Cuentas Intended Acquisition Offers Opportunity for Expansion into Cybersecurity, AI and Telecom Technology Footprint and Expands Geographic Presence Targeting $215 billion According to Gartner Forecast
MIAMI BEACH, Fla., Nov. 14, 2023 (GLOBE NEWSWIRE) -- Cuentas, Inc. (Nasdaq: CUEN & CUENW), the leading developer of a fully integrated telecommunications and financial ecosystem for the unbanked and underbanked Hispanic market, shares specifics on its recently executed binding letter of intent with WHEN Group (OTC Pink: WHEN) ("WHEN"), a developer of an alternative financial ecosystem for underbanked communities. The proposed share exchange transaction, pending Nasdaq and shareholder approval and other specified conditions, will result in WHEN Group becoming a majority-owned subsidiary of Cuentas.
WHEN has been developing solutions that utilize advanced pattern recognition and AI to create a security screening environment that can detect and defend against a range of threats and attacks on telecom, banking, and other communication infrastructure. Cuentas intends to integrate WHEN’s portfolio of cybersecurity solutions into the Cuentas Mobile product.
In consideration for the principal shareholder of WHEN, UCG, Inc. (“UCG”), exchanging its 75% stake, Cuentas will issue to UCG a number of common shares of CUEN which will represent, on the date of issuance, 50% of Cuentas’ issued and outstanding capital.
Following the closing, WHEN will be a majority-owned subsidiary of Cuentas. The executive management of WHEN will develop a detailed and granular business plan and operating budget.
Subject to the terms of the letter of intent, Major Gen. (Ret) Danny Yatom (President), Mr. Giora Rosenzweig (CEO), and Mr. George Baumoehl (CSD) will be joining the Cuentas Board of Directors and/or Executive Management.
“I've had longstanding connections with several members of the WHEN Group team and have consistently held the conviction that their innovative solutions could set a new standard in communication security for both businesses and families," stated Arik Maimon, the co-founder and CEO of Cuentas. "In the current climate, the developments underway at WHEN are more crucial than ever, and we stand ready to contribute to bringing their solutions to our growing customer base.”
Cuentas’ Board of Directors has approved the transaction, and the companies expect to complete it by the end of 2023.
About Cuentas
Cuentas, Inc. (Nasdaq: CUEN & CUENW) is creating an alternative financial ecosystem for the growing global population who do not have access to traditional financial alternatives. The Company’s proprietary technologies help to integrate FinTech (Financial Technology), e-finance and e-commerce services into solutions that deliver next generation digital financial services to the unbanked, under-banked and underserved populations nationally in the USA. The Cuentas Platform integrates Cuentas Mobile, the Company’s Telecommunications solution, with its core financial services offerings to help entire communities enter the modern financial marketplace. Cuentas has launched its General Purpose Reloadable (GPR) Card, which includes a digital wallet, discounts for purchases at major physical and online retailers, rewards, and the ability to purchase digital content. In Q1 of 2023 Cuentas launched Cuentas Casa, an alternative housing development initiative that secured a 10-year supply agreement for a patented, sustainable building system that will provide the bridge between its technology solutions and the affordable housing market. Cuentas has made investments to date in affordable housing projects for over 450 apartments. LINK: https://cuentas.com AND https://cuentasmobile.com
Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in section 27a of the United States Securities Act of 1933, as amended, and section 21e of the United States Securities Exchange Act of 1934, as amended. These forward-looking statements involve substantial uncertainties and risks and are based upon our current expectations, estimates and projections and reflect our beliefs and assumptions based upon information available to us at the date of this release. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including, but not limited to, Nasdaq and shareholder approval of the proposed transaction, our ability to manage our research and development programs that are based on novel technologies, our ability to successfully integrate WHEN operations and product offerings, the sufficiency of working capital to realize our business plans and our ability to raise additional capital, market acceptance, the going concern qualification in our financial statements, our ability to retain key employees, our competitors developing better or cheaper alternatives to our products, risks relating to legal proceedings against us and the risks and uncertainties discussed under the heading "RISK FACTORS" in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and in our other filings with the Securities and Exchange Commission. We undertake no obligation to revise or update any forward-looking statement for any reason.
Investor Relations
Cuentas, Inc.
800-611-3622
info@cuentas.com
SOURCE: Cuentas, Inc.
