VANCOUVER, British Columbia, Aug. 08, 2017 (GLOBE NEWSWIRE) -- Cuba Ventures Corp. (TSX-V:CUV) (OTCBB:MPSFF) (the “Company”) is pleased to announce that it has entered into a Letter of Intent ("LOI") with AL-FAHIM TECHNOLOGIES GROUP (“AFTG”) which outlines the general terms and conditions of the proposed creation of a Cuba Financing system to be named CUBAFIN. The initial funding, agreed by the partner “AFTG”, for short to medium term loans to non-governmental, non-military or non-security force entities, is $40 million Euros (approx. $59 million CAD), Cuba Ventures Corp has identified numerous Cuba related opportunities which would benefit from the said financing.
Acquisition of IBTO Florida Travel Agency Completed
The Company is pleased to announce the receipt of TSX Venture Exchange acceptance to a Share Purchase Agreement pursuant to which the Company acquired a 19% interest in International Business and Travel Opportunities LLC, a Florida based travel agency. Consideration under the agreement is the issuance of 500,000 shares at a deemed value of $0.05 and the payment of $10,000 CDN. Shares issued pursuant to this transaction are subject to Canadian and US hold resale restrictions.
Through the Florida Licensed travel company IBTO, in which the company now owns equity, legal group travel packages, flights & cruises for Americans, can be promoted across all 432 websites owned by Cuba Ventures Corp, directly into the U.S market.
Proposed creation of CUBAFIN financing platform
Cuba Ventures Corp. entered into a Letter of Intent with AL-FAHIM TECHNOLOGIES GROUP, Dubai, UAE “www.alfahimtechnologies.com”. AL-FAHIM TECHNOLOGIES GROUP was founded by Dr Sulaiman Al-Fahim and has over 300 million in current investments, with an aim to invest 5 billion USD over the next 3 years in multiple sectors including, Fintech, biotech, nontech, blockchain, energy, software, hardware, etc. “AFTG” intends to participate in a proprietary financing platform to facilitate short to medium terms loans for Cuba related transactions, both private and international, with an initial capitalization of $40 million Euros (approx $59 million CAD). All seed capital for loans to be provided by AL-FAHIM TECHNOLOGIES GROUP. The CUBAFIN finance platform intends to provide 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. Through CubaFin, Cuba Ventures Corp hopes to assemble numerous deals it has identified over the past 12 months, which could directly impact the company’s revenues, especially in the Cuba Travel & Media sectors associated with the wholly owned subsidiary Travelucion. Additionally, the CubaFin platform hopes to enable third party financiers to directly finance outstanding secured receivables while obtaining above market interest returns. CubaFin should appeal to small and medium-sized enterprises (SMEs) looking for an improved way of working capital financing by selling their outstanding means of payment collection from sales in the Cuban market (typically LC and Secured Drafts) by transferring the credit rights to CubaFIN and, its financiers. Contrary to traditional invoice finance, CubaFin will be fast, flexible and employ transparent contract terms. The Company is working toward a definitive agreement.
Tyrval partnership expected to be first benefactor of CUBAFIN
As a direct result of the recent commercial mission to Cuba, Cuba Ventures partner Tyrval hopes to submit over 10 million USD in offers before year end. If these offers are accepted by the entities involved, these sales would be the first to benefit from CUBAFIN related bridge-financing. Investors are reminded that Tyrval revenue is subject to a 5% royalty payable to Cuba Ventures plus, any dividends derived from the CUBAFIN divisions bridge financing of these proposed sales.
Cuba Ventures Corp Consulting Division
The Company’s Travel and Media division continues to grow under its separate and current specific management team, however, shareholders are mindful that Cuba Ventures Corp retains a group of professionals with a combined +60 years experience dealing with Cuba, in varied; commercial, legal and financial fields. In March 2016 the company engaged the Cuba banking expert Alfredo Manresa, initially as an advisor and, more recently, assuming the role as director. The Consulting division is spearheaded by Mr. Manresa and his team, independent of the core facets of travel and media. The premise of this Consulting Division, is to compliment the company’s R&D efforts in all realms, including, future ventures which may, consequently, become directly or indirectly related to the core travel and media business. Consulting efforts, such as partnering with Tyrval, securing investments for new or refurbished hotel developments and properties or, working with partners who augment the efficiency of the hospitality industry in Cuba, invariably transmit secondary benefit to Cuba Ventures in its nucleus travel and media sectors. As a self financed division, whose income is derived through individual consulting; revenue, income or equity, the consulting division places little if any financial burden on Cuba Ventures Corps expenditures. For Cuba Ventures to expand its presence in other Cuba related activities, an active consulting division is paramount to achieving this important objective. Finally, a financial component, such as CUBAFIN, guarantees to Cuba Ventures, speedy bridge-loan approval of certain transactions while, augmenting the financial security of these. The management thus concludes that the impending advent of CUBAFIN could play a beneficial role in the efforts of the consulting division while, simultaneously, providing additional revenue in core divisions.
About Cuba Ventures Corp.:
Cuba Ventures Corp. interest is a TSX.V listed 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. These websites generate over 35 million page-views per year. Travelucion's online travel division is a duly licensed retail travel supplier handling millions of dollars in sales annually.
Cuba Ventures Corp has acquired an equity interest in a Florida, 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 American citizens through its equity partner International Business & Travel Opportunities, LLC, Fort Lauderdale, Florida, USA.
Cuba Ventures consulting division harnesses over 60 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 commercial 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 partnerships.
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 73,012,487 shares issued and outstanding.
CUBA VENTURES CORP.
“Steve Marshall”
______________________________
STEVE MARSHALL, CEO
For further information contact myself or:
Nick Findler
Cuba Ventures Corp.
Telephone: 604-639-3850
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@cubaventures.com
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.