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Cuba Ventures Corp
Symbol CUV
Shares Issued 110,468,276
Close 2018-02-13 C$ 0.22
Recent Sedar Documents

Cuba Ventures cools on coin mining, pursues banking

2018-02-14 09:40 ET - News Release

Mr. Steve Marshall reports

CUBA VENTURES CORP. SHAREHOLDER UPDATE

Cuba Ventures Corp. has provided investors and shareholders with an update concerning the following divisions, related progress, goals and objectives:

  • CubaFin;
  • Revolupay and CCU coin cryptotoken;
  • Banking licence;
  • Alibaba;
  • Travel division;
  • Data mining;
  • Marketing plans.

Foreword

The company's management has begun a gradual evolution into other potentially lucrative economic sectors over the past three quarters. Many of these advances are being undertaken by contractual partners which are concurrently recent significant shareholders in the company and, thus, have a vested interest in completing the various levels of development on, or before, schedule. A recent example of this was the planned Beta 1 version release of Revolupay for February, 2018, announced to shareholders on Nov. 27, 2017. As shareholders are aware, Beta 1 was released two months ahead of schedule on Dec. 19, 2017, and, Beta 2 on Jan. 18, 2018, four months ahead of schedule. More significantly, the company presently has approximately $2-million in the treasury, with almost all of the future development costs assigned and undertaken by the aforementioned partners, insiders and shareholders.

CubaFin

The concept of the CubaFin factoring and bridge-loan platform was revealed to the public on Aug. 8, 2017. The premise of the inspiration of the CubaFin finance platform is to provide much-needed payment solutions for letter of credit holders, short-term financing requirements and to stimulate the self-employed private economy, giving Cuban entrepreneurs access to much-needed capital. The estimated market for Cuba in 2017 was $3-billion. The company is now pleased to announce that a public beta version of the lending platform is in final stages of development. This prerequisite has been the fundamental precursor to the finalized agreements with seed capital partners such as Al-Fahim and others.

Revolupay and CCU coin cryptotoken

Revolupay and CCU coin were revealed to the public on Nov. 9, 2017. Both Revolupay and CCU coin are to work in unison to tap into the $84-billion of annual remittance inflows into Latin America and the Caribbean. A worldwide rollout is planned. As previously stated, the company and its partners UXS and Vesilen Investment are well ahead of schedule with the development of the app and underlying financial systems.

Banking licence

In an effort to increase efficiency and net profits for Revolupay, from approximately 2 per cent to 4 per cent, the company has identified the need to directly control the load of initial inbound payments to the digital wallets of Revolupay app users. Subsequently, the company has issued a power of attorney to director Alfredo Manresa, a duly qualified banking professional, to incorporate Revolupay Europe EDE, a planned wholly owned European subsidiary, which is to acquire the European e-money banking licence. The company has previously received a comprehensive map from Ernst & Young and is proceeding with the licence application. In the interim, the company is in the final stages of deciding which of three entities it will use to enact the initial wallet load and, expects to decide within 10 days.

Alibaba

In September, 2016, chief executive officer Steve Marshall met with a high-ranking executive from the Alibaba group. The discussions centred on possible synergies between the two companies. The company remains positive with regard to these future common interests.

Data mining

Management has begun exploratory research into crypto data mining. The findings are that the existing business model, where new mining rigs are purchased and/or where power costs are prohibitively high, necessarily renders this activity unprofitable. Consequently, management firmly identifies a synergy between possible future iterations of its CCU coin and a secondary supplementary revenue mining existing crytocurrencies. However, a business model which includes building, leasing or acquiring a data centre and subsequently purchasing mining rigs is considered economically unfavourable. Nevertheless, the company is analyzing two separate existing opportunities where powerful supercomputers or existing legacy data centres could be adapted to fulfill the crpytomining task with negligible financial outlay. The company will continue to investigate this opportunity and update shareholders with regard to the resulting viability and possible revenue yields forthwith.

Travel division

One Nov. 3, 2017, the company advised of the definitive agreement between Booketea and Enjoysea. The prerequisite to this agreement was the obtention of an Amadeus GDS distribution licence and IATA licence. Having obtained the Amadeus licence, the company is now in the final stages of acquiring the IATA licence. In tandem, Booketea has begun the GDS integration, pending the final IATA integration for direct flight ticket sales. Travelucion, the company's wholly owned travel division, has also obtained complete pricing and offers for Cuban watersports options which are being collated for insertion into Enjoysea. It is estimated that through the incorporation of Amadeus, IATA originated flights and Enjoysea, the travel division's revenues could increase exponentially through the increased varied offers and, the inclusion of high-ticket items such as flights and packages.

Marketing plans

Both Revolupay and CubaFin will benefit from a comprehensive worldwide exposure through the company's proprietary marketing divisions. From a digital media standpoint, shareholders are aware of the company's 432 Cuba-centric websites with over 35 million annual page views. The recent acquisition of equity in Cuba Trade Magazine guarantees both digital and print media exposure of both divisions in the United States markets. Finally, Cuba Ventures' management controls more than 800 third party websites covering 134 countries, including most of the Caribbean Islands. Whether the target market is remittance senders or international companies seeking payment factoring services, the company is convinced that its internal and comprehensive marketing prowess will ensure rapid uptake of both Revolupay and CubaFin, at little to no extra financial outlay for the company.

About Cuba Ventures Corp.

Cuba Ventures is a publicly traded Canadian company capitalizing on the growth and unique opportunities in the $3.5-billion-(U.S.)-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 on-line portals providing Cuba travel information in up to six languages, featuring individual Web assets for Cuba's popular cities and towns, on-line booking solutions and on-line reservations through proprietary software, catering to international visitors to Cuba. Travelucion's on-line travel division is a duly licensed retail travel supplier handling millions of dollars in sales annually, and was recently awarded an Amadeus GDS distribution licence.

We seek Safe Harbor.

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