Cuentas Executes Second Amendment to Binding Letter of Intent Toward Acquisition of Black011.com
Cuentas (NASDAQ:CUEN & CUENW) has finalized a second amendment to acquire Black011.com, enhancing its distribution network to over 31,600 bodegas and convenience stores. The planned closing date is May 20, 2022, with penalties for non-closure. The acquisition aims to expand Cuentas' digital services, including its prepaid debit card and digital wallet, through a B2B platform that generates real-time profits for retailers. This move is expected to strengthen Cuentas' position in the prepaid market, leveraging Black011's large subscriber base and extensive retail network.
- Acquisition expands Cuentas' distribution network to 31,600 locations.
- Projected revenue growth through access to Black011's large subscriber base.
- Strengthens market position in the prepaid bodega distribution sector.
- None.
MIAMI, FL / ACCESSWIRE / April 28, 2022 / Cuentas, Inc. (NASDAQ:CUEN & CUENW) ("Cuentas"), a leading fintech provider of mobile financial and payment solutions, and prepaid wireless and digital provider SDI Black 011, have finalized a second amendment to the binding letter of intent to acquire the operations of Black011.com which includes the distribution network of 31,600 bodegas & convenience stores and the proprietary platform which produced revenue over
In the amendment, the two companies have committed to a closing date of May 20, 2022 with conditional penalties if either party fails to close.
"This acquisition will lead to numerous opportunities to distribute Cuentas' digital services to more than 31,600 new locations," said Jeff Johnson, CEO of Cuentas. "Cuentas is investing in our plans to accelerate the reach of the Cuentas prepaid debit card and digital wallet via retail, mobile and other channels."
Cuentas invested in the expansion of the Black011.com network in 2021 which included penetration in the NYC Tristate area. Cuentas plans to use the Black011.com platform to enable new locations and reinforce its position as one of the top competitors in the prepaid bodega distribution market in the US.
The Black011.com B2B portal serves more than 31,600 US bodegas, wireless retailers, and convenience stores, enabling retailers to sell from a portfolio of virtual products without carrying inventory, generating incremental profits in real-time.
Black011 and its brands already have a large database of subscribers who purchase services, via the Black011.com website and digital portal. This allows Black011.com to be one of the largest distribution channels for prepaid wireless services and digital content in the US.
Upon completion of this acquisition, Black011.com subscribers and retailers would gain access to Cuentas solutions including the Cuentas Prepaid Debit card, NY Transit cards and reloads, Amazon cash, digital gift cards, new offers and more.
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 un-banked Hispanic, Latino and immigrant populations including mobile and financial services, prepaid debit, 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.
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. 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.
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SOURCE: Cuentas, Inc.
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FAQ
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