Vancouver, BC – RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt:IJA2) is pleased to announce an update concerning the PSD2 Banking license petition.
Hogan Lovells Provides PSD2 License Status Update
Further to the news release dated 24th April 2020 , Corporate attorneys Hogan Lovells have provided RevoluPAY S.L with a written PSD2 license approval update at 10.34 CET (4.34 EST) dated 15th May 2020. In the letter to RevoluPAY S.L CEO, Alfredo Manresa, the lead attorney states: “Further to our most recent communication with the Bank of Spain, finally its Executive Committee will meet to approve RevoluPAY as a PSD2 licensed Payment Entity. This will happen next week or in maximum 15 days. As soon as we have news, we will inform you immediately”.
Extenuating Circumstances
The company would like to inform shareholders that today’s timeline adjustment emerges at a moment when Spain is positively emerging from one of the lengthiest and most stringent COVID-19 lockdowns in the world. Parallelly, as a result of Royal Decree-law 18/2020 dated 12th May, this week numerous government agencies have been tasked with restarting the national economy while, at the same time, easing the levels of the March 14th Royal Decree-law 463/2020 which imposed a national state-of-alarm upon the entire population and economy. The specific timing of said May 12th Royal Decree, while a welcome announcement for the Spanish citizens and economy, has today unavoidably impacted the 24th of April issued timeline. Inevitably, the aforesaid crucial involvement of the: Government, Council of Ministers, and Central Bank during this welcome reopening of the country has invariably provoked today’s slight timeline modification. Nonetheless, the company remains confident that the PSD2 license will be granted.
About RevoluPAY®
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 is a duly licensed European PSD2 payment institution under the auspices of EU Directive 2015/2366. 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 161,158,772 shares issued and outstanding.
RevoluGROUP Canada Inc.
“Steve Marshall”
______________________
STEVE MARSHALL
CEO
For further information contact:
Don Mosher
RevoluGROUP Canada Inc.
Telephone: (604) 685-6465
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@revolugroup.com
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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.