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A boutique W Hotel.

A localized Four Seasons Hotel.

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• Luxury Hotel Accommodation: Offers upscale rooms and suites for short-term stays, catering to leisure and business travelers.
• Food and Beverage Services: Operates multiple dining establishments, including restaurants and bars, and provides catering for events held on-site.
• Event and Meeting Facilities: Provides versatile spaces equipped for conferences, corporate meetings, weddings, and other social gatherings.
• Spa and Wellness Services: Delivers a range of spa treatments, fitness facilities, and relaxation amenities to hotel guests and external clients.

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Major Customers of Club Versante (CADV):

Club Versante (CADV) operates primarily in the luxury hospitality and real estate sectors, offering high-end hotel accommodations, dining, spa services, event spaces, and luxury residences. As such, the company primarily serves individual customers.

The major categories of individual customers include:

• Luxury Travelers and Hotel Guests: Individuals seeking premium accommodation, dining experiences, and leisure services at the Club Versante luxury hotel. This includes tourists, business travelers, and individuals looking for high-end local experiences.
• Luxury Residence Purchasers/Owners: Individuals or families who purchase the high-end condominium units and residences offered by Club Versante, either as primary residences or investment properties.
• Event & Dining Patrons: Individuals and groups attending or booking events (e.g., weddings, private parties, corporate functions) held at the Club Versante's event spaces, as well as those utilizing its upscale restaurants and bars.

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Shang-Ju Lin, President of the Management Board (CEO)

Shang-Ju Lin is the Chief Executive Officer of CADV.AI, an AI software company founded in 2017 and headquartered in Warsaw, Poland. He is expected to continue leading the combined company, Kukugan Corp., following its business combination with Miluna Acquisition Corp.

Elżbieta Barbarska, CFO

Elżbieta Barbarska serves as the Chief Financial Officer for CADV.AI.

Emilio Gomez, COO

Emilio Gomez is the Chief Operating Officer of CADV.AI.

Hubert Kowalski, CTO

Hubert Kowalski holds the position of Chief Technology Officer at CADV.AI.

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Key Business Risks for Club Versante (CADV)

The key risks for Club Versante (CADV), associated with the Versante Hotel, primarily stem from its recent business combination, its sensitivity to economic and travel trends, and the competitive nature of the hospitality industry.

1. Risks related to the business combination and public listing: CADV Ventures S.A. is set to combine with Miluna Acquisition Corp to become a publicly listed company, with closing targeted for the second half of 2026. This transaction carries inherent risks, including the successful completion of regulatory approvals, the execution of the acquisition strategy, potential shareholder redemption levels, and the ability to secure additional financing (e.g., PIPE/ELOC) if needed. The realization of the implied enterprise value and the achievement of revenue milestones for earnout shares are also significant uncertainties.
2. Sensitivity to economic conditions and travel industry fluctuations: As a luxury boutique hotel, Club Versante's financial performance is highly dependent on discretionary consumer and business spending on travel and hospitality. Economic downturns, shifts in consumer confidence, changes in travel patterns, or unforeseen global events (such as health crises) could lead to decreased occupancy rates, lower average daily rates, and reduced revenue, impacting profitability.
3. Intense competition within the hospitality market: Although positioned as Richmond's only independent luxury boutique hotel, Club Versante operates in a region "crowded with branded hotels" and competes with "big-brand Vancouver Airport hotels". This competitive landscape necessitates continuous investment in service quality, amenities, and marketing to differentiate itself and attract guests, which can strain resources and impact market share and pricing power.

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Club Versante (CADV) operates in the restaurant, bar, and private membership club sectors, offering culinary and leisure experiences in Richmond, British Columbia, Canada. The addressable markets for these services are substantial:

• The Full-Service Restaurants industry in British Columbia is estimated to have a market size of $8.6 billion in 2026.
• The broader Canada Foodservice Market is projected to grow from US$ 87.42 billion in 2025 to US$ 141.9 billion by 2034. Within this, full-service restaurants in Canada generated sales of $43.6 billion in 2025.
• Sales in cafés and bars across Canada reached approximately $5.17 billion CAD in 2022.
• The global private social club membership market was valued at $28.6 billion in 2025 and is anticipated to grow to $52.3 billion by 2034. North America, including Canada, holds a significant share of this market, with over 38% of the global revenue share in 2025. Canada specifically demonstrates a vibrant private club scene in urban centers like Vancouver, where demand for business and social clubs is increasing.

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Club Versante (symbol: CADV) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion to new geographic markets: The company plans to extend its restaurant footprint beyond Richmond, British Columbia, into other major Canadian cities, specifically identifying Vancouver and Toronto as target markets. This strategic expansion will open up new customer bases and revenue streams.
2. Continuous refinement of dining concepts and offerings: Club Versante is committed to enhancing its fine dining experiences by sourcing fresh, locally available ingredients and expanding its collection of rare liquors. This includes introducing innovative culinary experiences, such as the "Acre Through the Seasons" dining concept, which can attract a discerning clientele and command premium pricing.
3. Introduction of new venues and unique event concepts: Club Versante has a history of launching new high-end venues, such as the Alaïa champagne and caviar penthouse lounge and the Cask Whisky Vault. Continuing to introduce diverse dining and event spaces with unique themes and offerings, including those that host public events, will attract new customers and drive repeat business.
4. Growth in club memberships: The company offers an exclusive club membership that provides unparalleled access to its venues, culinary adventures, and members-only programs. Increasing the number of club members will provide a steady stream of recurring revenue and enhance the utilization of its facilities.
5. Leveraging hotel guest patronage: Club Versante's dining and event venues are strategically located within or around the Versante Hotel. By continuing to attract and serve hotel guests, the company benefits from a built-in customer base, which can be further grown through effective cross-promotional efforts and enhanced guest experiences.

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Share Issuance

• Club Versante Group (CADV) plans to raise $17 million by offering 3.8 million shares at a price range of $4 to $5 per share in its upcoming IPO, as of January 29, 2026.
• An earlier IPO filing in August 2025 indicated plans to raise $9 million by offering 2 million shares at a price range of $4 to $5.
• On May 8, 2025, Club Versante Group Limited issued 158 new ordinary shares to three investors.

Inbound Investments

• The company anticipates raising $17 million through its initial public offering (IPO), based on an updated proposed deal size from January 29, 2026.

Capital Expenditures

• Club Versante Group, founded in 2021, operates four restaurant and bar concepts, which would necessitate capital expenditures for establishment and ongoing maintenance.
• The company's operations are conducted through its subsidiary, Club Versante Canada, which operates restaurants and bars in or around the Versante Hotel in Richmond, British Columbia.