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Cuentas Proposes Acquisition of a 75% Equity Stake in World Health Energy Holdings.

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Vincent

MANews-(C)2009-2023

Miami-based alternative financial ecosystem Cuentas, Inc. (NASDAQ: CUEN) has signed a letter of intent to acquire a 75% equity stake in Florida-based WHEN Group (World Health Energy Holdings, Inc.) (OTC: WHEN), pending NASDAQ and shareholder approval and other specified conditions, the company said.

In consideration of the acquisition of the 75% stake in WHEN, Cuentas will issue to UCG, Inc. the principal shareholder of WHEN, such number of common shares of CUEN which will represent on the date of issuance 50% of Cuentas' issued and outstanding capital (on a fully diluted basis), in exchange for UCG's stake in WHEN.

The acquisition is intended to expand Cuentas' mobile business and provide critical next-generation security against privacy and cyber threats.

The acquisition is through a share exchange with WHEN's principal shareholder, leaving Cuentas debt-free and well positioned to grow its mobile and FinTech lines.

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