CUEN - Cuentas Announces Final Stage of Fintech and Mobile Product Development Targeting $18 billion North American Market

Cuentas provides an update on the 'Cuentas 360' and 'Cuentas' Mobile Apps with First-to-Market Gaming Library and Token Rewards Features. Provides Update on Majority Stake Acquisition of World Health Energy Holdings, Inc. (OTC: WHEN) setting a Proposed Premium Price per Share Value of $10.

MIAMI BEACH, Fla., Nov. 09, 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, provides an update on its 'Cuentas 360' mobile app and its Mobile Fintech 'Cuentas App' with first-to-market features, including Gamification and a Tokenized Rewards program, and discloses a premium price per share of $10 for the majority acquisition of World Health Energy Holdings, Inc. (OTC: WHEN).

Cuentas provides an update on its integration of digital and mobile protection software, branded as 'Cuentas 360.' Management expects to launch its application in a selected end-user test group in the next ninety days. The application will offer advanced features compared to other benchmarked products, including an advanced layer of security, scanning, and protection. 'Cuentas 360' is a core component of the software included in the previously announced majority acquisition of WHEN Group.

WHEN Group (OTC Pink: WHEN) will become a majority-owned subsidiary of Cuentas through a proposed share exchange transaction. The proposed premium price per share has been valued at $10 per CUEN share. Cuentas' Board of Directors has approved the transaction, and the companies expect to complete it by the year-end of 2023. The closing is contingent on several factors, including, without limitation, the approval of Nasdaq and the shareholders of Cuentas.

Simultaneously, Cuentas is launching an updated version of its fintech 'Cuentas' mobile application. It will include all its advanced financial services modules plus a new set of first-to-market features. These features encompass a full library of gaming apps and a highly advanced tokenized rewards program. The tokens will be available for sharing from a 'Cuentas' mobile app user to another 'Cuentas' mobile app user and to any device-independent user, creating a true borderless ecosystem never before launched in North America. This solution is supplied by an exclusive commercial and technology partnership established by Cuentas.

These products and advanced functionality, including the games library and tokenized rewards, reaffirm Cuenta's core belief in its fintech and telecommunications core. The market for the 'Cuentas' financial services application includes any mobile user, 'big box' retailers' customers, and the opportunity to 'white label' the software for other mobile operators or digital media companies. The mobile games market in the United States is projected to reach a revenue of $18 billion with a user penetration rate of 46.7% in 2023, according to Statista.

Mr. Arik Meimoun, CEO of Cuentas, stated: "Our technology and management team have created a revolutionary add-on service in our Fintech app. We are ready to initiate limited user testing, and we are diligently working to have these applications ready for commercial distribution. The “Cuentas 360” app, provided by WHEN, surpasses any other competitive application available in the market today and will be bundled with our Cuentas Mobile service and offered to other MVNOs. I will be announcing more exciting news after our Q3 earnings report."

Mr Michael De Prado, Cofounder and President of Cuentas, shared: “The exclusive strategic technology partner that developed the gaming and tokenization rewards program for the “Cuentas” app will allow us to launch these unique, real and robust services in North America ahead of our competition. We have the trust and support of technology leaders who clearly see the value of our proprietary applications and the potential to become active members in the Cuentas “sandbox”".

FOR IMMEDIATE RELEASE

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:   AND  

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.

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SOURCE: Cuentas, Inc.