Mr. Steve Marshall reports
CUV VENTURES CORP. RAISES $420,000 THROUGH WARRANT AND OPTION EXERCISES AND PROVIDES CORPORATE OUTLOOK FOR 2019
CUV Ventures Corp.
has received a total of 5.4 million exercised warrants and options, totalling $420,000 in working capital for the company, since Oct. 1, 2018. The company would like to thank its current shareholders for continuing to show financial support for the company.
The company considers that it is sufficiently financed, for the time being, having already satisfied the bulk of division and, subsidiary expenditures, throughout 2018. Remaining unexercised warrants total approximately $1.5-million, all of which are significantly in-the-money and likely to be exercised in the near term. It further expects each subsidiary division, that is already generating revenue, to experience increased revenue generation throughout 2019 and, the two subsidiaries pending revenue generation to be entirely on stream by late February, 2019.
Economic status of the various divisions and subsidiaries
The European wholly owned subsidiary began operations in June, 2018. The company has since, successfully: opened a manned office in Barcelona, Spain, built a proprietary payment and remittance app, which has been approved and has been operational on iOS and Android for several months. RevoluPay SL currently operates the app under an indefinite third party banking licence. RevoluPay submitted a formal petition for a proprietary European PSD2 Electronic Money Institution banking licence on Nov. 22, 2018, which is subject to a statutory 90-day approval term. The major expenditures of Subsidiary creation, equipping a manned office, programming the proprietary app source code, software, launching the app, legal fees and other major expenditures for the subsidiary, were largely covered during 2018. RevoluPay SL is already generating revenue and the company sees this as a key revenue generating subsidiary going forward.
The European wholly owned, travel licensed and bonded subsidiary in 2018 signed accords with Constellation Software Inc. subsidiary Juniper to launch the RevoluVIP discount travel division. The major expenditures to Juniper have been covered in 2018. This division is now equipped to sell travel to 182 destinations around the world. The subsidiary also successfully obtained licences from Amadeus GDS and IATA in 2018. The company has also fully paid the annual lease for 182 world domain names, known as the VIP collection, which are the basis of RevoluVIP, in September, 2018. The company does not anticipate any further major expenditure associated with the launch of RevoluVIP. Travelucion SL is already generating revenue and, the company sees this as a key revenue generating subsidiary going forward.
RevoluVIP International Inc.
The Canadian wholly owned subsidiary was incorporated as the basis of the RevoluVIP Club and membership platform. The costs associated with the incorporation of the company were satisfied in 2018 and the entity is domiciled at the company's headquarters, mitigating extra costs to the company. The company does not anticipate any further major expenditure associated with RevoluVIP International Inc. The company expects that RevoluVIP International Inc. will begin generating revenue through RevoluVIP membership dues by the end of January, 2019, and the company sees this as a key revenue generating subsidiary going forward.
The Panamanian wholly owned subsidiary was approved for operations in November, 2018. All expenditures for the incorporation of this subsidiary were satisfied in 2018. Furthermore, the company has previously paid the office lease for RevoluFIN for two years in advance, ending on Dec. 1, 2020. The company expects that RevoluFIN Inc. will begin generating revenue by the end of February, 2019, and the company sees this as a key revenue generating subsidiary going forward. Future financings might be considered to enhance our growth rate in areas where the company is seeing a need to expand rapidly to avoid missing market opportunities.
About CUV Ventures Corp.
CUV Ventures is a multiasset, multidivisional publicly traded Canadian company deploying advanced technologies in the on-line travel, vacation resort, mobile apps, money remittance, mobile phone top-ups, invoice factoring, blockchain systems and fintech app sectors.
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