Cuentas Un Banco De Gente

MIAMI, February 5, 2019

Cuentas Rescinds Limecom Stock Purchase Agreement and Reduces Debt by Over $3.3 Million

Cuentas announced today that it has rescinded its Stock Purchase Agreement with Limecom, Inc. which will further reduce its debt by over $3.3 Million.....

Cuentas’s debt reduction of $3.3 Million includes monies owed to Heritage Ventures Limited (Heritage) and employees of Limecom. According to the Amendment to Stock Purchase Agreement executed January 29, 2019, a scheduled payment of $2 million to Heritage for the Stock Purchase Agreement regarding Limecom was cancelled. Pending loans to Heritage for $750,000 were exchanged for 90,000 shares of CUEN. Additionally, several executives, employees and contractors of Limecom converted $572,448 of compensation for 18,576 CUEN shares, accepting a Company valuation of $50 million.

“Cuentas has made important decisions during the past week to eliminate over $5.7 Million in debt. This includes over $3.3 Million in debt effective immediately from the Limecom rescission and an additional $2.4 million in debt once its agreement with a Debtor is completed within the next 90 days,” stated Arik Maimon, CEO of Cuentas, Inc. “These two debt reductions should be key to improving Cuentas’s financial balance sheet and should put Cuentas in the closest point ever to launch its unique financial technology product and soon release its mobile applications that have been in development for the last few years,” added Maimon.

“With the abovementioned items being fulfilled, Cuentas is now ready to close on the upcoming FinTech acquisition that the Company announced on Sept. 5, 2018 that should be significant for the company’s NASDAQ uplisting requirement,” said Michael De Prado, President & COO of Cuentas. “Preparing Cuentas financially for its upcoming, exciting FinTech projects should help to drive future profitability to the company,” added De Prado.




MIAMI, January 31, 2019

Cuentas Plan to Reduce Debt by $2.4M Is Approved by Court

Cuentas announced today that a court order from the United States Bankruptcy Court Southern District of Florida has provided the approval for it to reduce its debt by $2.4M....

Cuentas, Inc.’s previous debt of $3.0 Million will be reduced by court order to $600,000 once payment has been made, due to the court’s acceptance of Next Communications, Inc.’s (Debtor) Chapter 11 reorganization plan on January 22, 2019.

On or before 90 days from entry of the “Order Granting Debtor’s Ore Tenus Motion to Approve Compromise of $3.0 Million Receivable…”, and upon written confirmation that Cuentas has deposited $600,000 in cleared funds into the trust account of counsel for the Debtor, the $3.0 million receivable due from Cuentas shall be satisfied and extinguished in full.

“Reducing Cuentas’s debt by $2.4M will help to strengthen its financial position as we work to qualify CUEN for potentially uplisting it to NASDAQ.” ,stated Arik Maimon, CEO of Cuentas, Inc. “We have worked very hard to resolve this situation and shortly will be announcing additional significant reductions in Cuentas’s debt,” added Maimon.

“Cuentas management has been focused at reducing the overall debt of the Company and resolving this issue is a major step towards this goal, ”said Michael De Prado, President & COO of Cuentas. “We will now be able to concentrate more effectively in growing our core FinTech business with a much healthier balance sheet,” added De Prado.




MIAMI, December 20, 2018

Cuentas Inc. Announces Strong Q3 Revenue and Appointment of New Chief Financial Officer

Cuentas announced today that it reached over $61 million in sales for the nine months ending Sept 30, 2018 and that the Board of Directors appointed a new Chief Financial Officer....

