Avra Inc. Enters Letter of Intent With Mango Pay SRL to Launch Digital Currency in Carribbean

PALO ALTO, CA--(Marketwired - Dec 5, 2014) - Avra, Inc. (OTCQB: AVRN) ("Avra" or the "Company"), is pleased to announce entry into a non-binding Letter of Intent (the "LOI") with Mango Pay SRL, an international company based in the Dominican Republic, providing consumers with instant electronic payment solutions for goods and services as well as money transfers. Founded in 2012, Mango Pay is a pioneer in the field of electronic payments via kiosks. The LOI aims to facilitate the possible development of a regional network of cryptocurrency ATM kiosks initially focused on bitcoin transactions and with a technical ability to provide additional digital currency offerings in the future.

According to the terms of the LOI, Avra and Mango Pay intend to jointly develop a software based solution to be integrated initially into the 90 Mango self-service payment kiosks, providing an easy to use and as yet unrivalled service to regional markets, with a view to offering the same service globally through 2015. This new solution will allow bitcoin services without the necessity to invest in expensive hardware and offers clients the ability to purchase digital currency by inserting cash and receiving currency directly to their digital wallet or on a paper receipt. The Company intends to enter into a definitive agreement with Mango Pay once certain conditions are satisfied to start the project.

"We are delighted by the prospect of working closely with one of the leaders in the kiosk sector in order to gain entry into this largely undeveloped market. We are thrilled to play a part in bringing new technologies to the consumer marketplace through a proposed initial trial at over 90 Mango Pay kiosks nationwide," states Steve Shepherd, CEO of Avra. In addition, Mr. Shepherd states, "Mango Pay has a strong regional brand and presence in the Dominican Republic, and they have the vision to see the potential that bitcoin has in this developing marketplace. The opportunity ranges from providing a decentralized currency combatting currency devaluation to allowing the unbanked to make internet purchases. The possibility for growth is truly significant."

"Together, Mango Pay and Avra have the opportunity to bring new technologies to this fast moving market. Our vision is to provide a full service solution from our terminals, allowing our users to access their financial needs in one place. Our work with Avra will create an unprecedented service to the Dominican Republic and Avra will provide the perfect approach to bringing the vision to reality," said Vasiliy Smetanin, Mango Pay CEO.