Montreal - TheNewswire - August 13, 2020 - ZeU Crypto Networks Inc. (CSE:ZEU) (CNSX:ZEU.CN) is pleased to announce that it has initiated the process to obtain a license to operate a financial institution in Malta. ZeU will integrate remittance and micro-lending, as well as creating Mula- and ZeU-branded debit and credit cards to integrate with ZeU crypto wallets and MulaMail accounts using ZeU's stable staking tokens. The first of the utility tokens is planned to launch in Q3 2020 and will be based on the EOS network.
Financial Institution License
ZeU's Maltese lawyers will be accompanying management in the creation of the Maltese subsidiary and the establishment of a local presence with local management. The Financial Institution License will not force the Company to act as a custodian since regulation of that particular license for these types of licensed institutions identifies the central bank as the custodian for fiat deposits.
The peer-to-peer financial ecosystem created will allow certain Mula subscribers and ZeU/Mula token stakeholders to benefit from the mutualization of the profits from the credit card and debit card operations. Furthermore, the digital asset or cryptocurrency transactions pushed to the debit card or credit card settlement network will be powered by the Company's atomic swap technology and will transit via the stable staking token before being settled in fiat. Thus, no crypto transaction or crypto payment will be emulated on the credit account of the cardholders, avoiding a situation where the micropayment for a cup of coffee generates $3 to $5 of blockchain gas fees while executing the conversion.
The Company expect to have the ability to distribute card in the first half of 2021. The technological platform and the infrastructure should be in place in the first quarter, and the commercial rollout will occur shortly after the obtention of the operating license. The European Union's GDPR rules regulate Malta's banking and financial institutions. Therefore, it will not allow the Mula Black version to participate in the program.
Annual and Special Meeting of Shareholders: August 28
The Company will conduct its Annual Meeting in a more traditional venue. However, due to the interest from shareholders to attend virtually, the Company will provide an economical alternative to attend the meeting via the Cisco WebEx platform. The meeting will be held at 1000 Sherbrooke Street West, Suite 2700, Montreal, Quebec H3A 3G4, on Friday, August 28, 2020, at 11:00 a.m. (Eastern Daylight Time).
Teleconference access set forth hereinbelow, for the following purposes:
1. to receive and consider the audited financial statements of the Corporation for the financial year ended December 31, 2019, and the reports of the auditor thereon;
2. to set the number of directors of the Corporation at six (6) for the ensuing year;
3. to elect the Board of Directors of the Corporation for the ensuing year;
4. to appoint the auditor of the Corporation for the ensuing year and to authorize the Board of Directors to fix the auditor's remuneration;
5. to consider and, if deemed advisable, to pass, with or without variation, a special resolution, approving a change of name of the Corporation to "ZeU Technologies, Inc.", or such other name acceptable to the Board of Directors of the Corporation;
6. to transact such other business as may be properly brought before the meeting or any adjournment thereof.
Canada Toll: +1-416-915-8942
Canada Toll Free: +1-855-244-8680
Attendee access code: 863 410 05
Having trouble dialing in? Try these backup numbers:
US Toll free: +1-855-797-9485
US Toll: +1-415-655-0002
Global call-in numbers: https://mcmillanllp.webex.com/mcmillanllp/globalcallin.php?MTID=m0baffba864cda22811b141026f0da7ee
Toll-free dialing restrictions: https://www.webex.com/pdf/tollfree_restrictions.pdf
IN LIGHT OF THE RAPIDLY EVOLVING PUBLIC HEALTH GUIDELINES RELATED TO COVID-19, THE CORPORATION ENCOURAGES THAT ALL SHAREHOLDERS VOTE THEIR SHARES BY PROXY AND ATTEND THE MEETING VIA TELECONFERENCE AND NOT IN PERSON.
A Q&A session on Reddit and the Agoracom platform will be held on August 25, 2020, starting at 6 p.m. Eastern time.
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO
ZeU is a forward-thinking Canadian technology company that has developed a state-of-the-art blockchain protocol, providing the foundation for the next-generation of encrypted and distributed networks. Thanks to its high level of sophistication, ZeU's technology maximizes transparency, security and scalability as well as big data management. ZeU's strategy is to monetize blockchain transactions in diverse sectors such as payment, gaming, data, and healthcare.
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
Copyright (c) 2020 TheNewswire - All rights reserved.