Cuentas, Inc. (OTCQB: CUEN), announces it has Entered into a Term Sheet with Cima Group for an Exclusive FinTech License of the Knetik and Auris Technology Platforms
MIAMI, May 22, 2019 (GLOBE NEWSWIRE) -- Cuentas, Inc. (Ticker: CUEN) a leading FinTech company serving the Latino and Hispanic underbanked and un-bankable market, entered into a term sheet outlining its License for Cima Group’s Knetik and Auris technology platforms. Collectively, the platforms would provide the back-end software for the Cuentas Card and compatibility via APIs with 3rd party software and the mobile app.
An independent 3rd party valuation concluded the value of the platforms to exceed $22mm. Under the terms of the agreement, Cima Group would receive a 1-time licensing fee in the form of an $8 mm note that is convertible for 25% of the Company. This represents a conversion price in excess of $12 per share based on the Company’s fully diluted shares outstanding today.
CEO Arik Maimon stated “I am very proud of this Agreement as it demonstrates the continued execution of our Company’s business plan. Acquiring the exclusive rights to the Knetik & Auris Platforms is the key component to making the Cuentas Wallet a success, as we plan to integrate more services and offerings than previously available to the public.”
About Cuentas: Cuentas Inc. is a FinTech service provider with proprietary technology to provide solutions for the underbanked and un-bankable 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, and the ability to purchase digital content. The card will be available in over 31,000 bodegas. For more information, visit www.cuentas.com
About CIMA GROUP: Cima Group is an international technology firm that empowers businesses to provide products and services utilizing its’ proprietary digital platforms. It provides custom integration of back end technologies and telecom services across the world. With offices in Miami, Orlando, Guayaquil and Madrid, its’ international solutions provide a portfolio of offerings across the Communications, Healthcare, Education, Analytics, IoT and FinTech sectors. For more information, visit www.cimagroup.com
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Released May 22, 2019