 182 domain names, active websites, legacy internet traffic and, goodwill. This unique collection of domain names and websites, which have been active, on average, for over 20 years, is the backbone of the Company's RevoluVIP travel vertical. Today's agreement is of notable benefit to shareholders, ending the annual lease agreement, which began on October 5th, 2018. Likewise, reducing yearly cash expenditure by 101,340 USD (Approx. 131,674 $CA). Acquiring these valuable domain assets will ensure the continuance of RevoluVIP Travel Club, increasing the underlying valuation and corporate assets by owning the entire platform outright as the industry starts to pick up again post-pandemic.
Terms of the Agreement
The Company's CEO, Steve Marshall, is a non-arm's length party to the transaction as he is a director and beneficial owner of the domain name assets. The Company has agreed to pay 514,446 CAD (five hundred and fourteen thousand, four hundred and forty-six Canadian dollars), about 396,123 USD, for the entire previously leased VIP Collection domain portfolio. The Company wishes to settle the purchase price by allotting and issuing 2,236,721 common shares in the capital stock at the closing price of $CA 0.23 cents on June 20th, 2022. The transaction is subject to TSX Venture Exchange approval.
About the VIP Collection
The VIP Collection is a unique group of worldwide domain name properties, most online for over two decades, featuring 106 countries, 27 specific high-traffic tourist destinations, and seven generic websites. It further incorporates 42 similar-match domain names to protect the integrity of the collection against competitive registrations. With prominent names, such as; AmericaVIP.com, HawaiiVIP.com, and CanadaVIP.com, the Company feels that the expansive world-focused RevoluVIP Travel Club could prove a significant asset boost by owning the domain name collection, in addition to the booking platform and intellectual property the Company already owns outright. The Company is unaware of any comparable worldwide online retail travel network of the size and notoriety. Shareholders may view the entire VIP Collection on pages 15 to 30 of the VIP Presentation.
Central Bank Cryptocurrency Trading Registration
Per the news release dated the 24th of May 2022, the Company replied concisely to the Central Bank's supplementary petition on the 25th of March concerning two (2) additional points. External legal counsel contacted the Central Bank on the 18th of May 2022 for a progress report. On the 17th of June 2022, the Central Bank responded, within the statutory term, petitioning for further clarification of several supplementary aspects. The Company intends to promptly reply to this new request and will inform shareholders accordingly. Upon granting of said Central Bank approval, the Company expects to rapidly launch its white-label enhanced RevoluEX powered platform for DCE ("Digital Currency Exchanges") partners as per the news release dated the 14th December 2020.
The Company's flagship Neobanking technology is RevoluPAY®, the Apple and Android multinational payment app. Conceived entirely in-house, RevoluPAY features proprietary, sector-specific technology of which the resulting source code is the Company's intellectual property. RevoluPAY's built-in features include Remittance Payments, Forex, Crypto-to-fiat exchange, Retail and Hospitality payments, Real Estate Payments, pay-as-you-go phone top-ups, Gift Cards & Online Credits, Utility Bill payments, Leisure payments, Travel Payments, etc. RevoluPAY employs blockchain protocols and is squarely aimed at the worldwide multi-billion dollar Open Banking sector and + $595 billion family remittance market. RevoluPAY® is operated by the European wholly-owned subsidiary RevoluPAY EP S.L situated in Barcelona. RevoluPAY is a licensed United States MSB, Canadian FINTRAC, and European PSD2 payment institution 6900 under the auspices of E.U. Directive 2015/2366 with EU Passporting. RevoluGROUP Canada Inc. controls five wholly-owned subsidiaries on four continents.
About RevoluGROUP Canada Inc.:
RevoluGROUP Canada Inc. is a multi-asset, multidivisional publicly traded Canadian Company deploying advanced technologies in; Banking, Mobile Apps, Money Remittance, Mobile Phone Top-Ups, EGaming, Healthcare Payments, Esports, Invoice factoring, Online Travel, Vacation Resort, Blockchain Systems, and Fintech app sectors. Click here to read more.
RevoluGROUP Canada, Inc.
"Steve Marshall" ______________________STEVE MARSHALLCEO
For further information, contact:RevoluGROUP Canada Inc.Telephone: (604) 332 5355Email: [email protected]
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS 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.
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