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Vancouver, BC, March 05, 2024 (GLOBE NEWSWIRE) -- RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2), (Munich: A2PU92) (the "Company") is pleased to update shareholders on ongoing discussions with Erik A. Lara Riveros, Director of HBDIG Technologies (“HBDIG”) concerning the binding Memorandum of Understanding (MOU) announced on January 6, 2023 and the non-brokered private placement announced on April 26, 2023, titled, “RevoluGROUP Canada Inc. Reports It Has Negotiated a $12.47 Million Private Placement Led by European Financially Regulated HBDIG Technologies GmbH”.
The current discussions, led by RevoluGROUP's CEO, Gavin McMillan, and Mr. Riveros, focus on revising the existing terms to better align with both parties' strategic directions. A key aspect under careful consideration is the review of transaction types and volumes to ensure full compliance with relevant regulatory standards. Since these revisions could materially alter the agreement's structure, both parties have also discussed Mr. Riveros's commitment to fulfilling his obligations to remit the penalty amount of CAD $676,809 whilst simultaneously materializing a revised agreement. These simultaneous actions would result in the successful completion of the subscription agreement that would support the expansion plans of both parties.
Gavin McMillan, CEO of RevoluGROUP Canada Inc., expresses optimism regarding the ongoing discussions, stating, "We greatly appreciate Mr. Riveros's openness to making significant concessions. Although we are in the early stages of negotiations, it's our top priority to progress through the necessary due diligence and compliance verification. This meticulous approach ensures we safeguard the interests of all stakeholders."
Mr. Riveros has expressed keen interest in reinforcing his partnership with RevoluGROUP, particularly in areas leveraging the Company’s technological integrations and regulatory expertise for global expansion both parties agree that this is one of the company's cornerstones not only to preserve but also to expand the licenses. These discussions include strategic investments, operational enhancements, and exploring new markets aligning with favorable regulatory frameworks.
"I am committed to meeting my agreements with RevoluGROUP and their shareholders and fostering a partnership that not only meets my ambitious goals but also upholds the highest standards of regulatory compliance and technological efficacy," said Mr. Erik A. Lara Riveros, highlighting his vision for the collaboration.