VANCOUVER, British Columbia, May 20, 2021 (GLOBE NEWSWIRE) -- RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2) (the "Company") announces that it has entered into a share purchase and sale agreement (the "Agreement") on the 19th of May 2021 whereas it has disposed of its wholly-owned subsidiary, Pidgeon Molybdenum Mines Ltd. ("Pidgeon Moly"). Pidgeon Moly is the legal and beneficial owner of a 100% interest in and to the Pidgeon Molybdenum Property, located in the Province of Ontario (the "Property"). The terms of the agreement deliver a cash payment of CA $ 100K while ensuring RevoluGROUP shareholders a continued 2% Net Smelter Return (NSR) on eventual future revenue that the acquirer of the mining property receives from the sale of the future mine's metal/non-metal products.
Steve Marshall, CEO of RevoluGROUP, commented: "Pidgeon Molybdenum Mines Ltd and resulting land claims emanate from a period before the commencement of my tenure. Likewise, the inherited shareholder's equity deficit related to the historical resource-focused era of the Company between 20th May 1980 and 29th April 2016 was CA $ 16,868,341. The redundant Pidgeon Molybdenum legacy resource assets have no intrinsic connection to the Company's direction over the previous five years, nor our future. Therefore, it is time to dispose of these assets while focusing on our Fintech goal and future. In addition, retaining NSR royalties for our shareholders should ensure the Company with ongoing revenue from an essentially dormant asset that may otherwise have provided zero returns. Therefore, management and I consider the divestment of this legacy asset a beneficial outcome, allowing us to channel our energies and the resulting CA $ 100K capital influx into the Fintech path chosen in 2016."
Million Bridges Worldwide Launch
Further to the news release dated the 19th of April 2021, the Company is pleased to announce that partner Million Bridges officially launched on the 19th of May 2021. In unison with top-tier world-renowned governmental bodies, charities, humanitarian entities, and NGOs, Million Bridges has begun its mission to ease the accelerating economic crisis through immediate delivery of aid to the Lebanese people. RevoluPAY is proud to be the exclusive financial partner in this humanitarian initiative.
Partner Thunes Closes 60 Million Dollar Financing
The Company is pleased to announce that on the 18th of May 2021, RevoluSEND partner Thunes closed a US$60 million financing in a Series B growth round led by top-tier U.S. investor Insight Partners. In addition, as per corporate news on 24th November 2020, Thunes and RevoluPAY signed a definitive agreement ("DA"), establishing a +100 country financial synergy for remittance deliveries at over 9,000 collection partner agencies.
Addition of GBP to RevoluPAY
Further to the news release dated 19th April 2021, the Company has successfully included GBP as a RevoluPAY E-wallet currency. The GBP is now featured alongside EURO, $ CA , and USD, rendering RevoluPAY a genuine multicurrency mobile banking alternative. As previously stated, CEO Steve Marshall expects to visit London, England, next month for various meetings related to RevoluPAY deployment in the U.K.
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 dual-licensed 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.
For further information on RevoluGROUP Canada Inc. (TSX-V: REVO), visit the Company's website at www.RevoluGROUP.com. The Company has approximately 174,780,592 shares issued and outstanding.
RevoluGROUP Canada, Inc.
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RevoluGROUP Canada Inc.
Telephone: (604) 332 5355
Facsimile: (604) 687 3119
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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.