Financial Results

Total Combined Revenues for the three-month period ending September 30, 2018 increased to $20.6 million, as compared to $0.6 million for the three-month period ending September 30, 2017. Gross profit for the three-month period ending September 30, 2018 increased to $0.4 million, as compared to $0.1 million for the three-month period ending September 30, 2017. Operating expenses for the three-month period ending September 30, 2018 increased to $1.1 million, as compared to $0.5 million for the three-month period ending eptember 30, 2017. The increase in the total combined revenues, the gross profit and operating expenses was mainly due to the acquisition of Limecom. Net loss before controlling interest for the three-month period ending September 30, 2018 increased to $0.5 million, as compared to a net income before controlling interest of $1.7 million for the three-month period ending September 30, 2017. The decrease in the net income before controlling interest was mainly due to decrease in the gross profit and a gain on derivative liability during the three-month period ending September 30, 2017.

Appointment of Ran Daniel to serve as the Company Chief Financial Officer (CFO)

On November 28, 2018 , the Board of Directors of Cuentas Inc. appointed Ran Daniel to serve as the Companys Chief Financial Officer. Mr. Daniel has more than 20 years of financial and business management experience. Since June 2018, Mr. Daniel has served as a member of the Board of Directors of Maayan Ventures Ltd (MAYN.TA). Mr. Daniel has also served as the Chief Financial Officer of Blue Sphere Corporation from April 2016 through April 2018. From August 2014 to March 2016, Mr. Daniel served as the General Counsel and Head of the Family Office of Elie Tahari Ltd., and from December 2012 to August 2014, he has served as Executive Vice President of IDH Properties LLC, an affiliate of the Elad Group. He was responsible for the financial and accounting functions in several companies and has extensive experience working as a CFO in both rapidly growing companies and publicly traded companies. He has worked with real estate, fashion, high-tech companies as well as remote institutional and high net worth individuals. Ran is licensed as a CPA, CFA and is admitted to practice law in New York. Mr. Daniel is licensed as a Certified Public Accountant (CPA) in the United States and Israel, admitted to practice law in the State of New York<, licensed as a Real Estate Broker in the State of New York and a Chartered Financial Analyst (CFA). Mr. Daniel is a member of the CFA Institute, the New York Society of Security Analysts and the New York State< Bar Association. Mr. Daniel holds a Bachelor of Economics, a Bachelor of Accounting and an MBA in Finance from the Hebrew University, as well as a Graduate Degree in Law from the University of Bar-Ilan.

"The appointment of Ran has had a very positive effect on the operations and SEC reporting capabilities of Cuentas", stated Arik Maimon, CEO of Cuentas, Inc. "Rans experience, business acumen and dedication should help Cuentas tremendously as the company enters a very exciting expansion with the activation of 31,600 distribution retail locations (POS) for major brand 3rd party digital content services, especially during this holiday season and prepaid open loop J-hook debit cards will begin to be deployed in our retail distribution locations in 2019." added Maimon.

"I am extremely excited to be part of Cuentas. Fintech is a very strong space these days and Cuentas Mobile Banking and Online Banking products and partnerships are on the cutting edge of technology", stated Ran Daniel, CFO of Cuentas Inc. I am confident that I will be able to help executive management to improve on the control of company financials along with its target acquisitions that have been identified and secured with existing LOIs." added Daniel.




MIAMI Dec 19, 2018

Cuentas Inc. Reports First Half Revenue Up by 3,806% to $40.9 Million and Positive Net Income for The First Half of 2018

Cuentas announced today that it has filed its Form 10-Q for the period ended June 30, 2018....

Cuentas generated total revenue of $40.9 million for the six-month period ended June 30, 2018, as compared to $1.1 million for the six-month period ended June 30, 2017, an increase of approximately 3,806%. The increase in the total revenue and net income was mainly due to the acquisition of Limecom in October 2017.

Net income for the six-month period ended June 30, 2018 was $0.6 million compared to a net loss of $4.17 million for the same period ended June 30, 2017.

Revenue for the 3 months ended June 30, 2018 was $20.9 million compared to revenue of $0.6 million for the comparable period in 2017. The increase was mainly due to the acquisition of Limecom.

The increase in the total revenue in 2018 drove a 60% a reduction in the net loss, from $2.44 million in the second quarter of 2017 to $1.0 million in the second quarter of 2018. Net loss per diluted share decreased 69% year-over-year, from $2.62 in the second quarter of 2017 to $0.81 in the second quarter of 2018.

