Cuba Ventures Corp. Shareholder Update
VANCOUVER, B.C., Feb. 14, 2018 (GLOBE NEWSWIRE) -- Cuba Ventures Corp. (TSX-V:CUV) (Frankfurt:IJA2) (OTCBB:MPSFF) (the "Company") is pleased to provide investors and shareholders with an update concerning the following divisions, related progress, goals, and objectives.
- Revolupay and CCU Coin Cryptotoken
- Banking License
- Travel Division
- Data Mining
- Marketing Plans
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 who 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 November 27th, 2017. As shareholders are aware, Beta 1 was released 2 months ahead of schedule on December 19th, 2017 and, Beta 2 on the January 18th, 2018, 4 months ahead of schedule. More significantly, the company presently has approximately $2 million in the treasury, with most all of the future development costs assigned and undertaken by the aforementioned; partners, insiders, and shareholders.
The concept of the CubaFin factoring and bridge loan platform was revealed to the public on August 8th, 2017. The premise of the inspiration of the CUBAFIN finance platform is to provide much needed payment solutions for Letter of Credit (LC) 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 dollars. The company is now pleased to announce that a public beta version http://cubafintech.com/dev/ 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 November 9th, 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 later 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.
In an effort to increase efficiency and net profits for Revolupay, from approximately 2% to 4%, the company has identified the need to directly control the "load" or 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 European wholly owned subsidiary which is to acquire the European e-money banking license. The company has previously received a comprehensive road map from Ernst & Young and is proceeding with the license 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.
In September 2016, CEO Steve Marshall met with a high ranking executive from the Alibaba group. The discussions centered on possible synergies between the two companies. The company remains positive with regard to these future common interests.
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 center, then subsequently purchasing mining rigs, is considered economically unfavorable. Nevertheless, the company is analyzing two separate existing opportunities where powerful supercomputers or existing legacy data centers could be adapted to fulfill the crytomining 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.
One November 3rd, 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 license and IATA License. Having obtained the Amadeus license, the company is now in the final stages of acquiring the IATA license. In tandem, Booketea has begun the GDS integration, pending the final IATA integration for direct flight ticket sales. Travelucion, our wholly owned travel division, has also obtained complete pricing and offers for Cuban water sports 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 divisions revenues could increase exponentially through the increased varied offers and, the inclusion of high ticket items such as flights and packages.
Both Revolupay and CubaFIN will benefit from a comprehensive worldwide exposure through the company's proprietary marketing divisions. On a digital media standpoint, shareholders are aware of the company's 432 Cuba-centric websites with over 35 million annual page views. Further, the recent acquisition of equity in the Cuba Trade Magazine guarantees both digital and print media exposure of both divisions in the United States markets. Finally, CUV Management controls +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 Corp. is a publicly traded Canadian company capitalizing on the growth and unique opportunities in the USD 3.5 billion 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 online portals providing Cuba travel information in up to six languages, featuring individual web assets for Cuba's popular cities and towns, online booking solutions and online reservations through proprietary software, catering to international visitors to Cuba. Travelucion's online travel division is a duly licensed retail travel supplier handling millions of dollars in sales annually which was recently awarded an Amadeus GDS distribution license.
Cuba Ventures Corp has acquired an equity interest in a Florida, the USA domiciled, licensed and bonded travel agency which specializes in travel to Cuba. This equity ownership permits the company and, its subsidiary Travelucion, to promote U.S compliant travel packages to Americans citizens through its equity partner International Business & Travel Opportunities, LLC, Fort Lauderdale, Florida, USA.
Travelucion's 432 Cuba focused multilingual websites generate over 35 million page-views per year, directing traffic to the company's online booking and e-commerce sites. These online websites cover all facets of Cuba including over 80 travel destinations, hotels & resorts, bed & breakfast, tours, car rentals, restaurants, as well as Cuban culture, history, music, celebrities, sports, medical treatments and more.
Cuba Ventures FinTech division is embracing world renowned entities to bring together a global force to stimulate Cuba's archaic economic systems. Financing of both internal and external debt, Costa Rican Colón CU Coin Cryptotoken and Revolupay® blockchain deployment - across the all important private enterprises and remittance industry are primary objectives of this division. Finally, bridge loans for foreign enterprises who receive Cuban bank payment instruments will enable faster transactions and rapid advances in the economy.
Cuba Ventures consulting division harnesses over 80 years of combined advisor experience in submitting and, obtaining approval, for joint ventures, joint production agreements, and import/export permits for foreign enterprises. More recently the company has taken a royalty approach for future agreements between third parties anxious to begin comercial operations with Cuba and, the company's Cuba Consulting Unit. Current contractual partnerships include Tyrval, a worldwide hotel industry supplier. Cuba Ventures intends to augment the amount of financially beneficial consulting related businesses.
Cuba Ventures Corp. has neither assets nor physical presence in the Republic of Cuba.
For further information on Cuba Ventures Corp. (TSX-V: CUV) or Travelucion visit the Company's website at www.cubaventures.com or www.travelucion.com. The Company has approximately 110,000,000 shares issued and outstanding.
CUBA VENTURES CORP.
For further information contact myself or:
Cuba Ventures Corp.
Toll Free: 800-567-8181
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
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.