VANCOUVER, British Columbia, March 21, 2016 (GLOBE NEWSWIRE) -- Cuba Ventures Corp. (TSX-V:CUV) (the “Company”) (“Cuba Ventures”) (formerly MPH Ventures Corp.) today announces that the Company has received regulatory acceptance for its change of business ("COB") through the acquisition of a 100% interest in Travelucion S.L. ("Travelucion Media"). Shares of the Company will commence trading at the opening Monday morning March 21st under the new symbol CUV on the TSX Venture Exchange.
Travelucion Media, now a wholly owned subsidiary, is a cash-flow positive online travel and digital media marketing company that specializes in travel marketing, electronic reservations and online booking solutions for international visitors to Cuba.
The COB was achieved through the acquisition of the remaining 80% of the shares in Travelucion Media not previously owned by the Company by the issuance of 16,000,000 common shares of Cuba Ventures to Mr. Steve Marshall. 20,000,000 shares held by Mr. Marshall and 536,100 shares held by Company CEO & President Jim Pettit are subject to escrow agreements under the policies of the TSX Venture Exchange.
To reflect its new business the Company has changed its name from MPH Ventures Corp. to Cuba Ventures Corp.
Travelucion Media has developed and owns one of the most significant portfolios of Cuban focused web assets with 432 websites collectively generating over 30 million page-views per year, directing traffic to the main Travelucion Media booking and e-commerce sites. Since 1995 these proprietary websites have been promoting Cuba and offering online travel services to the Caribbean nation. The websites cover all facets of the island including specific tourist destinations, hotels and resorts, golf, spas, restaurants, classic car rentals, Cuban culture, health, commerce, food and much more.
Travelucion Media’s revenues have continued to grow quickly in the wake of the notable shift in American policy towards Cuba. Diplomatic ties are improving as the two nations normalize relations and travel restrictions on Americans visiting Cuba continue to relax.
Jim Pettit, President and CEO of Cuba Ventures, stated: “This is a significant milestone for the Company and its shareholders. Cuba Ventures will commence trading this morning as one of the first and only Cuba-focused publicly traded vehicles in North America offering investors direct exposure to the island. Our team is dedicated to value creation and capitalizing on the growth and unique opportunities present in Cuba. Our acquisition of Travelucion Media marks our initial entry into Cuba and its largest industry, the tourism industry.”
Furthermore, Cuba Ventures announces that Steve Marshall, the Founder and President of Travelucion Media, has been appointed a Director of the Company.
“Taking Travelucion Media public is the pinnacle of my life's work. Building an online travel and media company focused on Cuba has required years of hard work and relationship building on the island,” Steve Marshall stated. “Two decades later with President Obama arriving today in Cuba, the first sitting U.S. President to visit Cuba in almost 90 years, my vision seems to be coming to fruition. These past 15 months have been exciting times at Travelucion Media with rapidly increasing travel-related revenues as well as a surge in American web visitors to our 432 websites, clearly exemplifying the unwavering passion the American people have to discover more about Cuba, a place I called home for 11 years.”
Mr. Marshall continues: “Sharing my long-term enthusiasm for Cuba, the management and team at Cuba Ventures Corp. are a pleasure to work with and, in my new role as Company Director, I look forward to many years of ongoing commitment to furthering our common goals. Our shareholders can expect great things from our newly combined team over the coming months and years as we channel our burgeoning internet traffic towards additional Cuban commercial ventures and opportunities, while continuing to capitalize on the growing, multi-billion dollar Cuban tourism industry. Cuba Ventures plans to focus on the emerging, yet underserved, American tourist market to Cuba. It has become clear that more and more Americans wish to visit the island under the current 12 U.S. exemptions and the new people-to-people educational visit criteria just instituted by the Obama administration on March 14th.”
Mr. Marshall remains the President and CEO of Travelucion Media, now a wholly owned subsidiary of Cuba Ventures. He is a trilingual entrepreneur specializing in international marketing and deal brokering. Steve spent 11 years in Cuba specializing in Cuban joint ventures and successfully founded a number of companies including the Primeras Inversiones (Havana Free Zone), the first State approved real estate joint venture (CIMEX), the Dimension W-Tech start-up joint venture with the Ministry of Communications, and the first Cuba-centric online marketing company handling over 30 million annual internet visitors with the Ministry of Tourism. Steve's past Cuban ventures have received coverage in the Financial Times, BBC News, CNN, Time Magazine, Washington Post, Chicago Tribune and The Wall Street Journal. Steve was a special advisor to a number of Cuban corporations spearheading their entrance into the new economy and providing support and investment in a range of commercial sectors. He is knowledgeable concerning the idiosyncrasies of dealing with the Cuban Government and Cuba's foreign investment laws.
Cuba Ventures has received final TSX Venture Exchange acceptance for its private placement financing, see news release March 10th.
Early Warning Report
Steve Marshall announces that he has acquired beneficial ownership of 16,000,000 common shares (the "Shares") in the capital of Cuba Ventures Corp. Mr. Marshall beneficially owns a total of 21,000,000 common shares of Cuba Ventures and warrants to purchase an aggregate of 1,000,000 common shares of Cuba Ventures, which represent 34.16% of Cuba Ventures issued and outstanding common shares on a non-diluted basis or 35.79% of Cuba Ventures issued and outstanding common shares calculated on a partially-diluted basis assuming the exercise of the warrants held by Mr. Marshall. Mr. Marshall acquired the Shares for investment purposes. He intends to evaluate his investment in Cuba Ventures and to increase or decrease his beneficial shareholdings from time to time as he may determine appropriate for investment purposes. A copy of the early warning report filed on SEDAR by Mr. Marshall may be obtained by contacting Mr. Jim Pettit, a director of Cuba Ventures at (604) 687-3376.
About Cuba Ventures Corp.:
Cuba Ventures Corp. has acquired Travelucion Media, now a wholly owned subsidiary of the Company. Travelucion Media is a cash-flow positive online travel and digital media company that specializes in travel marketing, electronic reservations and online booking solutions for international visitors to Cuba. Travelucion Media owns one of the most significant portfolios of Cuban focused web assets, through its 432 websites, which collectively generate over 30 million page-views per year and direct traffic to the main Travelucion booking sites including www.Havanatur.com.
Cuba Ventures Corp. has approx. 61.5 million shares issued and outstanding.
CUBA VENTURES CORP.
« Jim Pettit »
JAMES G. PETTIT
President & CEO
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.
Source: Cuba Ventures Corp.