Cuentas CEO delivers update in shareholder letter

Cuenta’s CEO, Arik Maimon, delivered a thorough update in a shareholder letter, shedding light on the latest developments surrounding CUEN‘s imminent acquisition of WHEN, showcasing the revolutionary application of modular construction technology, outlining ongoing and prospective real estate ventures, and unveiling plans for an upcoming shareholder meeting. “I am thrilled to personally connect with you and provide a comprehensive update on the exceptional progress and milestones achieved by Cuentas throughout this transformative year…. I am delighted to share the exciting news that Cuentas, Inc. has strategically positioned itself in the rapidly growing cybersecurity market. Through a letter of intent, we are poised to embark on one of the top ten M&A deals of 2023 with the imminent acquisition of WHEN Group. This strategic move solidifies CUEN’s active participation in a $215 billion global security market… Recently, the imminent closing of the WHEN acquisition was acknowledged by CSO, a leading security technology news site, as a significant milestone, signaling a new and exciting chapter for Cuentas, Inc. We are diligently working towards completing the transaction, pending Nasdaq and shareholder approval, and meeting specified conditions… In the realm of Mobile Telecommunications, I am spearheading our expansion through a strategic partnership with a reputable retail network… Our focus extends to new markets, particularly the dynamic Hispanic diaspora… We are excited to announce an exclusive commercial and technology partnership that includes mobile gaming and tokenized rewards functionalities in an updated version of our fintech ‘Cuentas’ mobile application… Additionally, Cuentas has achieved a significant milestone in real estate with its successful entry and partnership with RENCO… Our commitment to sustainable, resilient, and efficient construction is further exemplified by our investment in a 26-acre Tampa property for a collaborative 360-unit project, where we hold a 63% equity stake… Our end-of-quarter results bring fantastic news about Cuentas’ progress, with sales skyrocketing to an impressive $1 million, marking an extraordinary quarter-over-quarter increase of 861%, and a remarkable growth in Cash and accounts receivable, reaching an outstanding 200% compared to the third quarter of 2022. This substantial revenue increase is attributed to the success of our joint ventures and divisions, including Cuentas-SDI distribution of mobile top-up and digital content, Tel-3 retail digital portal, and our wholesale telecommunications. These efforts have been strategically aligned in preparation for our upcoming Cuentas Mobile products, featuring international capabilities via our Cuentas FinTech proprietary intellectual property core platform.”