06:00:27 EDT Wed 23 Sep 2020
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ZeU Crypto Networks Inc
Symbol ZEU
Shares Issued 24,404,494
Close 2020-08-13 C$ 0.175
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ZeU aims to operate financial institution in Malta

2020-08-13 16:12 ET - News Release

Mr. Frank Dumas reports


ZeU Crypto Networks Inc. has initiated the process to obtain a licence to operate a financial institution in Malta. ZeU will integrate remittance and microlending, as well as create Mula-branded and ZeU-branded debit and credit cards to integrate with ZeU crypto wallets and MulaMail accounts using ZeU's stable staking tokens. The first of the utility tokens is planned to launch in the third quarter of 2020 and will be based on the EOS network.

Financial institution licence

ZeU's Maltese lawyers will be accompanying management in the creation of the Maltese subsidiary and the establishment of a local presence with local management. The financial institution licence will not force the company to act as a custodian since regulation of that particular licence for these types of licensed institutions identifies the central bank as the custodian for fiat deposits.

The peer-to-peer financial ecosystem created will allow certain Mula subscribers and ZeU/Mula token stakeholders to benefit from the mutualization of the profits from the credit card and debit card operations. Furthermore, the digital asset or cryptocurrency transactions pushed to the debit card or credit card settlement network will be powered by the company's atomic swap technology and will transit via the stable staking token before being settled in fiat. Thus, no crypto transaction or crypto payment will be emulated on the credit account of the cardholders, avoiding a situation where the micropayment for a cup of coffee generates $3 to $5 of blockchain gas fees while executing the conversion.

The company expects to have the ability to distribute cards in the first half of 2021. The technological platform and the infrastructure should be in place in the first quarter, and the commercial rollout will occur shortly after the obtention of the operating licence. The European Union's GDPR (General Data Protection Regulation) rules regulate Malta's banking and financial institutions. Therefore, the Mula Black version is not allowed to participate in the program.

Annual and special meeting of shareholders on Aug. 28, 2020

The company will conduct its annual meeting in a more traditional venue. However, due to the interest from shareholders to attend virtually, the company will provide an economical alternative to attend the meeting via the Cisco WebEx platform.

The meeting will be held at 1000 Sherbrooke St. West, suite 2700, Montreal, Que., H3A 3G4, on Friday, Aug. 28, 2020, at 11 a.m. ET.

Teleconference access is provided herein for the following purposes:

  1. To receive and consider the audited financial statements of the corporation for the financial year ended Dec. 31, 2019, and the reports of the auditor thereon;
  2. To set the number of directors of the corporation at six for the ensuing year;
  3. To elect the board of directors of the corporation for the ensuing year;
  4. To appoint the auditor of the corporation for the ensuing year and to authorize the board of directors to fix the auditor's remuneration;
  5. To consider and, if deemed advisable, to pass, with or without variation, a special resolution approving a change of name of the corporation to ZeU Technologies Inc., or such other name acceptable to the board of directors of the corporation;
  6. To transact such other business as may be properly brought before the meeting or any adjournment thereof.

Teleconference access

Canada toll:  1-416-915-8942

Canada toll-free:  1-855-244-8680

Attendee passcode:  86341005

Backup numbers

United States toll-free:  1-855-797-9485

United States toll:  1-415-655-0002

In light of the rapidly evolving public health guidelines related to COVID-19, the corporation encourages that all shareholders vote their shares by proxy and attend the meeting via teleconference rather than in person.

A question-and-answer session on Reddit and the Agoracom platform will be held on Aug. 25, 2020, starting at 6 p.m. ET.

About ZeU Crypto Networks Inc.

ZeU Crypto Networks is a forward-thinking Canadian technology company that has developed a state-of-the-art blockchain protocol, providing the foundation for the next-generation of encrypted and distributed networks. Thanks to its high level of sophistication, ZeU's technology maximizes: transparency; security; scalability; and the management of big data. ZeU Crypto Networks' strategy is to monetize blockchain transactions in diverse sectors, such as: payment, gaming, data and health care.

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