VANCOUVER, British Columbia, Nov. 20, 2020 (GLOBE NEWSWIRE) -- RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2) (the "Company") is pleased to announce that RevoluPAY EP S.L. has signed a Definitive Agreement ("DA") with Million Bridges. The DA, approved between RevoluPAY CEO Alfredo Manresa and Fadi Chidiac Haddad, CEO of Million Bridges, aims to create a financial, humanitarian bridge uniting the over 8.5 million Lebanese diasporas living around the world with family and friends still residing in the Lebanese Republic solely through the financial technology and secure licensed payments platform of RevoluPAY.
About Million Bridges
Million Bridges was founded by Fadi Chidiac Haddad, a Lebanese national with Canadian and Spanish citizenship. Sensitive to the humanitarian importance of overseas remittances for his homeland and people, Fadi, together with his highly qualified shareholders and staff, are striving to bring the worldwide Lebanese community together with the help of RevoluPAY Fintech. Historically, remittances constitute a vital component of the Lebanese economy, representing an average of 15% of the national GDP (Approximately 7.5 Billion $ U.S. annually). Traditionally a priority amongst those Lebanese diasporas making a good living abroad, sending funds to their families in the homeland, especially during crises such as the one Lebanon is currently experiencing, is vital. Proudly an apolitical, non-denominational entity, Million Bridges social mission is to help improve all Lebanese citizens' daily lives.
Lebanese Diaspora Demographics
The worldwide Lebanese population is estimated to be 13.3 million, of which approximately 4.7 million reside in Lebanon, and around 8.6 million represent the Lebanese diaspora living around the world. Since exact numbers are scarce, the following lower estimate constitutes first-generation nationals and the upper estimate, second-generation Lebanese and direct family abroad.
• United States
• Saudi Arabia
Notably, Lebanese Canadians' population is estimated at around 200 to 270,000, representing the largest group of Arabic-speaking citizens in Canada. About half of them are settled in Montreal since most Lebanese nationals speak French. Lebanese Canadians are an influential immigrant community in Canada, playing key roles in the economy, politics, society, and education. These proud Lebanese Canadians remain connected to their homeland and fiercely seek that their country regains its sovereignty and emerge from economic despair.
Initiation of Million Bridges Operations
After many months of preparatory work, both internally and with RevoluPAY, Million Bridges intends to commence its operations on December 1st, 2020. An awe-inspiring worldwide marketing campaign begins, combining both specific worldwide Lebanese community leaders and diplomatic initiatives. Through these and other proposals, Million Bridges hopes to centralize and coordinate redoubtable financial inflows into Lebanon through RevoluPAY into 2021 and beyond.
CEO Steve Marshall comments, "Initiatives such as Million Bridges are the very essence of our corporate ambitions. From the outset, we have founded our commercial principles on reducing economic inequality by assisting those around the world who are the most in need, with fast, low cost, and above all, secure means to transmit crucial humanitarian focused remittances across borders at the lowest possible cost. Fadi and his team represent the epitome of our intent, and we are proud to be assisting the Lebanese community worldwide with our technology and licensed financial payments mechanism."
Links Used in This News Release
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 built-in features include Remittance Payments, Retail and Hospitality payments, Real Estate Payments, pay-as-you-go phone top-ups, Gift Cards & Online Credits, Utility Bill payments, Leisure payments, Travel 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 the self-licensed European PSD2 payment institution 6900 under the auspices of E.U. Directive 2015/2366 and EU Passporting. RevoluGROUP Canada Inc. controls five wholly-owned subsidiaries on four continents.
About RevoluGROUP Canada Inc.:
RevoluGROUP Canada Inc. is a multi-asset, multidivisional publicly traded Canadian Company deploying advanced technologies in the; Banking, Mobile Apps, Money Remittance, Mobile Phone Top-Ups, EGaming, Healthcare Payments, Esports, Invoice factoring, Online Travel, Vacation Resort, 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 166,414,015 shares issued and outstanding.
RevoluGROUP Canada, Inc.
For further information, contact:
RevoluGROUP Canada Inc.
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.