Cuba Ventures Corp signs letter of intent to acquire Licensed Florida based travel agency. Synopsis of Trump administration policy changes vis-à-vis Cuba. CEO Steve Marshall appears on Canada's BNN...
(Thomson Reuters ONE) -
VANCOUVER, British Columbia, June 19, 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") which outlines the general terms and
conditions of a proposed transaction with certain shareholders of International
Business & Travel Opportunities, LLC, a duly licensed Travel Agency located in
Florida USA (the "IBTO Selling Shareholders") pursuant to which the Company
shall acquire a 30% minority interest in IBTO in exchange for common shares of
Cuba Ventures Corp and transaction costs. Further, Cuba Ventures Corp CEO, Steve
Marshall, provided commentary on CNN as Air-force One landed in Miami, during
the highly anticipated Presidents address to the nation concerning the renewed
United States policy towards Cuba in the Trump era. Mr Marshall provides
investors with a summary of U.S policy changes, as per the president's speech,
signed executive order and new (OFAC) regulations issued on 16(th) June 2017.
Foreword on President Trump's national address on 16(th) January 2017
Cuba Ventures Corp CEO Steve Marshall provides a foreword to all investors:
"Over the past six months, the impending position of the incoming U.S
administration of President Trump, concerning future relations with Cuba and,
more specifically, the fate of the previous administration's rapprochement to
the Republic of Cuba, has produced augmented uncertainty. Today, the official
position of the government has been revealed and, both management and I can
establish that the underlying effects of these subtle policy modifications are
unlikely to affect the financial prospects or revenues of Cuba Ventures Corp.
Our rationale is based upon two principal facts. Firstly, Cuba Ventures' income
from the United States is still only a negligible amount of the company's total
revenue. Cuban-American visitors make up the majority of this revenue, as they
visit family and friends on the island. Cuban Americans have remained exempt
from both the Obama and, the new Trump policies. Mainly, they continue to be
free to travel to their homeland as many times as is desired. Secondly, neither
Cuba Ventures Corp nor its subsidiaries, have any commercial relationships with
entities or individuals associated with; Cuban military, intelligence or
security services. The now clarified policy emanating from the White House will
thus allow Cuba Ventures to charter a path to continued growth and success
within the confines of these policies. Finally, we also foresee large revenue
growth resulting from the acquisition of IBTO and, the dissemination across our
Cuba media network of legal group travel packages within the United States."
Proposed acquisition of International Business & Travel Opportunities, LLC
IBTO is a cash-flow positive, duly licensed, Florida USA based travel agency
that specializes in travel to Cuba. IBTO organizes trips to Cuba under the
auspices of US regulations. International Business & Travel Opportunities's has
specialized in educational and cultural trips to Cuba for groups of United
States citizens desirous of visiting Cuba.
International Business & Travel Opportunities, LLC specializes in thematic
upscale groups traveling to Cuba. International Business & Travel Opportunities,
LLC, with its exclusive itineraries, has hosted; Doctors, Lawyers, Accountants,
Contractors, Hunting trips, fishing trips, hiking and special festivals in
accordance with USA travel restrictions. Steve Marshall, Cuba Ventures CEO,
stated, "The planned acquisition of International Business & Travel
Opportunities, LLC allows us to tap the ever growing interest by the US traveler
to Cuba, exposing travel itineraries compliant with latest June 16(th) policy
changes, as set out by office of foreign assets control, to the over 35 million
page views generated by our 432 websites and booking platforms, of which over
38.9% of web visitors now originate from the United States. Through IBTO, the
company will be able to promote and market; flights originating from the United
States, Cruises originating from Florida (and, when available, the entire U.S)
and travel packages compliant with the 16 June 2017 U.S. regulations and, those
thereafter."
Cuba Ventures Corp and International Business & Travel Opportunities will
continue to expand the existing travel and Cuba focused marketing initiatives in
numerous sectors with a specific spotlight on the renewed US-Cuba travel market
as per President Trumps 16 June address.
The LOI was negotiated at arm's length. Both Cuba Ventures Corp and
International Business & Travel Opportunities agree that preparation and
execution of a definitive agreement (the "Definitive Agreement") is required on
or before 1(st) Sept 2017, such Definitive Agreement to contain the terms and
conditions substantially set forth in the LOI. In addition, the Definitive
Agreement may include additional terms as each of the parties might agree after
good faith negotiations. There can be no assurance that a Definitive Agreement
will be completed as proposed or at all.
