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VANCOUVER, British Columbia, Nov. 15, 2019 (GLOBE NEWSWIRE) -- RevoluGROUP Canada Inc. (TSX-V: REVO) (“the Company”) is pleased to announce that RevoluPAY S.L. has converted the MOU signed on May 31st 2019 to a Definitive Agreement (“DA”) with RedCHAPINA S.A, on November 14th 2019. The DA is signed by RevoluPAY CEO, Alfredo Manresa and, Daniel Asturias, CEO of RedCHAPINA, for RevoluPAY® e-Wallet family remittances and cash advances for visiting tourists, to be collected at over 2000 agencies controlled by www.RedCHAPINA.com in: Mexico, El Salvador and Guatemala. The 3 countries receive collectively, approximately US$50Bn in annual remittances. The parties have agreed upon delivery commissions payable to RedCHAPINA, independent of the amount sent, of between $2.00 and $2.35 USD per individual beneficiary delivery into: Mexican, Salvadoran and Guatemalan territories. The technical linking of mutual payments settlement systems and, the mechanism for the instant delivery of worldwide remittances and, tourism focused cash-advances in Mexico, El Salvador and Guatemala is now firmly underway. The company would also like to thank Advisor, Emilio Morales, for his assistance in concluding this milestone Definitive Agreement.
RedCHAPINA, headquartered in Guatemala, currently provides logistical payment deliveries for many of the world’s largest remittance companies. RedCHAPINA has direct agreements with over 2000 physical cash delivery bureaus across the length and, breadth of: El Salvador, Guatemala and Mexico, servicing extensively: major cities, smaller towns and, villages in all three countries.
International remittances to Mexico set historic record for third consecutive year with US$36bn in 2018.
Remittances to Guatemala increased to US$9.28Bn in 2018 up from US$8.19Bn in 2017.
El Salvador Remittances
Family remittances to El Salvador had another record-breaking year, reaching US$5.47bn in 2018. Last year's remittances growth rate was 8.4%, according to the country’s central bank.
Links utilized in this news release
RedCHAPINA - http://www.redchapina.com/
El Salvador Remittance Data - https://www.bnamericas.com/en/news/remittances-to-el-salvador-hit-record-in-2018
Guatemala Remittance Data - https://tradingeconomics.com/guatemala/remittances
The Company’s flagship technology is RevoluPAY®, the Apple and Android multinational payment app. Built entirely in-house, RevoluPAY features proprietary, sector specific, technology of which, the resulting source code is the property of the Company. RevoluPAY’s built-in features include: Leisure payments, Travel Payments, Retail and Hospitality payments, Remittance Payments, Real Estate Payments, pay-as-you-go phone top-ups, Gift Cards & Online Credits, Utility Bill payments, etc. RevoluPAY is powered by blockchain protocols, and, is squarely aimed at the worldwide multi-billion dollar leisure sector and, + $595 billion family remittance market. RevoluPAY® is operated by the European wholly owned subsidiary RevoluPAY S.L located in Barcelona. RevoluPAY S.L operates under European E-money - Directive 2009/110/EC through a licensed electronic money institution or EDE Banking Licensed entity. RevoluGROUP Canada Inc. controls 5 wholly owned subsidiaries on 4 continents.
About RevoluGROUP Canada Inc.:
RevoluGROUP Canada Inc. is a multi-asset, multidivisional publicly traded Canadian company deploying advanced technologies in the; Online Travel, Vacation Resort, Mobile Apps, Money Remittance, Mobile Phone Top-Ups, EGaming, Healthcare Payments, Esports, Invoice factoring, 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 150,879,439 shares issued and outstanding.
RevoluGROUP Canada Inc.
For further information contact:
RevoluGROUP Canada Inc.
Telephone: (604) 685-6465
Toll Free: 800-567-8181
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS 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.