Dinar Zuz signs new promissory note for $250,000
MIAMI, FL / ACCESSWIRE / April 23, 2020 / Cuentas, Inc. (OTCQB:CUEN) ("Cuentas"), a leading FinTech provider of mobile banking and payment solutions serving Latino and Hispanic consumers, closed on the final $700k tranche of the $2.5 million Dinar Zuz LLC (Dinar Zuz) finance package during the first quarter of 2020. Additionally, Dinar Zuz signed a new promissory note for $250,000 for receipt of funds during the second quarter of 2020.
During the first Quarter of 2020, Dinar Zuz provided an additional amount of $700,000 to the Company in the form of a convertible note (Dinar Convertible Note) pursuant to a securities purchase agreement between the Company and Dinar Zuz, dated July 30, 2019. Additionally, on March 3, 2020, the Company issued 1,157,478 shares of its Common Stock to Dinar Zuz as a result of the conversion of the Dinar Convertible Note in the amount of $700,000. Cuentas issued such shares in reliance on the exemptions from registration pursuant to Section 4(a)(2) of the Securities Act.
"Dinar Zuz's confidence and financial support of the Cuentas project over the past 14 months has been instrumental in bringing our Mobile App and Prepaid GPR Card online," stated Michael De Prado, Co-Founder, President and COO. "Dinar Zuz's multi-faceted approach to providing key financing has been extremely supportive and helpful."
Cuentas has started a methodical and controlled rollout of the Cuentas Prepaid GPR card and is concurrently improving the app though new features and capabilities, as well as adding many more physical reloading locations.
"Dinar Zuz is a fantastic partner to have backing the Cuentas Project," stated Arik Maimon, Co-Founder and Chief Executive Officer of Cuentas. "The fact they have extended $700k to Cuentas to complete the $2.5 Million and committed for an additional $250,000 before we uplist to NASDAQ makes a major statement regarding their confidence in the Cuentas Project."
In this difficult time with the Covid-19 virus creating worldwide problems, we believe that the Cuentas card provides unique solutions to the less fortunate segment of society, especially as people avoid handling cash due to its possible virus contamination.
About Cuentas
Cuentas, Inc. (OTCQB:CUEN) 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, 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 a digital wallet, discounts for purchases at major physical and online retailers, rewards, and the ability to purchase digital content. For more information, visit https://www.cuentas.com
Forward-Looking Statements
This news release contains "forward-looking statements", as that term is defined in section 27a of the United States Securities Act of 1933, as amended, and section 21e of the United States Securities Exchange Act of 1934, as amended. Statements in this news release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Except for the historical information presented herein, matters discussed in this news release contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Statements that are not historical facts, including statements that are preceded by, followed by, or that include such words as "estimate", "anticipate", "believe", "plan" or "expect" or similar statements are forward-looking statements. Forward-looking statements contained in this news release include statements relating to other publicly available information regarding Cuentas.
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SOURCE: Cuentas, Inc.