Cuentas, Inc. (OTCQB: CUEN), announces the removal of approximately $3 million from the Company’s Accounts Payables
MIAMI, May 14, 2019 (GLOBE NEWSWIRE) -- Cuentas, Inc. (Ticker: CUEN) a leading FinTech company serving the Latino and Hispanic underbanked and un-bankable market, today announces the removal of $2,917,000 of Related Parties Payables from its Balance Sheet for the payment of $600,000.
In conjunction with the above and the Company’s continuous efforts to improve the Company’s Balance Sheet, Optima Fixed Income, LLC accelerated the payment schedule defined in the $2.5 million Binding Term Sheet executed on February 28, 2019 for Convertible Notes with an above market conversion price of $3.00 per share.
“This is a milestone in our efforts to complete the recapitalization of Cuentas and create positive Stockholder’s Equity by the end of the 3rd Quarter,” stated CEO Arik Maimon, “More importantly, the acceleration of the $550,000 investment installment was key to completing the $600,000 payment so Cuentas could remove almost $3 million of debt from our balance sheet."
CEO Arik Maimon continued, “Removing debt from our balance sheet and providing financial stability to Cuentas has been one of our main objectives while moving forward. Each of our potential strategic partnerships provides significant competitive advantages in technology, banking, financial services, and distribution for our disruptive FinTech platform. We believe our disruptive FinTech solution, the Cuentas Card, will be transformative for our core Latino and Hispanic target market that includes 57.5 million people in the United States.”
About Cuentas: Cuentas Inc. is a FinTech service provider with proprietary technology to provide solutions for the unbanked and the underbanked Hispanic and Latino population. Its’ disruptive services include, but are not limited to, mobile banking, online banking, prepaid debit, bill pay, ACH and mobile deposits, cash remittance, peer to peer money transfer, and bank accounts to customers who previously could not obtain bank accounts. The proprietary Cuentas General Purpose Reloadable (GPR) Card provides holders with digital wallets, discounts for purchases at major physical and online retailers, free telecom services, and the ability to purchase digital content. The card will be available in over 31,000 bodegas and over 500,000 retailers.
This press release contains forward-looking statements. Such statements include statements regarding our expectations, hopes, beliefs or intentions regarding the future, including but not limited to statements regarding our market, strategy, competition, development plans (including acquisitions and expansion), financing, anticipated revenues, operations, and compliance with applicable laws. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. Factors that could cause actual results to differ materially from such forward-looking statements include the risks described in greater detail in the following paragraphs. All forward-looking statements in this document are made as of the date hereof, based on information available to us as of the date hereof, and we assume no obligation to update any forward-looking statement except where applicable law requires us to update these statements.
Released May 14, 2019