Cuba Ventures Corp shall acquire from the Selling Shareholders a 30% equity
interest in International Business & Travel Opportunities for the issuance of
500,000 Cuba Ventures Corp shares at a deemed price of $0.05 per share and, a
10,000 CAD cash consideration. On closing, Cuba Ventures Corp will become the
registered holder of 30% of the issued and outstanding shares of International
Business & Travel Opportunities. Closing of the acquisition of the 30% interest
in International Business & Travel Opportunities is anticipated to occur after
the signing of the execution of the Definitive Agreement, on or before
1(st) September 2017 and, the acceptance for filing of the Definitive Agreement
by the TSX Venture Exchange.
Synopsis of the changes in U.S. policy as set out by the Trump administration
On June 16(th) 2017 President Donald Trump addressed the nation, outlining his
administration's policy towards the Republic of Cuba. While the president
proclaimed a complete change in policy, the following aspects of the Obama
administrations Cuba rapprochement policies remain intact:
* Continuation of the U.S. Embassy in Cuba & Diplomatic relations
* Unlimited travel by Cuban Americans to their homeland
* Unlimited remittances by qualified American citizens to qualified residents
in Cuba
* Continued Cruise services from the United States to the Republic of Cuba
* Continued commercial flights from the United States to the Republic of Cuba
* Continued Travel to Cuba undertaken by American travelers who visit the
island on people-to-people group travel itineraries
* Continued business negotiations between US and Cuban entities not associated
with the Cuban military, intelligence, or security services.
* Obama's exclusion of Cuba from the state sponsor of terrorism list
* Obama's annulment of the wet-foot/dry-foot immigration policy
Notable Trump Administration policy changes, in contrast to the Obama
administration.
* Restrictions on direct transactions with entities related to the Cuban
military, intelligence, or security services
* The State Department will be publishing a list of entities (Cuban military,
intelligence, security services) with which direct transactions generally
will not be permitted. This list will almost certainly include; Companies,
entities, Hotels, On-Site services, Transportation Services, etc. owned or
controlled by Cuban armed forces controlled businesses and commercial
interests.
* Abolition of individual (sole traveler) people-to-people visits to Cuba.
Such visits, during the Obama era, in which U.S. citizens were not members
of a group of travelers and essentially traveled alone, with or without a
pre-arranged trip itinerary (known as a general license), will be
prohibited.
See: https://www.treasury.gov/resource-
center/sanctions/Programs/Documents/cuba_faqs_20170616.pdf
Cuba Ventures in the media
Cuba Ventures Discusses New US-Cuba Policy on CNN (ESPANOL)
https://youtu.be/vfXcelf6vbg
Cuba Ventures Vito Echevarria Interviewed by Max Keizer of RT News on US-Cuban
policy
https://youtu.be/mvRtAsxgh2Q
Cuba Ventures Interviews with Al Jazeera Regarding US-Cuban Policy Changes
https://youtu.be/rvN01_6qB5M
Cuba Ventures CEO Steve Marshall appears on Canada's BNN news:
https://www.youtube.com/watch?v=awuN-POY4Cg&t=20s
Vito Echevarria of Cuba Ventures appears on Telemundo Washington
https://www.youtube.com/watch?v=0hp_w5gqroc
Cuba Ventures CEO Steve Marshall interviewed on uptick news radio
https://www.youtube.com/watch?v=tsyM11F9IJg
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 travel information, 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.
Travelucion's 432 Cuba focused multilingual websites generate over 30 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.
Travelucion's revenues have been rapidly growing in the wake of the notable
shift in American policy towards Cuba. With diplomatic relations now normalized
and restrictions on qualified American travel to Cuba relaxed, opening of the
multi-billion dollar travel market to the Caribbean nation is becoming a
reality. Travelucion's continued media dominance over the past two decades has
provided Cuba Ventures with a competitive advantage in the burgeoning Cuba
travel and online media space. With the relaxing of rules for American travelers
to Cuba and the potential of further easing, growth and investment opportunities
are on the rise in Cuba.
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 comercial operations with Cuba and, the company's
Cuba Consulting Unit.
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 72,412,487 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(at)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.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Cuba Ventures Corp. via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 19.06.2017 - 14:00 Uhr
Sprache: Deutsch
News-ID 548599
Anzahl Zeichen: 14520
contact information:
Town:
Vancouver, BC
Kategorie:
Business News
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