VANCOUVER, British Columbia, Feb. 22, 2018 (GLOBE NEWSWIRE) — Cuba Ventures Corp. (TSX-V:CUV) (Frankfurt:IJA2) (OTCBB:MPSFF) (the “Company”) – Vesilen Investment SL (the “Shareholder”) and its controlling shareholder Bernard Lonis (the “Control Person”), jointly wish to announce that on February 22, 2018 the Control Person, indirectly through the Shareholder, acquired 9,000,000 units (each, a “Unit“) of Cuba Ventures Corp. (the “Company”) at $0.055 per Unit by way of private placement. Each Unit consists of 1 common share of the Company (each, a “Share“) and 1 warrant exercisable to purchase 1 additional Share at $0.075 for a period of 2 years from the acquisition date. The units are subject to a 4 month and 1 day hold period that expires June 23rd, 2018.
Before the acquisition, the Control Person, indirectly through the Shareholder, beneficially owned 12,280,000 Shares representing approximately 9.6% of 127,322,901 Shares outstanding (partially-diluted). By the acquisition, the Control Person, indirectly through the Shareholder, acquired beneficial ownership of 18,000,000 Shares representing approximately 12.9% of 139,182,901 Shares outstanding (partially-diluted). After the acquisition, the Control Person, indirectly through the Shareholder, beneficially owns 30,280,000 Shares representing approximately 20.8% of 145,322,901 Shares outstanding (partially-diluted).
On completion of the acquisition, both the Shareholder and the Control Person are each a >10% holder and, thus, Insiders of the Company. The Shareholder and the Control Person (together, the “Acquiror”) made the acquisition for investment purposes. The Acquiror may, in the future, acquire or dispose of securities of the Company for investment purposes. Additional information is provided in the Acquiror’s early warning report filed on www.sedar.com. For further information or a copy of the early warning report, please contact the Company.
Cuba Ventures Proposes Name Change
Cuba Ventures Corp. is proposing a name change to CUV Ventures Corp. There will be no change in the share capital of the company or the ticker symbol. The name change is subject to TSX approval.
About Cuba Ventures Corp.:
Cuba Ventures Corp. is a publicly traded Canadian 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. Travelucion’s online travel division is a duly licensed retail travel supplier handling millions of dollars in sales annually which was recently awarded an Amadeus GDS distribution license.
Cuba Ventures Corp has acquired an equity interest in a Florida, the 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 Americans citizens through its equity partner International Business & Travel Opportunities, LLC, Fort Lauderdale, Florida, USA.
Travelucion’s 432 Cuba focused multilingual websites generate over 35 million page-views per year, directing traffic to the company’s online booking and e-commerce sites. These online websites cover all facets of Cuba including over 80 travel destinations, hotels & resorts, bed & breakfast, tours, car rentals, restaurants, as well as Cuban culture, history, music, celebrities, sports, medical treatments and more.
Cuba Ventures FinTech division is embracing world renowned entities to bring together a global force to stimulate Cuba’s archaic economic systems. Financing of both internal and external debt, ₡CU Coin Cryptotoken and Revolupay® blockchain deployment – across the all important private enterprises and remittance industry are primary objectives of this division. Finally, bridge loans for foreign enterprises who receive Cuban bank payment instruments will enable faster transactions and rapid advances in the economy.
Cuba Ventures consulting division harnesses over 80 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 comercial 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 businesses.
Cuba Ventures Corp. has neither assets nor physical presence in the Republic of Cuba.
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 approximately 121,000,000 shares issued and outstanding.
CUBA VENTURES CORP.
For further information contact myself or:
Cuba Ventures Corp.
Toll Free: 800-567-8181
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.