CUV Ventures RedCHAPINA MOU for RevoluPAY® Remittance Deliveries to and Originating from El Salvador, Guatemala and Mexico, Remittance Business Update
May 31, 2019
Vancouver, BC – CUV Ventures Corp. (TSX-V: CUV) ("the Company") is pleased to announce that it has signed a memorandum of understanding ("MOU") with Red Chapina S.A, on May 30th 2019. The MOU, signed by CUV CEO, Steve Marshall and, Daniel Asturias, CEO of RedCHAPINA, outlines a mutual desire to deploy a joint tech task force to establish the technical requirements for the RevoluPAY® e-Wallet family remittances and, cash advances for visiting tourists, to be collected at over 2000 pick-up points in association with www.RedChapina.com in El Salvador, Guatemala and, shortly, across all Mexico. The parties have agreed to work on a Definitive Agreement ("DA") concerning bilateral commissions, the technical linking of payments settlement systems and, the mechanism for the instant delivery of worldwide remittances and, tourism focused cash-advances. The Company would also like to thank Advisor, Emilio Morales, for his assistance in forging this potentially valuable relationship with RedCHAPINA. The MOU with RedCHAPINA compliments the previously signed MOU with Grupo Eficacia, meaning that, should both negotiations conclude favorably, RevoluPAY users in El Salvador and Guatemala will be able to both obtain cash from over 2000 RedCHAPINA outlets and, pay groceries and other retail items at over 650 supermarkets and stores associated with Grupo Eficacia.
RedCHAPINA, headquartered in Guatemala, currently provides logistical payment deliveries for many of the world's largest remittance companies. RedCHAPINA has direct agreements with over 2000 physical cash delivery bureaus across the length and, breadth of El Salvador, Guatemala and, soon, more locations across all Mexico, servicing: major cities, smaller towns and, villages.
Pending Remittance Focused Definitive Agreements
The Company has been diligently preparing the legal framework and, contracting required, to conclude the definitive agreements with: Easy Pagos, Grupo Eficacia and, now RedCHAPINA. The corporate attorney at RevoluPAY S.L Barcelona has advised management that a final agreement version will be available to sign by all parties starting from Friday 7th of June. The Company has maintained close contact with all parties while the final definitive agreement, compliant with intricate international legislation, was being drafted and, expects to provide shareholders with an outcome, in each pending MOU case, very soon.
Top 40 International Bank Negotiations Progress Favorably
Shareholders were advised on June 29th 2018 that the Company had signed a Non-Disclosure Agreement ("NDA") with a Top 40 International Bank concerning the integration of the banks remittance disbursement platform into the proprietary RevoluPAY App. The said bank operates extensively in 16 Central and South American Countries that collectively receive approximately 70 Billion USD in annual remittances. Subsequently, on the 17th December 2018 an executive from the International Bank made a personal visit to the RevoluPAY headquarters in Barcelona. Under instruction from the International Banks headquarters, on the 29th of May 2019, the regional director of the International Bank visited RevoluPAY headquarters in Barcelona to commence preparations for the opening of bank accounts to be ultimately utilized for the remittance flows through RevoluPAY. The Company is now awaiting the date of a final visit by the international compliance division of the Bank. Should the said final compliance visit result positive, the outcome would engender the final signing of the bilateral agreement between the International Bank and, RevoluPAY S.L., for immediate commencement of Remittance Flows through the RevoluPAY App to all of the aforementioned countries.
RevoluPAY New "Payment Request" Functionality
Over the past 6 months, RevoluPAY has received requests from numerous Expedia and Booking Holdings promoted properties who use the RevoluPAY VCC Card cashing system, for these property owners to be able to solicit client payments at a distance using the RevoluPAY app. Many of the aforementioned properties operate proprietary websites and, carry-out direct marketing to guests, which invariably result in a need for the properties to solicit "Payment Requests" worldwide. The proposed system allows the property owners to generate a digital invoice through the RevoluPAY Merchant App and, send this invoice directly through the RevoluPAY app to a phone contact or, via: sms, email, social media or instant messenger platforms. The receiver would then click the invoice and make the payment in seconds with their phones RevoluPAY app. RevoluPAY programmers have now concluded a final working version of the "Payment Request" add-on, which will be deployed in the next RevoluPAY Merchant App update.
PlayandTrain Worldwide Payments and Donations Commence
On March 25th 2019, shareholders were informed that RevoluPAY had become an official financial partner for the Play And Train Association www.playandtrain.org in Europe. PlayandTrain have now completed the incorporation of RevoluPAY into their website and, have successfully received donations and payments through RevoluPAY. Play and Train currently has over 25,000 members, including the family, of people with disabilities. The primary focus of the contract between Play and Train Association and, the wholly owned subsidiary RevoluPAY®, is to utilize the Company's RevoluPAY® Apple and Android multinational payment app, as a means to settle: Association Member monthly dues, Association Merchandizing sales, Event Crowdfunding, International and, National Association Donations. RevoluPAY® plans to continue to work with other private and, governmental associations, in the future.
The Company's flagship technology is RevoluPAY®, the Apple and Android multinational payment app. Built entirely in-house, RevoluPAY features proprietary, sector specific, technology of which, the resulting source code is the property of the Company. RevoluPAY's built-in features include: Leisure payments, travel payments, retail and hospitality payments, remittance payments, real estate payments, pay-as-you-go phone top-ups, Utility Bill payments, etc. RevoluPAY is powered by blockchain protocols, and, is squarely aimed at the worldwide multi-billion dollar leisure sector and, + $595 billion family remittance market. RevoluPAY® is operated by the European wholly owned subsidiary RevoluPAY S.L located in Barcelona. RevoluPAY S.L operates under European E-money - Directive 2009/110/EC through a licensed electronic money institution or EDE Banking Licensed entity.
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 144,873,000 shares issued and outstanding.
CUV VENTURES CORP.
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CUV Ventures Corp.
Telephone: (604) 685-6465
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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.