Vancouver, BC, Aug. 02, 2023 (GLOBE NEWSWIRE) -- RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2), (Munich: A2PU92) (the "Company") today announced the resignation of Steve Marshall, Chief Executive Officer, due to health reasons.
The Board has reviewed comprehensive medical history dating back to November 2022, demonstrating continuous inquiries into a pulmonary pathology associated with suspected chronic obstructive pulmonary disease alleviated by doctor-prescribed Symbicort. Despite mandated vaccinations and correctly administered boosters, Mr. Marshall suffered three particularly aggressive bouts of COVID-19 between January 2020 and July 2022. Due to the recent worsening of symptoms, physicians have not ruled out Long COVID. Under a consensus medical recommendation, the latest medical reports show that Mr. Marshall recently traveled from Panama to Europe to consult with an internationally recognized pulmonologist on July 13th, 2023. While the specialist physician's tests continue on August 4th, Mr. Marshall must immediately reduce stress and rest. Consequently, the Board accepts his resignation after a thorough evaluation of Steve Marshall's persistent health condition, medical records, and the uncertain prognosis of his recovery.
Steve Marshall has been a key figure in guiding the Company's growth and success, and the Board of Directors expresses deep gratitude for his invaluable contributions. However, in light of the circumstances surrounding his health, Steve Marshall has made the difficult decision to step down from his position of CEO and Director, effective immediately.
Mr. Marshall joined the Company in 2016 and served as CEO for over seven years. He oversaw and led the Company's transformation from a mining issuer to an international central bank-licensed Neobank and EU-licensed financial institution #6900 during that time. Marshall spearheaded expansion into new markets via the launch of the Company's Fintech revenue verticals and closed-loop financial system. In February 2023, the Canadian TSX Venture Exchange inducted RevoluGROUP into the Top 50 performing companies. The prestigious Top 50 honor situated RevoluGROUP in the top 3% of companies listed on the Canadian Venture Stock Exchange, serving as a testament to the Company's continued accomplishments. The Board of Directors acknowledges Steve Marshall's dedication and leadership and is committed to building upon the foundation he has established.
The Board has initiated a comprehensive search process to identify a successor who will lead the Company into its next growth phase and ensure continuity in executing RevoluGROUP's strategic objectives. The search will include internal and external candidates, and the Board aims to complete the process promptly.
"Steve Marshall has been an instrumental leader, and his departure due to health reasons deeply saddens us," said the Board of Directors. "We extend our heartfelt support and best wishes to him and his family during this challenging time. As we move forward, we are committed to finding a successor who will build upon the strong foundation Steve Marshall has laid and steer RevoluGROUP towards continued success."
RevoluGROUP remains focused on its core business operations and is confident in the capabilities of its dedicated management team, which will assume interim leadership responsibilities during the transition period.
About RevoluPAY®
The Company's flagship Neobanking technology is RevoluPAY®, the Apple and Android multinational payment app. Conceived entirely in-house, RevoluPAY features proprietary, sector-specific technology of which the resulting source code is the Company's intellectual property. RevoluPAY's built-in features include Remittance Payments, Forex, Crypto-to-fiat exchange, Retail and Hospitality payments, Real Estate Payments, pay-as-you-go phone top-ups, Gift Cards & Online Credits, Utility Bill payments, Gaming Credits, Leisure payments, Travel Payments, etc. RevoluPAY is aimed squarely at the worldwide multi-billion dollar Open Banking sector, cross-border forex payments, and + $595 billion family remittance market. RevoluPAY® is operated by the European wholly-owned subsidiary RevoluPAY EP S.L situated in Barcelona. RevoluPAY is a licensed United States MSB, Canadian FINTRAC, and European PSD2 payment institution 6900 under the auspices of E.U. Directive 2015/2366 with E.U. 27 Country Passporting and official issuer of Visa® Cards and authorized Visa® Affiliate Member. RevoluGROUP Canada Inc. controls five wholly-owned subsidiaries on four continents.
About RevoluGROUP Canada Inc.:
RevoluGROUP Canada Inc. is a multi-asset, multidivisional, publicly traded Canadian Company deploying advanced technologies in; Banking, Mobile Apps, Money Remittance, Cross-Border Forex Payments, Mobile Phone Top-Ups, EGaming, Healthcare Payments, Esports, Invoice factoring, Online Travel, Vacation Resort, Blockchain Systems, and Fintech app sectors. Click here to read more.
For further information on RevoluGROUP Canada Inc. (TSX-V: REVO), visit the Company's website at www.RevoluGROUP.com. The Company has approximately 194,278,146 shares issued and outstanding.
RevoluGROUP Canada, Inc.
"The Board"
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RevoluGROUP Board of Directors
For further information, contact:
RevoluGROUP Canada Inc.
Telephone: (604) 332 5355
Email: info@revolugroup.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS 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.