The principal reason for the delay in filing the latest 10-Q Form was the integration of Limecoms accounting system and data.

While the incorporation of Limecoms accounting data led to a delay in our filings with the SEC, were pleased to have completed this critical initiative and to report operational results that prove the company is moving in the right direction to increase revenue and profits, said Arik Maimon, CEO. Hopefully, as our six-month results indicate, we have turned the corner and Cuentas is headed toward sustained profitability.

We have been working very hard to improve the revenue and profits for the Company, said Michael De Prado, President & COO of Cuentas. While we are pleased with our year-to-date results, we believe our best days are ahead and look forward to reporting our ongoing successes to you in the coming months.




MIAMI Dec 19, 2018

Cuentas Inc. Subsidiary Limecom Inc. Signs a $4 Million Factoring Agreement Limecom Generated $100M in Revenue in Fiscal 2017

Cuentas announced today that its wholly owned subsidiary Limecom, which specializes in wholesale international telecommunications services provided via Voice over Internet Protocol (VoIP),... executed a $4 million, three-year, factoring facility with AEC YIELD CAPITAL LLC, an affiliate of Advanced Energy Capital, LLC ("AEC"). Limecom has interconnections with over 100 Carriers around the world and has provided over 2 billion minutes of voice traffic. Limecom generated revenue of over $100M in fiscal 2017. In fiscal 2018, Cuentas Income Statement will reflect 100% of the revenue of Limecom.

AEC will provide an initial availability of $4 million for periodical purchasing of Limecom invoices. This facility will allow Limecom to expand its business unit substantially. Cuentas, which provides its mobile banking customers with Telecommunications Long Distance Rewards, will be using Limecom International Network Legacy for these rewards. The total facility amount can increase incrementally by $1 million, up to $8 million.

"Securing this facility is key to the growth and profitability of Limecom which will help Cuentas tremendously," said Orlando Taddeo, International CEO of Limecom. He also added, "This financial agreement should be beneficial to the entire company and help generate additional significant revenue and profitability."

"Limecom has been a very strong carrier in the international marketplace and this financial instrument will allow for the continued expansion of services, " said Daniel Contreras, CFO of Limecom.

"Adding Limecom to our stable of clients is another key step in broadening AEC reach in providing creative and high-proceeds working capital solutions to a variety of industries," said Richard Rudy, Principal and co-Founder of AEC. "We are excited to enter into this agreement with Limecom and view their entrepreneurial approach as a key driver of success."

ThinkEquity, a division of Fordham Financial Management, Inc., acted as advisor to the company on the financing.




MIAMI, September 28, 2018

Cuentas, Inc. Outlines Corporate Strategy to Achieve Widespread Adoption Among the Underbanked

Cuentas, Inc. has continued to identify innovative companies with products and technologies that complement one another to essentially build an ecosystem of resources for the underbanked. It has developed a portfolio of technologies capable of... providing three overarching services including mobile banking, credit and telecommunications. These services allow customers access to mobile banking, card transfers, ATMs, reloadable cards, bill pay, mobile wallet, gift cards, online purchasing, security and telecom, data and video - all via their mobile device.

This concept for a comprehensive, cross border service offering was made possible by a series of intellectual property developments, acquisitions, agreements and partnerships with leading companies who meet nationally recognized banking standards, ultimately creating a platform with open and closed loop consumer purchasing and mobile banking capabilities for its target markets. In September, Cuentas announced it had signed a letter of intent with Banxit Ltd, an Israeli fintech company with a unique secure payment financial technology platform.

This consolidation of integrated technologies uniquely positions the Company to serve as an important financial resource for an untapped market, that of the underbanked. Currently, there are 26 million underbanked households in the United States, representing some 70 million people. Many of these individuals are legal immigrants, individuals who too often are undercompensated, and also who send a significant amount of their income home to families abroad. As 28.5% of Latinos were underbanked as of 2014, there is significant opportunity to provide a superior, cost effective fintech product that supports these individuals and their families.

