CUEN - Cuentas Announces Management Changes and Appoints New Financial Officer

Cuentas appoints a new Chief Financial Officer and makes additional management changes in anticipation of future acquisition and impending product launch.

MIAMI BEACH, Fla., Oct. 19, 2023 (GLOBE NEWSWIRE) -- Cuentas, Inc. (Nasdaq: CUEN & CUENW), the developer of an alternative financial ecosystem for the underbanked, proudly announces significant management changes to fortify its foundation for future growth. The company’s latest move involves the appointment of Mr. Shlomo Zakai as Chief Financial Officer and Mr. Adiv Baruch as Strategic Business Officer.

Mr. Zakai's appointment follows closely on the heels of Cuentas' recent announcement regarding its planned acquisition and the imminent launch of innovative services in targeted markets. This strategic shift underscores Cuentas' commitment to enhancing its business verticals and revenue streams.

Bringing a wealth of experience in the financial sector and an impressive track record in publicly traded companies on the Nasdaq Stock Market and in OTC Markets, Mr. Zakai has previously served in roles identical to his new position. His background includes tenure as an accountant at Kost, Forer, Gabbay & Kasierer, an independent registered public accounting firm and a member firm of Ernst & Young Global. He worked extensively with technology companies that were publicly traded on the Nasdaq Stock Market and the Tel Aviv Stock Exchange. His academic qualifications include a B.A. in accounting from the College of Management in Rishon Le’Zion, Israel.

Mr. Zakai's extensive experience in multiple industries, his in-depth knowledge of the public market, and his financial expertise were critical factors in senior management's decision to endorse and oversee Cuentas' planned expansion.

Simultaneously, Cuentas is pleased to announce the appointment of Mr. Adiv Baruch as the Strategic Business Officer. Mr. Baruch has dedicated over five years to the company, having served as a Board Member and held multiple committee positions. During his tenure as an independent director, he actively facilitated Mr. Zakai’s involvement. His wealth of experience, entrepreneurial skills, and strong foundation in technology will undoubtedly contribute to the current growth and future expansion of Cuentas.

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.