Cuentas Announces Co-Founders Arik Maimon & Michael De Prado to Serve as Company’s Interim CEO and Interim President Respectively at No Additional Cost to the Company
Cuentas, Inc. (Nasdaq: CUEN & CUENW) announced that co-founders Arik Maimon and Michael De Prado will serve as Interim CEO and Interim President, respectively, following the departure of former CEO Jeff Johnson. This change aims to restore the company’s market capitalization, which peaked at $123 million in July 2021. Cuentas is positioned to compete with leading firms like Green Dot and PayPal in the mobile payment sector. Maimon expressed confidence in the company’s contracts and future, highlighting that Cuentas is undervalued and poised for growth.
- Co-founders returning as Interim CEO and Interim President to stabilize leadership.
- Confidence expressed in the company's strong contractual position.
- Market capitalization previously reached $123 million, indicating potential growth.
- Departure of former CEO raises concerns about leadership continuity.
- Need for a permanent CEO suggests instability at the top.
The Company Board of Directors Approved Establishment of a Search Committee For a Permanent Qualified Veteran CEO With Proven Track Record.
MIAMI BEACH, FL / ACCESSWIRE / August 23, 2022 / Cuentas, Inc. (Nasdaq:CUEN & CUENW) ("Cuentas"),a leading fintech provider of mobile financial app and payment solutions, announced today that its co-founder and Executive Chairman, Mr. Arik Maimon and Mr Michael De Prado, co-founder and Executive Vice-Chairman have stepped back in to assume the positions of Interim CEO and Interim President respectively as the Cuentas Board of Directors requested and approved to be able to help the Company to bring it to the level that it was when they stepped down a year ago.
The decision comes as Cuentas looks to achieve the same record heights as in July 2021, when Maimon and De Prado led it to a market capitalization of
Our main competitors in the space are valued at several billions of dollars such as Green Dot, PayPal and Netspend, to name a few. Cuentas is at a point that it's providing services that are no different from mobile banking leaders in the industry.
https://www.nasdaq.com/articles/4-top-fintech-stocks-to-watch-in-july-2021-2021-07-02
"After long and careful consideration, I have decided to step in as interim CEO of Cuentas," says Maimon. "Given that Cuentas reached its highest market cap under our leadership, we decided that this was the best pathway for the company. Moving forward, I will personally take responsibility for every triumph and shortcoming." He added, "However, I want to stress that Cuentas has never been in a better position than it is today under secure contracts since its inception."
"As the co-founder of Cuentas during the last decade, I am pleased to report to our partners and shareholders that we are now in a position to execute our business plan," stated Michael De Prado, co-founder and Interim President. "I am very happy that our recent and existing contracts and relations will serve to disrupt the marketplace and I believe that Cuentas is way undervalued in the marketplace and the Company is targeting to become a market leader in the mobile payment segment in the US market," added De Prado.
Cuentas and Jeff Johnson have arrived at an amicable agreement where Johnson's departure was effective August 19, 2022. With Johnson's departure, Arik Maimon will assume the role of Interim CEO.
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 press 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 including that we will meet the standard for listing on NASDAQ or successful in our launch of the Cuentas GPR card and mobile app. Statements that are not historical facts, including statements that are preceded by, followed by, or that include such words as "believe", "plan" or "expect" or similar statements are forward-looking statements.
About Cuentas
Cuentas, Inc. (Nasdaq: CUEN & CUENW) is a fintech e-finance and e-commerce service provider with proprietary technology that delivers digital financial services to the underbanked and unbanked Hispanic, Latino and immigrant populations including mobile and financial services, prepaid debit card, ACH and mobile deposits, cash remittance, peer to peer money transferring, and other services. The Cuentas General Purpose Reloadable (GPR) Card includes 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://cuentas.com.
Media Contact
Matthew Aversa
UPRISE Media
646-924-5733
matthew@uprisemgmt.com
SOURCE: Cuentas, Inc.
View source version on accesswire.com:
https://www.accesswire.com/713176/Cuentas-Announces-Co-Founders-Arik-Maimon-Michael-De-Prado-to-Serve-as-Companys-Interim-CEO-and-Interim-President-Respectively-at-No-Additional-Cost-to-the-Company
FAQ
Who is the Interim CEO of Cuentas?
What was Cuentas' market capitalization peak?
When did Jeff Johnson leave Cuentas?
What are Cuentas' main services?
What is the significance of the new leadership at Cuentas?
