WHEN Group shareholder signs binding LOI with Cuentas

World Health Energy Holdings announced that the majority shareholder of WHEN Group executed a binding letter of intent with Cuentas. The proposed share exchange transaction, pending Nasdaq and shareholder approval and other specified conditions, will result in WHEN Group becoming a majority owned subsidiary of Cuentas. Following approval and closing of the transactions, Cuentas intends to integrate WHEN Group’s portfolio of cybersecurity solutions into the Cuentas Mobile Platform and will offer WHEN Group’s advanced solutions to Cuentas’ FinTech partners. WHEN Group has recently moved into telecommunications platforms with its acquisition of CrossMobile, joining a small group of licensed telecom operators in the EU. As Cuentas is in the mobile financial services area, WHEN Group believes that there are significant synergies between the companies that can be realized. Cuentas and WHEN Group have been collaborating to identify immediate opportunities to provide WHEN Group solutions not only to the CUENTAS mobile platform, but also to businesses and industries that Cuentas serves in the US and around the world. The companies plan on deploying WHEN Group’s proprietary software to protect families concerned with external cyber threats at home, enabling the monitoring of a child and his environmental behavioral patterns that will alert parents to potential tragedies caused by cyberbullying, pedophiles, other predators, and depression / state of mind. In consideration for the principal shareholder of WHEN Group, UCG, exchanging its 75% stake, Cuentas will issue to UCG such number of common shares of CUEN which will represent on the date of issuance 50% of Cuentas’ issued and outstanding capital. Following the closing, WHEN Group will be a majority owned subsidiary of Cuentas indirectly held through UCG’s holdings in WHEN Group, and the Board of Directors of and executive management of WHEN Group intend develop a detailed and granular business plan and operating budget, including sources and uses of cash, to fund and grow WHEN Group’s operations and revenues, including the integration where practicable of the WHEN Group and Cuentas product./ Subject to the terms of the letter of intent, WHEN Group management, including Major Gen. Danny Yatom, Giora Rosenzweig, and George Baumoehl, a WHEN Group director and part owner of UCG, will be joining the Cuentas Board of Directors and/or Executive Management. While the companies will initially continue to operate independently, management from both teams believe the synergies between the companies hold the potential to develop significant business relationships.