Cuentas, Inc. also views an opportunity to expand its offering to customers without a U.S.-issued ID, allowing them to use their international ID to open an account. As Cuentas, Inc. strives to make banking more affordable and convenient for the underbanked, customers are provided with low monthly costs of service compared to competitors including wire transfers and long-distance phone calls.

The next steps for Cuentas now also consist of completing and pursuing approvals for API functionality with leading fintech platforms and established app hosting platforms. Achieving these goals would expose a significant number of potential users to the platform, facilitating their use of modern banking methods. The Company anticipates making a series of announcements regarding availability for the app later in 2018. Further, the Company also seeks to raise its corporate profiling by partnering with strong sponsors and influencers who understand the need for the product, and why it represents the future for the underbanked.

"We take pride in offering a comprehensive mobile banking service to a demographic that, constrained by outdating banking and communications methods, may have often struggled to provide for themselves and their families. We have been very pleased to establish this platform consisting of cutting-edge technologies that ultimately provide our customers with services that are affordable and convenient," said Arik Maimon, CEO of Cuentas, Inc. "While we have experienced initial success with our existing customer base, we know we have only scraped the tremendous market opportunity before us. By enabling banking for anyone who owns a mobile phone, including the underbanked, we have created a model that we expect to exceed last year`s $58 million revenue figure, and ultimately provide value to our growing base of security holders.

As it continues its corporate evolution, Cuentas, Inc. has carefully instituted a Board of Directors comprised of members who possess extensive background and experience in the fintech sector including banking, technology and telecommunications. Directors include Arik Maimon, Founder and CEO of the company and most of its subsidiaries; Michael De Prado, President and COO, with 20 years-experience in executive positions in the banking, technology, and telecommunications industries; Adiv Baruch, CSO, who serves as Chairman of Jerusalem Technology Investments Ltd. as well as the Chairman of Maayan Ventures, a platform for investments in innovative technology companies; Arik Filstein, an advisor to the Cuentas Board of Directors, is a successful Israeli entrepreneur and well-known executive in the Tel-Aviv Stock Exchange; Orlando Taddeo, who prior to joining Cuentas, Inc. founded the investment company Heritage Ventures Ltd. Taddeo also founded telecommunications company, Limecom Inc. in 2006; Jeff Lewis, an advisor to the Cuentas Board of Directors, who is a proven leader in the payments and financial services industry with over 30 years of management experience; Richard Berman, a 35-year vet with venture capital, senior management and merger acquisitions experience in the fintech and biotech fields.




MIAMI, September 20, 2018

Cuentas, Inc. Names Richard Berman to Board of Directors

Cuentas announced that Richard Berman, an experienced Director and leader for a number of public companies, has been added to the Company`s board during a crucial period of high growth....

Richard Berman`s career spans over 35 years of venture capital, senior management and merger and acquisitions experience. He possesses a strong track record of providing senior leadership as an executive and Board member of public and private companies, with extensive experience in many business sectors including finance, technology, retail, bio-science and real estate. His reputation for providing insightful leadership based upon this career experience is highly valued by the Cuentas team, and will guide the Company as it progresses through a number of important announcements and corporate milestones.

Richard currently serves as a Director of four public companies: Advaxis, Inc., Catasys, Inc., Cryoport Inc and Immuron. He also served as a Director or Officer of more than a dozen public and private companies, including Chairman of National Investment Managers, a company with $12 billion in pension administration assets, from 2006 to 2011.Mr. Berman has a strong track record of providing corporate leadership in the financial services sector, serving as Director of two leading private companies, Strategic Funding Source, an alternative lender to small businesses; and Honor Capitol, an organization that provides auto and home insurance loans to consumers.

