RevoluGROUP Canada Inc. PSD2 Bank License Update from Hogan Lovells

VANCOUVER, British Columbia, May 15, 2020 (GLOBE NEWSWIRE) -- 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 24^th 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 15^th 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 12^th 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 14^th Royal Decree-law 463/2020 which imposed a national state-of-alarm upon the entire population and economy. The specific timing of said May 12^th Royal Decree, while a welcome announcement for the Spanish citizens and economy, has today unavoidably impacted the 24^th 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.