- RevoluGROUP Canada (REVO) has signed an agreement with Stephen Marshall to purchase the VIP Collection, a collection of 182 domain names, active websites, etc.
- The company has agreed to pay C$514,446 for the previously leased VIP Collection domain portfolio
- This collection of domain names and websites, which has been active for an average period of 20 years, is the mainstay of the company’s RevoluVIP travel vertical
- This agreement saves cost for shareholders by ending the annual lease agreement and also reducing yearly cash expenditure by US$101,340 (about C$131,674)
- RevoluGROUP intends to settle the purchase price by allotting and issuing 2,236,721 common shares in the capital stock
- RevoluGROUP Canada Inc. is a multi-asset, multi-divisional Canadian company deploying technologies in banking, mobile Apps, money remittance, etc
- RevoluGROUP Canada Inc. was down 4.348 per cent, trading at C$0.22 at 1:23 PM ET
RevoluGROUP Canada (REVO) has signed an agreement with an insider, Stephen Marshall, to purchase the VIP Collection.
The VIP Collection includes 182 domain names, active websites, legacy internet traffic and goodwill.
The company has agreed to pay C$514,446 for the previously leased VIP Collection domain portfolio.
This collection of domain names and websites, which have been active for an average period of 20 years, is the mainstay of the company’s RevoluVIP travel vertical.
This agreement is beneficial to shareholders, ending the annual lease agreement and reducing yearly cash expenditures by US$101,340 (about C$131,674).
The acquisition of these valuable domain assets will ensure the continuance of RevoluVIP Travel Club, increasing the underlying valuation and corporate assets by owning the entire platform outright as the industry starts to pick up again post-pandemic.
The company’s CEO, Steve Marshall, is a non-arm’s length party to the transaction as he is a director and beneficial owner of the domain name assets.
The company has agreed to pay C$514,446 (about US$396,123) for the entire previously leased VIP Collection domain portfolio.
RevoluGROUP intends to settle the purchase price by allotting and issuing 2,236,721 common shares in the capital stock at the closing price of C$0.23 cents on June 20th, 2022.
The VIP Collection is a unique group of worldwide domain name properties, most online for over two decades, featuring 106 countries, 27 specific high-traffic tourist destinations, and seven generic websites.
It incorporates 42 similar-match domain names to protect the integrity of the collection against competitive registrations.
RevoluGROUP Canada Inc. is a multi-asset, multi-divisional publicly traded Canadian company deploying technologies in banking, mobile Apps, money remittance, mobile phone top-ups, etc.
RevoluGROUP Canada Inc. was down 4.348 per cent, trading at $0.22 at 1:23 PM ET.