Mr. Gavin McMillan reports

REVOLUGROUP CANADA INC. WELCOMES INTERIM CEO AND DIRECTOR GAVIN MCMILLAN, CAD $1.5 MILLION PRIVATE PLACEMENT LED BY DIRECTOR BERNARD LONIS, 7.6 MILLION INCENTIVE STOCK OPTIONS GRANTED, UPDATE ON HBDIG SUBSCRIPTION AGREEMENT

Revolugroup Canada Inc. has appointed its interim chief executive officer and director: Gavin McMillan. The company also has arranged an up to $1.5-million private placement led by director Bernard Lonis, has granted 7.6 million incentive stock options and has provided an update on the HBDIG subscription agreement.

The company welcomes interim CEO and director Gavin McMillan

After this period of time, due to the resignation of Steve Marshall as CEO for health reasons, the company is pleased to announce that the board of directors has unanimously approved Vancouver, B.C., resident Mr. McMillan as the interim CEO and director of the company, subject to the TSX Venture Exchange approval of the requisite PIF (personal information form).

Mr. McMillan is a marketing and growth management executive with a remarkable record of success in expanding global market growth and positioning brands across multiple countries and six continents. With over 30 years of experience in the telecommunications, fintech (financial technology), and information and communications technology (ICT) sectors, Mr. McMillan has played a pivotal role in driving revenue growth and leading teams of up to 100-plus highly trained professionals, developing patents that define modern communications solutions and working with government and enterprises globally, to create meaningful telecommunications strategies.

In addition to his executive roles, Mr. McMillan has provided independent management consulting for sales and marketing funnel management, business development, and investment fundraising for public and private ventures, mergers and acquisitions, and licence/permit acquisitions. Through his consulting practice, Mr. McMillan has assisted in launching new companies and in developing several funds within the cruise, telecommunications and media/entertainment industries that collectively raised $120-million.

The company announces up to $1.5-million private placement led by director Bernard Lonis

The company today announced a non-brokered private placement of up to 30 million units at a price of five cents (3.4 euro cents) each to raise gross proceeds of up to $1.5-million (or 1.02 million euros). Subscribers will have the option to subscribe in either Canadian dollar or euro currency (based on the Canadian dollar/euro exchange rate of 1.4706 as of Aug. 22, 2023). Each unit will consist of one common share and one warrant exercisable to purchase one additional common share at a price of 10 cents each for a period of one year from the date of issuance. The expiry of the warrants may be accelerated at the company's sole discretion by written notice if the closing price for the common shares on the TSX Venture Exchange shall be equal to or greater than 10 cents for a minimum of 10 consecutive trading days. A sizable lead order for this private placement is from director Mr. Lonis.

Key private placement allocations

The company's primary objectives are to impulse new revenue streams with the PSD2 licence, United States MSB II licence and the analogous Canadian FINTRAC. These future revenue development goals require investment via the cited proceeds that include, but are not limited to, strategic business partnerships for Q4 2023 and Q1/Q2 of 2024 and beyond. The company will allocate at least $150,000 for this purpose and expects to achieve breakeven from RevoluPay EP SL in less than 12 months.

RevoluPay EP SEPA/SWIFT -- RevoluPAY EP SL is in the final stage of discussions to develop a direct integration with SEPA and SWIFT. This investment will not only reduce costs and time in any transaction done by RevoluPAY EP, but also the company's capabilities to issue an IBAN to the customers and for customers from white label projects. This integration is key for the company to generate new revenue streams in our Whitelabel strategy and increase user base. The investment planned for this integration is a total investment of $750,000.

Revolugroup operating cash flow -- The company intends to allocate approximately $600,000 from the proceeds to the operative expenses of the company, which will cover short and mid-term cash flow needs.

The company announces incentive stock options

The company announces that incentive share options to purchase up to 7.6 million common shares of the company were granted to officers and directors of the company, with an exercise price of five cents per share. The incentive share options have been granted pursuant to the company's 10-per-cent rolling stock option plan and will expire 24 months from the grant date. Should the announced options be exercised in the term, the aggregate amount payable to the corporate treasury would be $380,000.

HBDIG Technologies GmbH -- subscription agreement

As announced on July 11, the company extended the subscription agreement in good faith and with TSX-V approval in 30 days. The agreement extension expired on Aug. 10 without HBDIG Technologies GmbH -- Erik A. Lara Riveros, complying with the agreement signed. The company reminds Shareholders that, per the Jan. 6, 2023, and April 19, 2023, news releases and associated binding HBDIG Technologies GmbH MOU dated Jan. 5, 2023, a sizeable financial penalty clause of $676,809 remains in force if the investor, for any reason, fails to conclude the investment. The company board received a formal communication on Aug. 22 from Erik A. Lara Riveros. The company is taking the legal steps to pursue the contractually agreed nonperformance penalty of $676,809.

About RevoluPay

The company's flagship neo-banking 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 (foreign exchange), crypto-to-fiat exchange, retail and hospitality payments, real estate payments, pay-as-you-go phone top-ups, gift cards and on-line credits, utility bill payments, gaming credits, leisure payments, and travel payments. RevoluPay is aimed squarely at the worldwide multibillion-dollar open banking sector, cross-border forex payments and the plus-$595-billion family remittance market. RevoluPay is operated by the European wholly owned subsidiary RevoluPay EP SL situated in Barcelona. RevoluPay is a licensed U.S. MSB (money services business), Canadian FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) and European PSD2 payment institution (No. 6900), under the auspices of European Union Directive 2015/2366, with EU 27-country passporting, and an official issuer of Visa cards and authorized Visa affiliate member. Revolugroup Canada controls five wholly owned subsidiaries on four continents.

About Revolugroup Canada Inc.

Revolugroup Canada is a multiasset, multidivisional, publicly traded Canadian company deploying advanced technologies in banking, mobile apps, money remittance, cross-border forex payments, mobile phone top-ups, e-gaming, health care payments, e-sports, invoice factoring, on-line travel, vacation resort, blockchain systems and fintech (financial technology) app sectors.

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