"We are excited to have Richard Berman, someone who is extremely respected throughout multiple business sectors relevant to Cuentas, join our Board as a Director, "said Arik Maimon, CEO of Cuentas, Inc. "Cuentas has reached a very important stage of our corporate story, one that we expect will generate adoption of our financial technology instruments and attract the attention of both shareholders and potential partners alike. Richard`s guidance will be invaluable as we navigate this period of growth, and we look forward to working closely with him in the months and years to come."

Starting his career in finance, Mr. Berman worked at Goldman Sachs; served as Senior Vice President of Bankers Trust Company where he started the M&A and Leveraged Buyout Departments; created the largest battery company in the world in the 1980s by merging Prestolite, General Battery and Exide to form Exide Technologies (XIDE); helped to create what is now Soho (NYC) by developing five buildings; and advised on over $4 billion of M&A transactions in over 300 deals. From 2002 to 2010, Richard served as Director of Nexmed Inc. (now Seelos Therapeutics, Inc.) as well as Chairman/CEO in 2008 and 2009. From 1998-2000, he was employed by Internet Commerce Corporation (now Easylink Services) as Chairman and CEO, and Director from 1998 to 2012.

Richard is a past Director of the Stern School of Business of NYU where he obtained his BS and MBA. He also has US and foreign law degrees from Boston College and The Hague Academy of International Law, respectively.




MIAMI, September 7, 2018

Cuentas Announces New Symbol `CUEN` Issued by FINRA

Cuentas announces that its stock symbol has been changed by FINRA to CUEN....

On June 29, 2018, the Company filed its definitive 14C with the SEC regarding several corporate action items, of which one was changing the name of the Company to "Cuentas, Inc."

When FINRA approved the corporate action it established the interim stock symbol to be NXGHD, and now has finally changed the symbol to CUEN, which is the symbol that management had requested.

"Finally seeing Cuentas Inc. listed as CUEN is the culmination of the corporate action and re-energizing of Cuentas," said Arik Maimon, CEO of CUENTAS. "We are now unified under one name and stock symbol to take this project to higher levels."

"We are excited and eager to bring Cuentas to the marketplace, so we can hopefully solve many problems and issues for the unbanked and underbanked population in the US, " said Michael De Prado, President and COO of Cuentas. "We are proud of the path we have taken so far and will continue to strive to become a market leader and exemplary organization."




MIAMI, September 6, 2018

Cuentas Announces Letter of Intent With Banxit Ltd, an Israeli Fintech Company With Unique Secure Payment Financial Technology Platform

announced that it has signed a non-binding Letter of Intent (LOI) with BanXit Ltd, an Israel FinTech company that has developed a unique secure payment financial technology platform to provide advanced and innovative solution for banks and financial institutions ... A binding agreement is scheduled to be signed by October 31, 2018.

The BanXit platform helps financial institutions meet the growing demand by consumers in the new financial world - demands fueled by, and fueling, the Secure Payment Technology revolution. This new financial world is one where loans, currencies, and payments can be securely managed independently of central authorities.

In the new economy customers can choose to use services that best suit their individual needs, financial institutions need an innovative technology platform to support new products and new ways of doing business.

BanXit has developed a state of the art, patent-pending Secure Payment technology platform designed from top to bottom to meet the needs of banks and other financial institutions well into the future, integrating with legacy backend and external systems.

"Banxit system is designed to provide banking technology services to assist banks and financial institutions to significantly lower their costs compared to traditional banking systems, without compromising quality or security" states Moshe Beeri, Co-Founder and CTO.

"Banxit platform bring to Cuentas customers secure environment. We look forward to incorporate BanXit services into Cuentas online banking services, this merger will be great milestone for Cuentas", stated Arik Maimon, CEO & Founder of CUENTAS. "Integrating the technical and financial solutions that BanXit has developed should bring great value to Cuentas," added Maimon.

"BanXit`s patent pending technology should help Cuentas accelerate the development of its financial solutions for the unbanked and underbanked populations in the US, "stated Michael De Prado, President & Founder of CUENTAS. "Cuentas continually strives to integrate successful technology towards the goal of offering a full-service platform for the Cuentas target market," added De Prado.